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1. Most prepaid debit cards also allow you to withdraw cash from ATMs — just watch out for fees.
2. Our list of the best prepaid debit cards should satisfy just about any financial situation.
3. That way you’ll receive your money back if the bank ever fails.
4. There’s no fee to get the card online, but you may pay up to $3.95 to get it at a retail location.

Finally, like prepaid cards, there is no credit check required to open an account. Some prepaid cards have a monthly or annual fee, so be sure you pay attention to whether or not your card is subject to either charge. Also keep an eye out for ATM withdrawal fees, cash reload fees or payroll fees. In addition, if your account remains inactive, certain cards may charge a monthly fee as well. Like debit cards, prepaid cards work at any merchant that accepts its payment network, such as Visa or Mastercard.

Prepaid debit cards can be an excellent choice if you’ve been unable to get a regular bank account with a conventional debit card. You might also consider one if you’re worried about going into debt with a credit card. Prepaid cards can also be useful in combination with traditional debit and credit cards as a budgeting tool. Check cashing or payday loan stores sometimes offer prepaid debit cards along with their other products.

Prepaid cards can also come in handy if you’re a parent who wants to teach your child about financial responsibility. Though prepaid debit cards offer an alternative way to spend and deposit cash, keep an eye on fees to find the best card for your financial needs. The American Express Serve® card is a reloadable prepaid debit card that works similarly to a traditional debit card.

Bankrate

You can check your account balance online, via your card issuers’ mobile app or over the phone. Bluebird® by American Express has no card opening fee when you open an account online (otherwise it costs up to $5), no monthly fee and no foreign transaction fees. When you use your card for purchases (which you’ll earn 1% cash back on), Extra Card spots you the money.

Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate. Those looking for a guaranteed easy way to spend or access to banking services without an activation fee to get started. Someone with a less-than-stellar credit score who wants less room for doubt when applying for a new tool to spend conveniently.

There’s a similar Bluebird card networked with Visa, which you may prefer if you’re worried about vendor acceptance (though this isn’t much of a concern in the U.S.). The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account. As you try to determine which prepaid card is right for you, consider our top options and also do your own research to compare and contrast.

Neither a prepaid card nor a debit card can be used to build credit, while you can build credit with a credit card. If your credit isn’t at its best, try taking out a secured credit card for credit-building. Just make sure the card
issuer will notify the 3 major credit bureaus of your credit habits. Round Ups automatically round up debit card purchases https://1investing.in/ to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. You can load money onto your card for free via direct deposit, bank transfer, and mobile check deposits.

Get proven ways to earn extra cash from your phone, computer, & more with Extra. Get vetted side hustles and proven ways to earn extra cash sent to your inbox. None of these companies have any recent scandals, so you may decide you feel comfortable using them. But to figure out whether you’ll have a smooth relationship with a company, you may want to ask family or friends about their experiences or read online reviews. This often happens when the information that’s provided is incorrect. Please try entering your full information again to view your approval odds.

Prepaid cards are an alternative way to manage your money, here are the best options for your wallet

Bluebird charges fewer fees than most prepaid debit cards, making it a solid choice if you’re on a tight budget or simply don’t want to pay for debit card access. However, you’re often not allowed to load money onto a prepaid debit card with a credit card. 6% of US adults are “unbanked,” meaning they don’t have a checking or a savings account, according to a 2022 Federal Reserve report. If best prepaid debit cards you don’t have access to a conventional banking service and need a payment alternative, a prepaid debit card could be an option for you. The difference between prepaid debit cards and checking accounts is starting to blur, as many have similar features and services. Prepaid debit cards are payment cards that work like credit cards when you’re shopping, except you aren’t borrowing money.

Best Prepaid Debit Cards of February 2024

With the Spend Prepaid Debit Card, you also receive emergency assistance and roadside support if you encounter trouble on your travels. While you are still responsible for the costs of any services, American Express will offer coordination and assistance to get you back on the road that much faster. “I would look for a versatility. Some cards may let you use a certain ATM network for free. You also might be able to set up direct deposits so you can easily add money to your card.” But if you need access to a card immediately, you can visit a retailer — such as Walmart, CVS, or Kroger — and get one. A prepaid debit card can be an overall useful tool for spending. It can also be a useful way to teach kids about money or send money internationally.

Best Prepaid Debit Cards for February 2024

The Pink Netspend® Visa® Prepaid Card looks like an ordinary credit card, but works like an ATM card because you load your own money onto the card. You can use their online account features and tools to manage your account and pay bills in easy, convenient ways. You will not be subject to any late fees or interest charges and because this is a Visa card, you’ll have a reliable payment option in most circumstances. The Netspend® All-Access® Account is designed for individuals who want the convenience of paying with plastic but don’t want (or don’t qualify) for a regular credit card. There’s also no credit check, activation fee or minimum balance required and you will not be subject to interest payments, bounced checks, or overdraft fees. Prepaid payment options like the Square Cash Card, Venmo Debit Card, and Chime Visa® Debit Card all allow early direct deposit.

How to get the most out of your prepaid debit card

You should be able to use a card at ATMs and have several convenient options for reloading money onto the card. If a prepaid debit card had a special perk like cash back or a budgeting feature, we took that into consideration, too. This card charges a $6.95 monthly service fee, and there’s no way to waive it.

With no monthly fees, this plan only charges $1.50 per purchase. Prepaid cards are a relatively simple way for you to pay for purchases without opening a credit card or bank account. They work similarly to a debit card in that you can use a prepaid card to pay bills, set up direct deposit and use mobile check deposit. You’ll even receive the same $250,000 FDIC insurance that protects your deposits if your bank fails. Contrary to what you may have heard, prepaid debit cards typically can’t help you build up your credit scores. Prepaid debit cards can’t be used as part of a strategy to build credit because they aren’t reported to the credit bureaus.

A prepaid debit card can also be a fantastic way to keep an emergency stash of cash or help out family members with expenses. Almost every prepaid card comes with some fees, but we chose ones that are pretty manageable. We looked at monthly service fees and charges for signing up for a card, reloading money, and using an ATM. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.

Prepaid debit cards are similar to debit cards, except prepaid cards are not connected to banking or checking accounts. Instead, funds are loaded onto the card, then reloaded when those funds run out. Prepaid card users load funds onto the cards — either online, in person at specific locations, by depositing checks or reloading with cash. If you need to limit spending or use an alternative to bank accounts, the best prepaid cards available can help you with your goals. You can load and reload prepaid cards with funds and then use them like a debit card, avoiding checking accounts and some bank-imposed fees in the process.

CreditCards.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which CreditCards.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories.