8 best low fee and free prepaid debit cards in 2018
The best free prepaid debit cards or low fees reloadable cards will offer low or no monthly charges, free ATM network and perfect budgeting features. They allow you to withdraw cash at no cost.
Credit cards give you a convenient and effective way to pay for goods and services without the need to carry cash around. The best part is that clients can obtain a free prepaid debit card without a credit check. A prepaid card must be loaded with money before you start using it to pay for goods and services. When it comes to choosing a prepaid card, you need to consider how quickly you can load cash and the fees charged. The best bank prepaid debit card should allow you to load some money quickly and have lower fees.
How to Evaluate Prepaid Debit Cards
It is important to evaluate the prepaid debit cards before choosing the one that suits your needs, as this will prevent you from overspending. The most important thing to consider when appraising prepaid debit cards is the fees.
Charges and fees
Prepaid debit cards are available in variable charges and fees such as monthly fee and statement fees. Note that some financial institutions will waive the charges once you conduct a certain number of transactions every money. On the other hand, some financial institutions will not ask for any fee if you are part of their banking network. Therefore, make sure you check the terms and conditions since the fees will be outlined in the agreement.
Apart from serving as a substitute for cash payments, prepaid cards come with various features. The best prepaid debit card for international travel will have basic features like account checking online, tax alerts and will not include credit checks. They also have mobile apps that allow you to check your account online at your convenience. The best debit cards must come with a savings account and a rewards program that makes them exceptional.
Cash funding alternatives
Before you choose a prepaid debit card, make sure you know how to reload funds. Appraising the cash reload alternatives is essential because knowing how to reload and the conveniences are crucial. Additionally, you should know your regular spending and deposition limits for these cards. Choose a prepaid debit card that allows your paychecks to go into your account directly. Checking your card balance frequently is important. Check out the deposition and withdrawal limits as they are outlined in the user agreement.
Make sure the debit card you choose comes with enough security required by federal law. Note that some cards will allow you to buy protections while in most cases, you won’t get that. This will give you a hard time when it comes to insuring unauthorized transactions or correcting any errors. The best debit card will come federal deposit insurance on your cash. This implies that in case the issuer files for bankruptcy, you are guaranteed to get your cash since you are insured.
Different debit cards will have different expiry dates. Even though your funds will not expire, you must get a new card once the original one expires. According to a report released by Consumer Financial Protection Bureau (CFPB)in 2016, many people complained their cards were not reissued, and they had some cash on the cards. Make sure that your debit card is issued on time before the expiry date. You can file a complaint on the CFPB website, in case you encounter any issue with re-issuing.
Best prepaid debit card
1. NetSpend Visa and MasterCard prepaid card
This is one of the best bank prepaid debit cards that allows you to access your account using Netspend Mobile App. You can as well receive a text message and email alerts. Issued by MetaBank, the card can be used in any country that accepts Visa debit cards. NetSpend Visa Prepaid Card permits its users to conduct direct deposit of paychecks and government checks. Users can receive their revenue tax return on the card. Additionally, it lets users load other checks on the card with the Netspend Mobile App. The best part is that this card does not require a credit check or activation fee.
Upon signing up for the Pay-As-You-Go plan, you are not required to pay any monthly fee, but you will be charged one dollar for every signature purchase transaction and $2 for every PIN purchase transaction. Instead, you can sign up for the Free Advantage plan at a monthly fee of $9.95 to avoid being charged any fees for individual transactions.
If your card has at least $500 per month in direct deposits, you can consider signing up for NetSpend Premier that reduces your monthly charges to $5, with zero fees for all individual transactions. Another benefit is that the Netspend allows you to earn cash back on some daily purchases whenever you swipe the card. Once you apply for a Netspend card with a referral, you are awarded $20 after you fund your card.
Issued by American express, Bluebird debit card is suitable for those who want to evade fees. You will not be charged any monthly fees, overdraft fees or even bill pay. There are no charges for reloading if you do it through cash or debit card at Walmart or online using a prepaid debit card. However, you may be charged up to $5 if you obtain your card from a retail location. You will also be charged up to $3.95 to fund the cash at retail locations. While ATM withdrawals are not charged when you use a MoneyPass ATM, a $2.5 fee will apply if you use a different ATM.
The card comes with a mobile check capture that lets you deposit mobile checks into your prepaid account directly. Note that the cash that is deposited through mobile capture is made available after ten days with no charges, or you can pay an extra fee to get the funds immediately.
3. PayPal Prepaid MasterCard
The debit card from Bancorp Bank can be linked to your PayPal account. It allows you to transfer funds from your PayPal account to your PayPal Prepaid MasterCard instantly. Having the features of a prepaid debit card, you don’t have to worry about the late charges or overdraft fees. You can use this card in any country that accepts debit MasterCard.
One of the most significant benefits that the card offers is receiving direct deposit payments two days early. This comprises both payroll checks and government benefits checks. Additionally, the card can be funded and funds are withdrawn as required. You can manage your account from PayPal prepaid mobile app that is compatible with both iPhone and Android. PayPal Prepaid MasterCard needs you to pay $4.95, whereby you will make unlimited purchase transactions. The card is issued for free.
4. Walmart MoneyCard MasterCard
There is no credit check required to obtain the card, and it is not a must that you have a bank account. You can use the card to pay almost all utility bills and also access ATMs. Its free direct deposits enable you to get your cash up two days sooner. The best part is that it offers cash back rewards.
This means that you will get cash back rewards by making your purchases at Walmart organization. For instance, you get a 3% cash back once you shop on Walmart.com. you also get a cash return of 3 % when you shop at Walmart Fuel Stations or Murphy USA and also a cash return of one dollar 1% for the purchases made at Walmart stores. You can get almost 75% in rewards every year.
The account can be managed using a Walmart MoneyCard mobile app that is offered for both iPhone and Android. You can even use a smartphone camera to deposit checks onto the card, and prepare checks for bill payments or, make payments via the free online bill pay platform. There are no charges when loading or reloading the card, even though you will be charged a $3 if you use the Walmart Rapid Reload Card.
The card charges $5 that is waived once you load your card with $1000 or more during the previous monthly period. Even though there is a $1 purchase charge, you won’t be charged for direct deposit. Nevertheless, there is a $ 2.50 fee for every transaction on ATM withdrawal and teller cash withdrawal charges.
5. American Express Serve Card
This card comes with three types of prepaid debit cards. The regular card offers free initial direct deposit and free ATM withdrawals from any MoneyPass ATM across the country. The card allows you to have several sub-accounts.
The regular serve card is available for free if you obtain it online and you will be charged up to $ 3.95 if earned at a retail location. Though it comes with a $1 fee per month, you can get the fee waived if you apply for direct deposit that totals to at least $500 every month.
You will also be charged up to $3.95 on cash reloads, based on the location of the retail. You will be required to pay $2.5 on top of the fees from the ATM firm when you use a non-MoneyPass ATM.
Serve Free Reloads card is another option. Together with the primary serve card, this one gives you free reloads at numerous national retailers like CVS, Walmart, Dollar General, and 7-11. They charge $4.95 every month.
The last option is the American Express Serve Back Card. Even though they charge $5.95 every month, you will receive an unlimited $1 cash back on every purchase you make using the card. This means that making many purchases with your prepaid card allows you to get a handsome bonus.
6. Mileage Plus GO Visa Prepaid Card
The card is connected to airlines in the United States. You can receive up to 2500 miles every month on all the approved signature purchases, whereby you get one online for every $2 used on approved signature purchases. You are allowed to use the card anywhere provided the country accept Visa Debit cards, and you can manage the account using a mobile app. Mileage Plus GO Visa is fully reloadable, and they don’t require a credit check. The card has a monthly charge of $5.95. You can choose to sign up for the annual plan at $85 and get 1 mile for every $1 you use on qualifying purchases.
7. Movo Virtual Prepaid Visa
The prepaid debit card offers a unique technology to protect your online purchases transaction. It allows you to have a one-time secondary card with the same original card number. You can make online purchases with the disposable card number to protect your original account number from hackers and data breaches.
Make your online payments and in-person purchases with the card. You will have a chance to use a free ATM network with over 6000 ATMs. You will be charged a $2 fee if you make withdrawals from other networks, on top of the ATM company charges. There is a $1 fee for any declined ATM transaction. The card offers numerous alternatives for reloading cash which includes direct deposit, PayPal, Venmo balance withdrawal, debit card transfer, bank transfer and cash load at selected retailers.
The card is activated at no cost and you won’t pay anything if the card remains inactive. Additionally, there are no charges on payments made with Movo Virtual Prepaid Visa.
8. Mango Visa Prepaid Card
The prepaid card has a saving feature that lets you earn the highest income on your account. Once you open an account with mango prepaid debit card, you will be offered up to 6% APY and an alternative to make 6 transfers every month. Your card must have a minimum balance of $1 and a direct deposit of not less than $800 at the end of each month to qualify for the 6% APY.
Mango card doesn’t charge you when signing up or activating your account. It involves some simple charges like $1 fee for making an inquiry for your ATM balance, $2 fee for ATM withdrawal, $3 monthly charges and 2% fee for international currency conversion.
Why you do you need a prepaid credit card?
Prepaid cards allow you to load cash onto them in various ways. The amount you charge is what you can spend.
Easy approval process even with bad credit
These cards come in handy when you have a bad credit history. This is because they don’t need any security and the only restrictions on the account are the ones you set. Note that most prepaid credit cards don’t look at your credit rating and they don’t need any credit checks.
Set spending limits and teach your children good spending habits
Because you will be loading cash onto the card, you are only allowed to use the amount of cash available on the card. This is a helpful option for teenagers who don’t know how to spend responsibly. This is the perfect teaching technique that can train them to be responsible when dealing with cash.
You will never live in fee fear
Normal checking accounts have numerous fees that make them expensive. With a prepaid card, you don’t have to stress out on overdraft fees since you can only spend what is available on the card. You don’t need to pay late fees or interest.