Current spending habits of American consumers can be a bit worrisome, leading to an all-time high on debt. Though there are various ways to get rid of debt, the basic one is to stay away from accruing any. And maybe using one of the best prepaid cards can help one overcome this.
A prepaid debit card offers a host of convenience and serves as a perfect budgeting tool, at a bare minimum fee. In contrast to a credit card, a prepaid debit card won’t trap you in debt. It is easier to operate and can be used for transactions at places where debit or credit cards are accepted including online transactions.
List of Top Best-Prepaid Debit Cards
For those who end up overspending, prepaid debit cards are a perfect alternative solution – you load funds and get to use the same. Once the fund exhausts, transactions are declined. Even if you are unable to get a bank account due to a bad banking history, it is comparatively easier to get a prepaid debit card, with absolutely no credit check.
Prepaid debit cards act as a great substitute for a normal banking account. They offer almost all features as that of a traditional bank – mobile check deposits, online bill payments and direct deposit without any overdraft fees. Listed below are some of the best prepaid debit cards that you can avail of.
American Express Serve
This card is for those who fancy an American Express card in their wallet. There are two versions of the American Express Serve – one without any reload fees and the other earns you unlimited cashback.
The Reload version allows you to do multiple funds reloads in a single month and has a network of over 45,000 reload locations. Adding money from a bank account is absolutely free. You can do free online bill payments, and free early direct deposit.
This card comes free if you order online or at $3.95 from any retail location. Card replacement, fraud protection, sub-accounts, customer service are all without any charges. Withdrawals at MoneyPass ATM are free, else a $ 2.50 ATM fee is levied.
On every shopping you do, the Cashback version gets you an unlimited 1% cashback reward. Added cash rewards can be redeemed at any time. With a monthly fee of $7.95, one can enjoy early direct deposits at no additional fee, free ATM withdrawals at MoneyPass, fraud protection, and 90-day purchase protection for purchases up to $1000. This card comes free if you order online or at $3.95 from any retail location. $2.5 is charged for non-MoneyPass ATM usages.
This card allows you to pay-as-you-go or makes unlimited transactions without any additional fees. With no activation fee, credit check or minimum balance; you will find this card best for direct deposits. At over 130,000 reload locations, you can load Netspend prepaid card free of cost. The mobile app of this particular card helps you to manage the account easily. Referral program gets you the bonus that gets added to your balance whenever a friend signs up.
Two plans are available with varying fee structures. The Pay-As-You-Go one is the basic default plan with no monthly fees but charges $1.50 for each signature or PIN transaction. In case you have a direct deposit of $500 and above, the Premier Fee Advantage Plan works best. At monthly fees of $5, you get free unlimited transactions.
Walmart MoneyCard Visa
If you shop regularly at Walmart, then better to have Walmart MoneyCard Visa for some great cashback. For online shoppers, there’s 3% cashback, whereas purchases made at Walmart store get you 1% cashback. Even your purchases at Murphy USA and Walmart fuel stations can fetch you 2% cashback. However, in a year the total amount of cashback can’t exceed $75.
There are no fees for direct deposits, mobile check deposits, and online bill payments. The monthly fee of $5 is however waived off if $1000 is loaded in the previous month. ATM withdrawals come at a cost of $2.5 per transaction followed by $0.5 levied upon ATM balance inquiries. The card can be purchased at $1 and reloading fees can go up to $5.95 depending on methodology and location.
Movo Virtual Prepaid Visa Card
Rated as one of the cheapest prepaid cards, Movo Virtual Prepaid Visa doesn’t have a monthly charge or any charges for purchases you make. Just that for remaining inactive for a stretch of 3 months attracts a penalty of $4.95. Movo transactions are free at 6000 ATMs within the Visa Plus Alliance network, whereas charges $2 for transactions done at other ATMs.
There are various ways you can reload funds to your Movo prepaid card. One can do direct deposits, or bank account transfer or from PayPal balance or mobile check deposit or even cryptocurrency facilitated transfers. The move is operational on digital wallets like Samsung Pay, Google Pay, and Apple Pay.
Akimbo Prepaid MasterCard
Best known for managing budgets, Akimbo prepaid cards can be flawlessly managed by Akimbo App The first sub-account card comes free and any subsequent card thereafter is charged at a one-time fee of $4.95. For your recurring expenses, weekly autoloads can be scheduled. Using the app, one can disable or enable cards at any time.
There’s no monthly fee attached to this card, nor are there any charges for reloads. However, PIN transactions are chargeable at $0.99 per transaction while signature transactions are free. There’s a penalty of $5.95 levied for keeping the card inactive for a year. ATM withdrawals aren’t free and charged at $1.98 per transaction.
FamZoo Prepaid Debit Card
Known to be the best card for kids, this prepaid card helps them to learn how to manage money. With a FamZoo prepaid card, a parent can become a virtual banker for their kids. Through one monthly plan, four cards can attach, and with the help of their app you can send allowances, split payments, check balances and monitor activity across all cards and set up alerts in terms of emails or text.
Over a network of 32,000 MoneyPass ATMs, the FamZoo card has free access. There’s a monthly subscription fee of $5.99. For any kind of cash deposits, there’s no reload fees
Wells Fargo EasyPay Prepaid Card
This prepaid card has a simple fee structure and is great in managing your money at ease. With Wells Fargo EasyPay prepaid card you get the advantage of free reloads of cash and checks through bank’s 5,500 branches and over 13,000 ATMs widely spread across 36 states. It charges a monthly fee of $5 and has no activation fees nor any account closure fees.
There are no PIN transaction fees nor signature transaction fees levied. You charge with $2.5 on accessing ATM withdrawals other than Well Fargo’s. Compared to other prepaid VISA cards this one has low fees. However, Wells Fargo EasyPay Prepaid Card does not disclose daily ATM withdrawal limit and maximum purchase limit per day, until you receive a card.
Though we have listed some of the best-prepaid debit cards for you, highlighting the key features. It is always advisable to check with the issuing authority, do an analysis of your requirements and finances and then go for the one that best suits your needs. While there are benefits attached to each of them, few downsides to their offerings should be taken into account before availing of a particular card.