Yes, I agree, there really isn’t a fee-free prepaid debit card, but there are quite a few prepaid debit cards coming out. Many of these cards are very easy to obtain, but some have many fees associated with their use that typically require direct deposit and a minimum balance to eliminate most or all of the fees. These are some of your best options in my opinion:
The Walmart Money Card can be obtained at any participating Walmart or can be ordered online. With only a $ 3.00 monthly fee and very low transaction fees, it is highly rated as a card that is easy to load at any participating Walmart, especially if you live near Walmart. Reload fees may be waived when you cash an eligible payroll or government check or you can also load your card with a Green Dot MoneyPak. Walmart has provided discounted merchandise to many consumers for years and having a Walmart Money Card could make your shopping experience there much easier.
Russell Simmons’ Rushcard hits you with a $ 19.95 activation fee up front. If this is not enough to be wary of prepaid debit cards, I don’t know what is. Some of the other fees that may be charged to your card are a monthly fee, a card fee, a plan change fee, and an express cash fee. I certainly wouldn’t be happy with all these fees and I don’t think you, the consumer, should choose your poison. There are cards that can be registered for free, have reasonable or no fees, and offer cash back, bonuses, and rewards.
NetSpend is the leading provider of prepaid debit cards in the US and can be found in more than 10,000 stores and check cashing centers in the US. Credit transactions are $ 1.00, PIN transactions are $ 2.00, and NetSpend cardholder to cardholder transfers are absolutely free. NetSpend even offers a referral bonus to new cardholders as a way to reimburse you for some of those fees. NetSpend is the best prepaid debit card in my opinion, but choose your own card wisely.
Most prepaid debit cards don’t require a credit check or report any information about your card usage or fee payment history to the credit bureau, so good or bad credit is not an issue. So if you’re looking to rebuild your credit, a prepaid debit card typically won’t do it for you. If you need a fast and convenient way to access your cash funds without bank overdraft fees, choose the card that’s right for you.