NetSpend Debit Card Review | Prepaid Visa & MasterCard
NetSpend Debit Card Review | Prepaid Visa & MasterCard
It is difficult to get by these days without a piece of plastic to help you make purchases and pay bills. As fewer and fewer companies accept checks, your only option outside of a debit or credit card is to pay cash. Electronic means of payment such as debit and credit cards are very convenient, but certain people, such as the ones that have been reported to Chexsystems, can’t have a regular debit card. The reason is actually quite simple: since regular debit cards are linked to a checking account, if you’ve been reported to Chexsystems that means you can’t have a regular checking account, so you can’t have a debit card. The solution to this problem: a prepaid debit card like the NetSpend Prepaid Debit Card.
The reason this is possible is because the card is prepaid, meaning that you have to fund it before you can use it. Since the risk is very small for the company, they don’t bother with credit checks or verifying with Chexsystems. NetSpend offers its prepaid cards with either the Visa or the MasterCard logo, depending on people’s preferences.
Features of the NetSpend Debit Card:
- Convenience: you can make purchases wherever Debit MasterCard and Visa debit cards are accepted. You can get cash at ATMs worldwide.
- They’re safer than cash: you’re protected from unauthorized transactions if your card is lost or stolen
- You can earn 5% APY on your money with the NetSpend Savings Plan
- Free Direct Deposit: have your paycheck deposited directly on your card account
- Pay Bills Online: access your account online to pay bills and check your account history
How to reload your NetSpend debit card
- Using cash. You can load cash onto your prepaid card at some grocery stores and check cashing stores. Bring your card and the cash you wish to load to the teller or checker. Many load locations charge a small fee to load the card. Load fees will vary from Free to $5, depending on where you go.
- Reload Packs. You can also load cash onto your card by buying a NetSpend Reload Pack. The price is typically $4.95, but can vary by retailer. Once you have purchased a reload pack, log in to the Account Center to activate it. Funds are generally available on your card within a few minutes.
- Bank Transfers. You can add money to your card directly from most checking or savings accounts. Most banks do not charge a fee for this kind of transfer. The money is normally available on your card in 3 to 4 business days.
- Paypal. You can transfer money from your PayPal account to your prepaid card for free. Your money will be available on your card in 2 to 3 business days.
- Transfer from another NetSpend account. You can transfer funds from one NetSpend account to another. This can be very valuable if you have children and are using debit cards to teach them financial responsibility.
NetSpend Prepaid Visa Debit Card | NetSpend Prepaid MasterCard Debit Card
There are two variations of the NetSpend card to choose from. It really makes no difference, and is purely a matter of personal preference, and of which of those companies a retailer might have an exclusive deal with. Now as for the card itself, there are twoplans to choose from which actually are different. There’s one where you pay per transaction with no setup or monthly fee. And there’s one where you pay a $9.95 monthly fee but there are no per transaction fees. Obviously, the per transaction plan will be better suited for people who plan on using the card sparingly, as an emergency option. On the other hand, if you’re going to use this on a daily basis, the $9.95/month plan will be a better fit.
Whatever plan you choose, though, you need to be aware of the fact that there is $2.50 charge per ATM transaction.
Before you eventually get a NetSpend prepaid debit card, figure out how you plan to use it so you can choose the appropriate plan for you. It doesn’t cost any money to get the card but there’s no way around the fees once you start using it. One big fee you avoid is the overdraft fee. Since the card has to be funded in advance, you will simply run out of available money. There will not be any extra fees because you spent more than you had, because all transactions after that will simply be declined. People who have ended up in trouble with their banks because of repeated and excessive overdraft fees will certainly appreciate that.