Green Dot Gold Card Review | Prepaid Reloadable Debit Cards
Green Dot Gold Card Review | Prepaid Reloadable Debit Cards
The Green Dot Visa is a prepaid debit card and is one of the most popular prepaid cards on the market today, because it is widely used by people that do not have a bank account: there is no credit check or bank account needed for approval. Also, while you can quickly get into too much debt if you use credit cards, prepaid cards like the Green Dot prepaid card are a great way to limit your spending. You must first deposit money on your card before it can be used to make purchases. It is a great alternative for those without a checking account because it will save you money on check cashing fees, approval is guaranteed, and it works just like a checking account.
Features
Green Dot cards are available for both Visa and MasterCard and the terms and conditions with both cards are the same so it’s only a matter of preference whether you want the MasterCard-branded or the Visa-branded card. In any case, they’re accepted worldwide. Here’s an overview of what to expect:
- $0 Activation Online –with no credit check
- Free ATM withdrawals at over 15,000 MoneyPass ® ATMs
- Get a $4.95 credit on your first MoneyPak cash load (see site for restrictions)
- No Monthly fee for any month with at least 30 purchases
- No Transaction fees on US purchases
- No Overdraft or penalty fees
- No Minimum balance required
- Get $10 with Direct Deposit (see site for restrictions)
How to Reload
The best way to add money to your Green Dot Prepaid Visa Card is to set up direct deposit of your paycheck or government check. When you set this up and receive your first deposit you will be given a $10 bonus! You have the option of depositing our whole check or just a portion of it. You can also load money onto your card using the Green Dot MoneyPak Card, which is available at thousands of retailers nationwide. You also have the option of loading your card directly from your bank account, credit union, or other financial institution. Most banks allow for online transfers onto your card as well.
Pros
There is no credit check and no interest to pay. There are no late fees, either, and you can use this card anywhere in the world that Visa or MasterCard is accepted. For a prepaid card the fees are not too steep or too numerous. It is very user friendly to setup and to deposit money on, and doesn’t require a bank account. There is no minimum balance requirement.
Parents have found this card useful to use as a debit card for kids. Additionally it is an easy way to send students money that are away at school.
Cons
This is a prepaid card. As such you have to deposit cash to activate it and you will be charged various transaction and maintenance or activation fees. If you can get accepted for a regular credit card or maybe a secured credit card for people with bad credit, that would probably be a better option, but of course you have to be able to come up with the collateral.
Verdict
The Green Dot Prepaid MasterCard is ideal for those looking for the convenience of a credit card and the financial security of a debit card. It has no overdraft fees or minimum balance requirements, plus there is no credit check at the time of application, and you do not need a bank account to qualify. The GreenDot Visa Prepaid card is one of the safest cards in the industries from a brand with a great reputation and is definitely a very good choice.