Most modes of transactions today require the user to have a bank account and some sort of stable income. Further, there are complex rounds of application a user must go through to first open a bank account and second, to obtain a debit or credit card. To ease this burden, a different form of payment, the prepaid debit card, is becoming popular. There is a comprehensive list of prepaid debit cards for people to exploit and make spending much more comfortable.
Prepaid debit cards come with the least number of requirements. You do not need to have a bank account, a credit score, or a tumultuous banking history. These cards are reasonable and serve to replace cash payments. In this, we have prepared a list of prepaid debit cards for the user to choose from and buy.
Do not have any apprehensions about prepaid debit cards in your, mind! Continue reading and bust all your myths! Also, read Visa Credit Card Generator to generate valid visa card number.
What Are The Best-Prepaid Debit Cards?
Here is the list of the top prepaid debit cards.
FamZoo Prepaid Debit Card (MasterCard)
A card trying to make an impact amongst teenagers, Famzoo Prepaid Debit Card is a low-cost card with parental controls, finance modules, and some great offers. The monthly fee is $5.99 and caters to a family (four cards are provided).
- Of all the registered cards, one card is primary. This card is the one that gets reloaded. Other cards are funded by the direct card. The user must use the FamZoo app to transfer money from the primary card to other cards.
- Cash reload levies a fee of $4.95; ACH transfers and digital wallet reload, however, are free.
- FamZoo is armed with an app with amazing features that help set up your prepaid debit card in a customized manner. Spending limits, setting goals, and tracking spending are some perks.
- Parental controls help parents organize the finances of the family and imbibe in their children financial literacy using the resources provided by FamZoo.
- A division of accounts is offered to cardholders to save and spend money effectively. The card’s special focus on teenagers makes it a permanent entry in the list of prepaid debit cards to choose from.
- The prepaid debit card comes with FDIC insurance.
- No fee is levied for ATM withdrawals.
- A monthly fee of $5.99 for a compulsory purchase of four cards may seem high.
- Cash reloads require a $4.99 fee.
Bluebird By American Express (American Express)
American Express, a big name in banking, has had a successful stint with credit cards. However, they are not far behind in prepaid debit cards as well. It is right at the prime position in the list of prepaid debit card companies. Bluebird is a prepaid debit card by American Express and comes with a zero monthly or sign-up fee.
- Bluebird offers multiple options to load money into it. Deposits made via online/direct ACH transfers or checkout registers at Walmart come with no fees attached.
- There are no fees levied if users use Mobile Check Capture by Ingo Money. This, however, takes up to ten days for processing.
- Cash reloads come with a fee of $3.95.
- Bluebird card coordinates with the American Express App, which helps unlock various features.
- Free transfers can take place amongst family members, and cardholders get to explore many resources on the app that talk about financial literacy, financial independence, and fiscal responsibility.
- Short-term goals, monthly spending, and methods to improve savings are all part of the card and the app.
- Cardholders stand a chance to purchase early-bird tickets to grand concerts and festivals.
- The card provides roadside assistance at all times.
- There is no monthly fee.
- An ATM withdrawal at a non-MoneyPass ATM comes with a fee of $2.50.
Walmart MoneyCard (Visa)
Handcrafted for those who love to shop at Walmart, the Money card should definitely be on the list of prepaid debit cards for shopping aficionados $5.94 is its monthly. A waiving off of this fee is possible if a $1000 deposition is made every month.
- Reloading MoneyCard at a Walmart store comes with a fee of $3. A similar reload with a check charges you the check-cashing fee.
- Charging via Green Dot MoneyPak comes with a fee of $5.95.
- You can transfer money to anyone without paying any fee.
- Transactions made at Walmart offer much cashback. Shopping on the Walmart website yields a 3% cashback, while purchases made at the fuel stations and stores operated by Walmart offer a 2% and 1% cashback, respectively.
- Walmart operates many MoneyPass ATMs, making it easier for the cardholder to withdraw cash without paying any fee.
- Overdraft protection of $200 is offered, making putting it in the list of prepaid card list with overdraft protection.
- The monthly fee of $5.95 is relatively high.
- There is a $75 upper limit for cashback per month.
- ATM withdrawals done at non-MoneyPass ATMs result in a fee payment of $2.50.
- The card seems good, mainly for loyal Walmart customers and not otherwise.
Visit: Walmart MoneyCard (Visa)
See Also: Bulk Credit Card Generator
PayPal Prepaid MasterCard (MasterCard)
Another giant in the banking business is making its way to the list of prepaid cards.This prepaid card has great perks in terms of payment and cashback that are sure to attract users. $4.95 is its monthly fee.
- Direct transfer from a PayPal account is completely free of cost.
- Mobile check deposits are also free. They, however, may take time to process. Deposition via checks is free, and you may attract a 1% charge for faster processing.
- A deposition made via the Netspend network attracts a charge of somewhere between $2 to $3.95.
- This is the best card for users with a PayPal account as it helps in free direct transfers, and the user can alter many features using the PayPal app.
- The card comes with FDIC insurance and offers a 5% APY for deposits up to $1000 to PayPal account holders.
- Miscellaneous benefits include referral programs, cashback, and discounts on bill payments.
- A high monthly fee with no provision of a waiver.
- ATM withdrawals attract a fee of $2.5.
- Foreign transactions attract a fee of 2.5%
Netspend Visa Prepaid Card (Visa)
Another gem in our prepaid cards list, this card is a holistic card with a mix of everything. Its all-round performance is a big reason for its popularity. It comes with a monthly plan of $9.95 that can reduce to $5 if a deposit of $500 per month is made. Users can also opt for the “pay as you go” option, which levies $1.50 on every transaction.
- Direct deposits are completely free.
- Cash deposits come with a fee of $3.95.
- The referral program assures deposition of $20 in your account if the user referred by you deposits $40 into their account. The user stands a chance to earn $20 as well.
- An app with a great user interface unlocks many features to make the best use of your card.
- Not a very user-friendly monthly fee.
- The app is not highly compatible with Apple devices.
- ATM withdrawals attract a fee of $2.95.
- Not many benefits in terms of bonuses and cash backs.
Frequently Asked Questions (FAQs):
Are prepaid debit cards better than regular debit cards?
Prepaid debit cards do not come with the constraints of having a bank account and are easier to obtain. Regular debit cards are required to be connected to a bank account. In a prepaid debit card, however, there is a constant requirement for fund infusion.
What is the eligibility to obtain a prepaid debit card?
Since prepaid debit cards do not require a bank account, the eligibility conditions are a bit relaxed. In fact, even teenagers without a bank account are eligible for such a card.
Are prepaid debit cards safe?
Prepaid debit cards are completely safe. The least chance of fraud happening is with prepaid debit cards as you do not feed a lot of personal information to purchase these cards, and the money loaded is also relatively low.
How are prepaid debit cards better than cash payments?
The biggest advantage of prepaid debit cards is that you can use them to make online payments. Further, prepaid debit cards reward a user with cashback and bonuses when they are used for certain purchases.
Thus, after surveying a list of prepaid debit cards, we have recommended our top 5. Hopefully, all confusion regarding prepaid debit cards has been resolved, and now you can make an informed choice!
- 1 What Are The Best-Prepaid Debit Cards?
- 1.1 FamZoo Prepaid Debit Card (MasterCard)
- 1.2 Bluebird By American Express (American Express)
- 1.3 Walmart MoneyCard (Visa)
- 1.4 PayPal Prepaid MasterCard (MasterCard)
- 1.5 Netspend Visa Prepaid Card (Visa)
- 2 Frequently Asked Questions (FAQs):
- 3 Conclusion