NetSpend Prepaid Debit Card vs. Rushcard
Yes, I agree, there really is no such thing as a fee-free prepaid debit card, but there are quite a few prepaid debit cards that come close. Many of these cards are very easy to obtain, but some have many fees associated with use that typically require direct deposit and a minimum balance to eliminate most or all fees. Here 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 ranks highly as a card that’s easy to load at any participating Walmart, especially if you live near Walmart. Reload fees can be waived when you cash an eligible government or payroll check or you can also load your card with a Green Dot MoneyPak. Walmart has provided discounted products to many consumers for years and having a Walmart Money Card could make your shopping experience there much easier.
Russell Simmons Rushcard offers you an activation fee of $19.95 up front. If that’s not enough to make you 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 feel that you, the consumer, should choose your poison. There are cards that are free to sign up, have reasonable fees or none, and offer cash back, bonuses, and rewards.
NetSpend is the leading provider of prepaid debit cards in the US and can be found at over 10,000 stores and check cashing locations in the US The MasterCard prepaid debit card I have is free to sign up for, You have no monthly charges unless you choose that plan. Credit transactions are $1.00, PIN transactions are $2.00, and NetSpend cardholder-to-cardholder transfers are completely free. NetSpend even offers a referral bonus to new cardholders as a way to reimburse you for some of those fees. In my opinion, NetSpend is the best prepaid debit card, 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 isn’t 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.