Netspend Prepaid Debit Card Review: Fees Mount Up
» data-placement= »bottom » data-container= »body » data-html= »true »
- 5% APY family savings on balances as high as $1,000.
- Comfortable access to including and cash that is withdrawing a community of stores.
- You may get your paycheck as much as two times early with direct deposit.
Where Netspend falls quick:
- Steep fee that is monthly fundamental charge plan with no method to waive the charge entirely.
- No network that is free reloads or withdrawals.
- Inactivity cost in the event that you stop utilizing the card, among other charges that lots of cards that are prepaid have actually.
Where Netspend shines:
- 5% APY checking account on balances as much as $1,000.
- Quick access to including and cash that is withdrawing system of retailers.
- You may get your paycheck as much as two times early with direct deposit.
Where Netspend falls quick:
- High monthly cost for basic charge plan with no solution to waive the cost totally.
- No free community for reloads or withdrawals.
- Inactivity charge in the event that you stop making use of the card, among other charges that numerous prepaid cards don’t have actually.
The important thing
Netspend’s prepaid debit card is a costly replacement for a bank account. It’s simple to get and there’s no banking history or credit check needed to start, but Netspend allows you to choose from having to pay a fee that is monthly having to pay a cost each time you create a purchase. In any event, you could save money in fees in per year than you can make in interest through the card’s that are prepaid account. The card’s reload that is nationwide of 130,000 places for money reloads is convenient, however the network is not free and there’s no free usage of ATMs.
» Want cheaper options that are prepaid? See our set of best prepaid debit cards
Continue reading for details on Netspend’s fees that are general features, funds access, and much more.
General charges and features: 2.0/5.0
Netspend costs great deal of charges, and also you can’t avoid them all.
Upside:
It is possible to start without having a charge. You can easily purchase and register the card on the web at no cost, however, if you purchase the card at stores such as for instance CVS and Walmart, there’s generally speaking a cost as high as $9.95.
Drawbacks:
Regular fees no real matter what you are doing. You spend a cost for the Netspend card in just one of 3 ways. You are able to fork over $1 to $2 each time you make a purchase; spend a set $9.95 every month and have now free deals; or select the option that is second get $500 in direct build up monthly from the card, in which particular case the month-to-month charge falls to $5 four weeks.
Fee in the event that you stop utilising the card. Unlike some cards that are prepaid Netspend charges an inactivity cost of $5.95 if there’s no card task for ninety days.
Shutting the account will set you back. If you request a mailed seek advice from remaining funds from your own prepaid credit card, the charge is $5.95.
» Unsure about prepaid cards? Discover the fundamentals to prepaid debit cards
Acquisitions and withdrawals: 3.5/5.0
Upsides:
You may get cash return for free at merchants’ checkouts. This really is a feature that is standard Mastercard and Visa debit cards and prepaid debit cards. Not absolutely all cards that are prepaid within these re payment companies.
No overdraft costs. This has not necessarily been the full situation for Netspend. Transactions which go on the quantity available regarding the card could be declined, though a cushion that is“purchase feature may protect negative balances as high as ten dollars for qualifying clients. (not clear about overdraft charges? See our help guide to overdraft charges. )
Drawbacks:
$2.50 cost for ATM withdrawals. This is just what Netspend fees; there are often an ATM operator charge.
$2.50 cost for over-the-counter withdrawals at banking institutions or credit unions.
A payment for declined ATM transactions. If the card gets refused at an ATM, you pay $1.
Reloads: 3.0/5.0
Upsides:
130,000 reload areas. You can include cash to your card from numerous stores nationwide, generally speaking for a cost.
Numerous ways to reload cash. Aside from money reloads, you are able to move funds from a banking account, PayPal, or any other Netspend account. Different ways consist of direct deposit, mobile check deposit and taxation refunds.
Drawbacks:
As much as $3.95 per money reload at Netspend places.
Steep charge to obtain prompt mobile check deposits. You need to pay 1% to 5per cent for the check quantity for same-day processing, or wait 10 times to have the cash at no cost.
Other solutions: 4.0/5.0
Upsides:
5.00% APY family savings on balances all the way to $1,000. For balances above that, the rate falls to 0.50% APY.
Long support hours. You are able to achieve customer support beyond the typical 9-to-5 on weekdays and on weekends.
Drawbacks:
No free online bill pay solution. Netspend utilizes a third-party provider, MoneyGram, which charges a charge. An alternative that is free to offer a biller your card’s routing and account figures.
No check writing. Some prepaid cards have actually this cap cap cap ability.
Extra costs for seeing your account balance at an ATM as well as for asking customer care to greatly help move funds from your card.
» to locate online cost savings reports with a high rates and reduced fees that are monthly? Check out NerdWallet’s list of most useful online cost savings reports
Savings price does offset fees n’t
Netspend’s checking account could be the card’s biggest perk, however it’s perhaps perhaps not adequate to justify the fees for making use of and maintaining the card. See our cheaper options that are prepaid.
Ranks methodology
In regards to the writer
Spencer Tierney
Spencer Tierney is a specialist on certificates of deposit at NerdWallet. Their work happens to be showcased by United States Of America Today and also the l. A. Instances. Browse more