See our criteria for evaluating banks and credit unions. Here are our top prepaid debit cards based on fees and features. Scroll down for more detail on each account. Bluebird by American Express. Movo Virtual Prepaid Visa Card. One of the biggest free ATM networks among prepaid cards.
Walmart MoneyCard. Multiple subaccounts for family members. Bluebird , issued by American Express and in partnership with Walmart, offers more than the average prepaid debit card, and you can load and spend money without paying fees. General fees and features: No monthly fees and no costs for online activation or inactivity. Purchases: No fees. Reload methods: Direct deposit, debit card transfer, card-to-card transfer, mobile check deposit with a third-party fee for instant processing , cash load at Walmart or other stores.
Downsides: No cash back at retailers. Most prepaid debit cards either charge you each month or each time you make a purchase, but the Movo Virtual Prepaid Card does neither. Reload methods: Direct deposit; bank account transfer; instant card-to-card transfer; mobile check deposit with a third-party fee for instant processing ; cash load at retailers with Visa ReadyLink, MoneyPak and Reload Register locations, such as Walgreens or Safeway for a fee set by the retailer.
Other services: Online bill payments are free. These cards can protect your main account number during transactions. Downsides: Free ways to reload the card, such as bank transfers, can take up to five business days; no free ATM network.
This card is available in the 11 states where there are Fifth Third branches, which is the only place you can get the card. Other services: Card can have joint owners. FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids, even those younger than From the website or app, you can send allowances, split payments, see balances and activity across all cards and set up text and email alerts.
Other prepayment plans also offer a discount. Other services: Multiple accounts under one plan, free and instant FamZoo card-to-card transfers, ability to lock and unlock FamZoo cards, budgeting tools.
Downsides: Not part of any ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. Greenlight stands out for a feature that other prepaid cards lack: store-specific spending controls. The prepaid card also offers real-time activity alerts, free card-to-card transfers for allowances and the ability to remotely lock lost cards.
Personal Finance. Your Practice. Popular Courses. Best Prepaid Debit Cards Expand. Best Prepaid Debit Cards. Sign Up Now. Pros No fee for monthly maintenance, activation, online card purchases, and more Provides several perks, including purchase protection, roadside assistance, and Amex Offers Access to more than 30, fee-free ATMs Cash reloads at Walmart locations are free, as are direct deposit, debit card transfers, and mobile check deposits.
Cons No rewards Cash reloads at other retailers may incur a fee Mobile check deposits take 10 days unless you pay a fee. What to Look for in a Prepaid Debit Card There are several different factors to consider as you compare different prepaid debit cards. Some of the most important ones are: Fees including monthly fee waiver options Free ATM access Free reload options Rewards Fraud and purchase protection Flexibility with sub-accounts Savings options Mobile app accessibility Which of those features will be most important to you depends on your personal situation and how you plan to use your card.
Alternatives to Prepaid Debit Cards Prepaid debit cards are just one way to pay, of course. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Certain restrictions apply. Contact the issuer of your card immediately to report your lost or stolen card. You can use the customer service toll-free number listed on the back of the card.
Be sure to keep a record of the Mastercard card number. Your issuer may need this information to cancel the card and issue a replacement. If you're adding money in-person, you may be able to do so using cash. But if you're adding money online, then you'll need a bank account to transfer the money from unless you have the option to use mobile check deposit.
Reloadable debit cards can impose different limits on how much money you can add to your balance at one time, daily, or weekly. There may also be limits on how much you can spend or withdraw in a single transaction or per day. When considering a reloadable debit card, it's important to check out where the card is accepted. You want to choose a card that can be used at the places you spend money most frequently. Many reloadable cards are issued in conjunction with the major credit and debit card networks, such as American Express, Mastercard, and Visa, so they're widely accepted.
The money you put on your card may be held in a pooled account at a financial institution, along with the money of many other cardholders. If that financial institution fails, deposit insurance can step in so you don't lose any money. Reloadable debit card issuers are required to inform you about whether your money is insured before you buy their card.
Some prepaid debit cards provide additional benefits. The Bluebird Card from American Express, for example, comes with features such as emergency assistance and fraud protection.
But that's not the case with every card, so it's helpful to look at what else you get before signing up. If you're shopping for a reloadable debit card, you may also want to consult Investopedia's list of The 5 Best Prepaid Debit Cards of When selecting a reloadable debit card, check to see if the card has an expiration date. If it does, find out what you'll need to do be issued a new card so that you don't lose access to your balance. There are several reasons someone might choose to use a reloadable debit card.
The first is the convenience. For example, reloadable debit cards make it easier for a person who is currently unbanked or underbanked to conduct everyday transactions without carrying around a lot of cash. A prepaid card could also be a good fit for someone who needs help with overspending or learning how to keep track of their spending.
For example, if you're a parent, then a teen debit card could be a helpful teaching tool to get kids used to tracking their expenses. There are also no negative credit side effects with a prepaid debit card, since you aren't taking on any debt. The flip side of that, however, is that unlike a credit card you can't use a reloadable debit card or debit cards generally to build a positive credit history. Regular debit cards linked to checking accounts come with certain protections in case your card is lost or stolen.
Previously, prepaid debit cards did not enjoy those same protections, but new federal rules introduced in have changed that somewhat. According to Consumer Financial Protection Bureau guidelines, reloadable debit cards are now treated more like checking account debit cards.
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