But there can be downsides to prepaid cards. One major downside? The relatively high fees just for holding, loading, or even withdrawing money from the card. The best prepaid cards are not only great budgeting tools, but they also provide a lot of other features and are relatively affordable.
We considered several factors as we compiled our list, including fees, extra benefits, free reload options and ways to get money back. We also wanted to highlight cards that go above and beyond the norm.
The cards we chose have special features, like a high-rate savings account, compatibility with popular digital wallets or maybe a huge free ATM network.
This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Bluebird by American Express : Cheapest. Movo Virtual Prepaid Visa : Cheapest. FamZoo Prepaid Card : Best for parents. Greenlight Prepaid Mastercard : Best for parents. Walmart MoneyCard : Best for shopping at Walmart.
Chime : Best cheap prepaid alternative. A prepaid debit card can serve as a budgeting tool or an all-out replacement for a bank account — and the best prepaid cards offer convenience while charging few fees. Prepaid cards are easy to get.
Unlike with a credit card, you load funds onto prepaid cards before use. Skip ahead to read about these low-fee alternatives.
For prepaid debit cards, you load the card with money when you get it, then use it to make purchases. For regular debit cards, the funds for your payments are taken directly from your checking account as you make payments.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. 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. Learn more. Enjoy safe and easy access to your travel money with this multi-currency prepaid card.
Cash Passport Platinum Mastercard. Need to reclaim your unused money? Part Of. Prepaid Card Basics. Personal Finance Banking. Key Takeaways Prepaid debit cards and network-branded gift cards can be used for bill payment Prepaid card acceptance typically depends on the card processor brand.
Some prepaid card accounts may have special services for making one-time or recurring bill payments through an account. Related Articles. Checking Accounts Does Netspend accept wire transfers? Banking Prepaid Cards vs.
Gift Cards: What's the Difference? Partner Links. Related Terms What Is Mastercard? A Mastercard is any electronic payment card that uses the Mastercard network for processing transaction communications. What Is a Cash Card? Cash cards, which may include debit cards, gift cards, or payroll cards, are electronic payment cards that store cash for various types of payments.
Prepaid Cards Processor Definition A prepaid cards processor is a company that handles front to end transactions for prepaid payment cards. Open Loop Card Any charge card that is widely accepted at a variety of merchants and locations is considered an open loop card. Investopedia is part of the Dotdash publishing family.
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