Netspend Prepaid Debit Card Review: Fees Mount Up

Netspend Prepaid Debit Card Review: Fees Mount Up

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Where Netspend shines:

  • 5% APY family savings on balances as high as $1,000.
  • Comfortable access to including and cash that is withdrawing a system of merchants.
  • You may get your paycheck as much as two times early with direct deposit.

Where Netspend falls quick:

  • High monthly fee for fundamental cost plan with no solution to waive the charge online payday loans Oregon totally.
  • No network that is free reloads or withdrawals.
  • Inactivity charge in the event that you stop utilizing the card, among other charges that lots of cards that are prepaid have.

Where Netspend shines:

  • 5% APY checking account on balances all the way to $1,000.
  • Comfortable access to including and cash that is withdrawing community of merchants.
  • You will get your paycheck as much as two days early with direct deposit.

Where Netspend falls quick:

  • High fee that is monthly fundamental cost plan with no method to waive the cost entirely.
  • No network that is free reloads or withdrawals.
  • Inactivity charge in the event that you stop with the card, among other charges that lots of cards that are prepaid have actually.

The line that is bottom

Netspend’s prepaid debit card is a pricey substitute for a bank checking account. It is very easy to get and there’s no banking history or credit check required to open, but Netspend enables you to choose from having to pay a fee that is monthly spending a charge each time you produce a purchase. In either case, 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 nationwide reload community 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 listing of best prepaid debit cards

Keep 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:

You are able to start without having a cost. It is possible to purchase and register the card on line at no cost, however, if the card is bought by you at merchants such as for instance CVS and Walmart, there’s generally speaking a charge as high as $9.95.

Drawbacks:

Regular costs it doesn’t matter what you are doing. A fee is paid by you when it comes to Netspend card in another of 3 ways. It is possible to fork over $1 to $2 each time you make a purchase; spend an appartment $9.95 every month and also have free deals; or pick the last option and get $500 in direct build up month-to-month from the card, in which particular case the month-to-month fee falls to $5 per month.

Fee in the event that you stop with the card. Unlike some cards that are prepaid Netspend charges an inactivity cost of $5.95 if there’s no card task for 3 months.

Shutting you can be cost by the account. In the event that you request a mailed talk with staying funds from your prepaid credit card, the charge is $5.95.

» Unsure about prepaid cards? Learn the basic principles to prepaid debit cards

Acquisitions and withdrawals: 3.5/5.0

Upsides:

You will get money back for free at merchants’ checkouts. That 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 re re payment sites.

No overdraft costs. It has not necessarily been the situation for Netspend. Deals that go within the quantity available regarding the card are usually declined, though a cushion that is“purchase feature may protect negative balances all the way to ten dollars for qualifying clients. (not clear about overdraft costs? See our guide to overdraft charges. )

Drawbacks:

$2.50 charge for ATM withdrawals. It’s this that Netspend fees; there can also be an ATM operator charge.

$2.50 charge for over-the-counter withdrawals at banks or credit unions.

A payment for declined ATM deals. When your card gets refused at an ATM, you spend $1.

Reloads: 3.0/5.0

Upsides:

130,000 reload places. You can include cash to your card from numerous merchants nationwide, generally speaking for a cost.

Numerous means to reload money. Aside from money reloads, you can easily move funds from a banking account, PayPal, or any other Netspend account. Alternative methods consist of direct deposit, mobile check deposit and tax refunds.

Drawbacks:

As much as $3.95 per cash reload at Netspend places.

Steep charge to have prompt check that is mobile. You need to pay 1% to 5per cent associated with the check quantity for same-day processing, or wait 10 times to obtain the cash 100% free.

Other solutions: 4.0/5.0

Upsides:

5.00% APY checking account on balances as much as $1,000. For balances above that, the price falls to 0.50% APY.

Long support hours. It is possible to achieve customer support beyond the typical 9-to-5 on weekdays in addition to on weekends.

Drawbacks:

No free bill pay service that is online. Netspend uses a provider that is third-party MoneyGram, which charges a fee. 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 ability.

Extra costs for seeing your balance at an ATM as well as for asking customer care to simply help move cash from your own card.

» in search of online cost savings reports with high rates and reduced month-to-month charges? Take a look at NerdWallet’s list of most readily useful savings accounts that are online

Savings price doesn’t offset costs

Netspend’s family savings could be the card’s perk that is biggest, however it’s maybe perhaps perhaps not adequate to justify the costs for making use of and maintaining the card. See our cheaper options that are prepaid.

Reviews methodology

Concerning the writer

Spencer Tierney

Spencer Tierney is a specialist on certificates of deposit at NerdWallet. Their work happens to be featured by USA and the Los Angeles Times today. Study more

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