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Netspend Visa Prepaid Card review
Written by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, May 12, 2022 Edited by Credit Cards Editor Nouri Zarrugh is a writer and editor for CreditCards.com and Bankrate, focusing on product news, guides and reviews.
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His areas of expertise include credit card strategy, rewards Reviewed by Personal Finance Writer Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of “How a Mother Should Talk About Money with Her May 12, 2022
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PREV NEXTSnapshot
Bottom line The Netspend Prepaid Visa card may be an excellent choice for those with poor credit or those who choose to not have a bank account—but its high rates and fees, on the other hand, may make other prepaid cards or even secured credit cards sound more appealing.
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. With the Netspend® Visa® Prepaid Card, you can conveniently manage your finances and load money through various methods. While the card is associated with certain fees, it provides convenience and security for people with or bank account.
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We have sifted through the many Netspend details and reviews to provide you with the information you need to decide whether the Netspend Visa Prepaid Card is the card for you.
What are the pros and cons
Pros
Has flexible plans (Pay-As-You-Go and Monthly Plans). No minimum balance, interest rates, cash advance or late payment fees.
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No application fee (if the application is made online). You can access a high-yield savings account.
Cons
High ATM withdrawal fee.
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Subpar customer service, according to recent customer reviews. High fees for most card activities.
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Social Security number is required to use the card.
A deeper look into the current card offer
Quick highlights
Rewards rate: N/A Welcome offer: N/A Annual fee: Up to $9.95/month Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: N/ACurrent welcome offer
There is no sign-up bonus for the Netspend Visa Prepaid Card.
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However, you and a friend can each receive $20 if you refer them and they load at least $40 on their card.
Rewards
There isn't a defined rewards program to help you recoup the myriad of fees, but your prepaid card does allow you to activate select cash back offers at participating merchants via the Netspend Payback Rewards program. The current offers aren't visible unless you already have an account, but it works similarly to card-linked programs like .
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Other cardholder perks
The Netspend card makes it easier to manage your finances. You can access important features through your Netspend online account, but don't expect many perks outside account management and alert features.High-interest savings
One of the advantages of the card is that you can get a that offers a 5 percent APY on the first $1,000 in your account (any portion of your balance beyond that will earn 0.50 percent APY).
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Flexible options
Netspend offers two plans-a pay-as-you-go plan and a monthly plan. The pay-as-you-go plan is great for consumers who don't use their Netspend card on a daily basis.
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The monthly plan, on the other hand, will work better for consumers who use their Netspend card more frequently-as they won't incur any transaction fees.
No fees to get started
Another benefit to the Netspend Visa Prepaid Card is that there are no fees associated with the application process. You won't need to pay an activation fee, go through a credit check or have a minimum balance to get started.
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Plus, you won't ever have to worry about dealing with .
Load almost anywhere
Netspend has over all over the United States, making the card accessible for almost everyone in the country. The maximum balance for your card is $15,000, and you can load a maximum of $7,500 per day.
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You can also take advantage of the Mobile Check Load feature in order to load checks to your card by simply snapping a picture of them with your phone.
Account security
Besides checking your card account balance, transaction history and etc., Netspend's mobile app also allows you to receive text alerts about account activity in order to safeguard your balance. You can also generate up to six temporary to keep your account safe from iffy online merchants and unexpected recurring expenses (like subscription services).
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Rates and fees
The pay-as-you-go plan has no monthly fees, whereas the monthly plan charges $9.95 a month. Luckily, you can reduce your monthly plan to $5 if you receive at least $500 a month in payroll checks or government benefits each month.
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As for purchase transaction fees, the pay-as-you-go plan has a $1.50 fee for PIN and signature transactions, whereas the monthly plan doesn't charge any. For every cash reload, you can be charged up to $3.95 using either plan, depending on the way your card is reloaded (retailer or online).
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Using Mobile Check Load will incur a 2 to 5 percent (or $5, whichever is greater) fee to expedite your check load based on the check type. There's also a $2.95 ATM withdrawal fee associated with both available plans. Additionally, inquiring about your balance through an ATM will cost you $0.50.
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Withdrawing over the counter at a financial institute will trigger a $2.95 or 1 percent fee (up to $9.95), but withdrawing at a Netspend reload network location will trigger a fee as well, 2.75 percent (up to $4). Lastly, Netspend charges an inactivity fee of $5.95 a month, which applies if your card didn't have any transactions in the past 90 days.
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There are loads of fees to be aware of depending on your circumstances, such as a 4 percent foreign transaction fee, so be sure to read the terms carefully before purchasing a card.
How the Netspend Visa Prepaid Card compares to other prepaid cards
The Netspend Visa Prepaid Card has many competitors worth looking into if you're looking for a prepaid card.
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For example, the Serve® American Express® Prepaid Debit Account gives you 1 percent cash back on any purchase you make, plus free in-network ATM withdrawals and American Express benefits like . The card also offers a free early direct deposit, which means that you can access all or part of your paycheck two days before your payday for free. If you frequent Walmart, you can also choose the Walmart MoneyCard Visa Card.
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This card offers 3 percent cash back on Walmart.com, 2 percent back at Walmart fuel stations and 1 percent in Walmart stores (up to $75 in cash back per year). What's more, you'll also get free cash reloads and a 2 percent annual interest rate on your balance.
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Netspend® Visa® Prepaid Card
Annual fee Intro offer Intro offer is not available to this Netspend credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.Blue Netspend® Visa® Prepaid Card
on Netspend's secure site Annual fee Intro offer Intro offer is not available to this Netspend credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for.
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However, credit score alone does not guarantee or imply approval for any financial product.
Brink s Money Prepaid Mastercard®
on Netspend's secure site Annual fee Intro offer Intro offer is not available to this Netspend credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
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Best cards to pair with this card
You can probably save more money in the long run and avoid the nickel and diming prepaid cards are known for if you consider a instead. For example, you could pair it with the which can offer credit line upgrade opportunities in as little as six months by showing positive credit activity.
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Perhaps the best secured card on the market that also offers credit line upgrade reviews is the , which offers cash back-a rare feature for secured credit cards with no annual fee.
Bankrate s Take-Is the Netspend Visa Prepaid Card worth it
While the card has its advantages, there are better prepaid cards available on the market that perform similar functions at a more affordable cost-and offer rewards to boot.
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Netspend's fees are a major drawback, especially the high ATM withdrawal fees. However, this card may be beneficial for anyone without a credit history looking for banking services or a spending management tool.
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Just keep in mind, Netspend doesn't share data with any credit bureaus, so using the card will not help you establish your credit.
Frequently Asked Questions
What is a prepaid card
With a prepaid card, you can only spend the money you load onto the card. Paying with prepaid cards is a safer and more convenient alternative than using cash and can be used wherever major payment networks such as Visa or Mastercard are accepted.
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How do I get a Netspend Prepaid Visa card
If you are planning to get a Netspend Visa Prepaid Card, the best way is to do it online, as the application is free. Purchasing a Netspend card from any retail location will cost you up to $9.95.Does Netspend Visa Prepaid card help build credit
No, unfortunately, it doesn’t help you build credit.
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Having a prepaid card does not involve extended credit, so it is unaffected by the cardholder's credit score since it utilizes funds the cardholder already possesses.
ON THIS PAGE
Written by Garrett Yarbrough Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers.
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After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers. Edited by Credit Cards Editor Reviewed by Personal Finance Writer
Advertiser Disclosure
Bankrate.com is an independent, advertising-supported comparison service.
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The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site.
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Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information.
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However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
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Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty.
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Check the bank’s website for the most current information.
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