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 checking account on balances as high as $1,000.
  • Comfortable access to including and withdrawing cash within a community of merchants.
  • You could 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 charge totally.
  • 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.

Where Netspend shines:

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

Where Netspend falls short:

  • High monthly cost for fundamental cost plan with no method to waive the cost totally.
  • No network that is free reloads or withdrawals.
  • Inactivity fee in the event that you stop utilizing the card, among other charges that lots of prepaid cards don’t have actually.

The main point here

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 needed to open, but Netspend allows you to select from spending a fee that is monthly spending a charge each time you produce a purchase. In either case, you might 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 network of 130,000 areas for money reloads is convenient, nevertheless 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

Keep reading for details on Netspend’s basic costs, features, funds access, and much more.

General charges and features: 2.0/5.0

Netspend costs a complete great deal of charges, and you also can’t avoid them all.

Upside:

You are able to start with no charge. You are able to purchase and register the card on line at no cost, however if you get the card at stores such as for example CVS and Walmart, there’s generally a charge as much as $9.95.

Drawbacks:

Regular costs it doesn’t matter what you are doing. You spend a cost when it comes to Netspend card in just one of three straight ways. You are able to fork over $1 to $2 each time you create a purchase; spend a set $9.95 every month and have now free deals; or pick the option that is second get $500 in direct build up month-to-month from the card, in which particular case the month-to-month charge falls to $5 per month.

Fee in the event that you stop utilizing 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 own prepaid credit card, the cost 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 money back for free at merchants’ checkouts. This will be a standard function for Mastercard and Visa debit cards and prepaid debit cards. Not absolutely all prepaid cards are within these re re payment sites.

No overdraft charges. It has never been the situation for Netspend. Deals which go on the quantity available regarding the card could be declined, though a “purchase cushion” feature may cover negative balances as high as ten dollars for qualifying clients. (confusing about overdraft costs? See our guide to overdraft charges. )

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Downsides:

$2.50 charge for ATM withdrawals. This is exactly what Netspend fees; there can also be an ATM operator charge.

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

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

Reloads: 3.0/5.0

Upsides:

130,000 reload areas. You could add money to your card from numerous merchants nationwide, generally speaking for a charge.

Numerous methods to reload cash. Aside from money reloads, you can easily move funds from a banking account, PayPal, or any other Netspend account. Different ways include direct deposit, mobile check deposit and income tax refunds.

Drawbacks:

As much as $3.95 per money reload at Netspend areas.

Steep cost to have prompt mobile check deposits. You need to pay 1% to 5percent of this 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. You are able to achieve customer care beyond the typical 9-to-5 on weekdays and on weekends.

Drawbacks:

No free bill pay service that is online. Netspend utilizes a provider that is third-party 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 cards that are prepaid this cap cap ability.

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

» to locate online cost cost savings reports with a high rates and reduced month-to-month charges? Have 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 biggest perk, however it’s perhaps perhaps maybe not adequate to justify the charges for making use of and maintaining the card. See our cheaper options that are prepaid.

Ranks methodology

In regards to the author

Spencer Tierney

Spencer Tierney is a professional on certificates of deposit at NerdWallet. Their work happens to be showcased by United States Of America Today in addition to Los Angeles Days. Find out more

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