Prepaid debit cards can be used to make purchases anywhere credit or debit cards are accepted, including online. Unlike a credit card, a prepaid debit card won’t let you fall into debt. You load a balance onto your card, and once that money has been spent, the card will be declined should you attempt a transaction. For those who struggle with overspending, prepaid cards offer a preventative measure.
There are so many prepaid debit cards in the market today. The cards come with different features and perks. Some of these cards also come with fees that you need to be aware of before you even start making your application.
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We’ve done the research for you. Here are the best prepaid debit cards of 2019, which you should know.
American Express Serve with Free Reloads
The FREE reloads version of the American Express Serve card shares many of the benefits you get from the rest of the American Express Serve line. Particularly access to MoneyPass ATMs. Also, like the name says, you get free cash reloads at merchants.
Features and Fees: There’s a $4.95 monthly fee for this card. There’s no inactivity fee or purchase fee.
ATM Info: ATM transactions are free at MoneyPass ATMs. You’ll be charged $2.50 for using other ATMs
Reloading Cash on the Card: You can reload the card through direct deposit, card-to-card transfers, and bank transfers. You can also reload the card with cash for free at merchants.
Other Key Details: Like the cashback card, you also get American Express purchase protection – stolen or damaged items purchased with the card can be replaced, up to $1,000 per incident and $50,000 per year.
PayPal Prepaid Mastercard
The PayPal pre-paid Mastercard has an offer for a $5 bonus when you refer a friend. Both you and a friend get the bonus. You’ll get instant PayPal transfers, a high-interest savings account, and cash back bonuses.
Features and Fees: There’s a $4.95 monthly maintenance fee for the card and there’s no way to waive the fee. You can connect the card directly to your PayPal account, which will earn you cash back offers at certain merchants.
ATM Info: There’s no free ATM network for the PayPal Mastercard. Expect to pay $1.95 for ATM withdrawals and $2.50 for over the counter bank withdrawals. You can get cash back for free at the register when you’re making a PIN purchase.
Reloading Cash on the Card: You can reload the card with direct deposit, mobile check deposits, online bank or PayPal transfers. You can also use the Netspend reload network for cash reloads.
Other Key Details: You can use the PayPal prepaid Mastercard wherever Mastercard is accepted.
Here is what you need to consider if you are in the market looking for a prepaid debit card
Fees: Prepaid debit card issuers are notorious for fixing their cards with lots of fees that can become really expensive. Before you consider a prepaid debit card with a monthly fee of any amount, it is vital that you ask yourself; what unique benefits does it offer over the other $0 monthly fees available in the market and are the benefits worth it? You should also look at any additional fees charged, e.g. transaction fees, cash reload fees, bill payment fees, inactivity fee, cancellation fee, paper statement fee, etc. Make sure that you do all your calculations before you settle for any one card.
Widely accepted: The whole point of a card is to make your shopping, traveling, hotel and other expenditures more convenient. You will be limiting yourself if you get a card that is not widely accepted.
Card loading options: The ideal prepaid card should offer multiple card loading options that are convenient to the holder. Sending money to your family and friends should also be easy. The ideal card shouldn’t come with direct deposit fees.