Netspend Visa Prepaid Card

What we love about NetSpend Prepaid Debit Card

The NetSpend Prepaid debit card gives you a debit card that you can use to make purchases at stores and online, even if you don’t have a checking account. Like most prepaid cards, it charges fees but it gives you flexibility in how you can structure those fees.

You can choose a monthly plan which involves a flat fee of $9.95 that you pay each month. You can also select the pay-as-you-go plan, which has no monthly fee but charges a $2 fee each time you use it.

NetSpend also offers a savings account that pays 5% APY on balances up to $1,000, giving you a chance to build your savings.

What could NetSpend Prepaid Debit Card do better?

Like most prepaid debit cards, the NetSpend Prepaid debit card’s fees are quite high. You can easily find a checking account with lower monthly fees or no monthly fee at all. This makes the card mostly useful if you have trouble opening a bank account for other reasons.

The card also doesn’t come with a network of free ATMs. That means that you’ll have to pay a $2.50 fee every time you want to withdraw cash.

NetSpend Prepaid Debit Card’s backstory

NetSpend is a company that specializes in prepaid debit cards. It was acquired by Total System Services (TSYS), a financial services company in 2013. TSYS was founded in 1959 as a division of Columbus Bank and Trust and today focuses on providing merchant services and financial services to the underbanked.

The Verdict

Like most prepaid debit cards, there’s not much reason to get a NetSpend Prepaid debit card if you can open a checking account. Checking accounts tend to be much cheaper and easier to use. However, the NetSpend Prepaid debit card is a fine choice if you’re unable to open a checking account for whatever reason.