Have you ever went through a whole month only to get to the end of it to pay for your credit card bill and see that you’ve spent way over your budget? Credit Cards give us room to spend freely, but they also come with a lot of responsibility to ensure that we don’t go over how much money we actually have. That is why it is important for us to use Prepaid Debit Cards so that we can limit our spending and budget accordingly! Prepaid debit cards work similarly to traditional debit cards except they aren’t directly connected to your checking account.
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What are Prepaid Debit Cards?
Traditional debit cards are connected directly to your checking account, while a Prepaid debit card is simply reloaded with a cash amount of your choosing. When your cash amount on your card goes low, you can easily reload it with more cash.
While these cards are extremely convenient, some of them come with fees. Here at Bank Deal Guy, we want to offer you the best, so here is a list of the best prepaid debit cards that come with no fees!
- American Express Serve- Order this one online and be exempt from the $3.95 purchasing fee. Avoid the $1 monthly fee by direct depositing $500 or more. Also get free fraud protection, mobile account management and around-the-clock live customer service.
- Netspend Prepaid Visa Debit Card- There are no fees! The only thing you have to purchase is the card for a $1 signature purchase transaction, which is $2 if that purchase requires a PIN
- Western Union NetSpend Prepaid Mastercard- Direct deposits are completely free! Manage your card’s balances online and if you refer a friend and they enter $40 or more, you’ll get $20 credit!
- ACE Elite Visa Prepaid Debit Card- Accepted at any VISA location and protected by VISA Zero Liability Protection. Also get the opportunity to get cash-back rewards and option to get a no fee 5% APY savings account!
- Fifth Third Access 360 Reloadable Prepaid Card- Make a deposit of $500 or more and avoid the monthly service fee. There are no fees for adding, withdrawing, or transferring money.
- BBVA Compass ClearSpend Visa Card- There is a $4 monthly service fee, but you can easily avoid it by adding $400 to your account every month. There are no overdraft fees, purchase transaction fees or loading fees when you add funds at any BBVA Compass branch, through a BBVA Compass debit card or through direct deposit.
- CashPass Visa Prepaid Card- The premium plan allows you to have free activation and no monthly service fees. There are no direct deposit fees and transfer fees are waived, if you sign, rather than use a pin.
- Commerce Bank mySpending Card- There is a $5.95 purchasing fee, but monthly services fees are non-existent! Open an account with a minimum of $20. You also get VISA Zero Liability Protection and FDIC insurance.
- RushCard Prepaid Visa- Sign up for their $0 pay-as-you-go plan to avoid activation fees, monthly fees and direct deposit fees. Earn up to $600 a year for referring friends, save on purchases from 90 participating retailers, and get free financial counseling.
While most prepaid debit cards do have fees, many of them have ways you can avoid them by signing up for a specific account or depositing a certain amount. A prepaid debit card gives you the option to load your card with money and can help you budget your finances and ensure that you don’t overspend! While traditional credit and debit cards offer flexibility and large purchases, a prepaid debit card is a great way to purchase your everyday items. Credit Cards are still great. If you’re interested in opening up a credit card, be sure to view our full list of the Best Credit Card Promotions! If you want to start saving money and diversifying your future investments, consider opening a savings account and look through our compiled list of the Best Bank Rates!