No fee prepaid debit cards provide gift-giving and budgeting benefits. For those looking for an affordable way to give a versatile present, these debit cards are worth looking into.
About No Fee Prepaid Debit Cards
Millions of people do not have bank accounts. Without a bank account, having access to a debit card to use for purchases can be difficult. If you wish to use cash instead of credit, prepaid debit cards are a good option. Some cards have excessive fees. Others have fewer fees or, on rare occasions, no fees. As you compare the options available to you, read the terms and conditions of each offer to determine which is the best product for your needs.
The following are some of the no fee debit cards available. Check the official website for each card to find out the latest information regarding any changes to fees.
Mango Debit Card
The Mango Debit Card has no activation fees or hidden fees. The company does not charge overdraft fees. It offers free direct deposit and a sign up bonus without requiring a credit check. In addition, the card allows users to earn interest on money kept on the card. There is no cost to purchase the card except for the funds loaded onto it.
Green Dot Debit
The Green Dot debit card is another option. The company does not charge penalties or overdraft fees. There is no minimum balance requirement. You can make direct deposits onto the card at no cost and use the card for online payments. There is no cost to withdraw funds from an ATM in a participating network. If you purchase the Green Dot card at a retail store, a $4.95 fee applies. If you purchase it online, there is no such fee. Green Dot charges a monthly fee for use unless you make 30 purchases using the card or place at least $1,000 on the card each month.
Smarty Pig Debit Card
Smarty Pig offers a prepaid Visa card that allows users to earn up to ten percent cash back on the purchases. There is no monthly maintenance fee for the card and you do not pay fees for purchase transactions. You can use the card anyplace MasterCard is accepted.
The UPSide Visa is an option designed for teens. The free version allows teens to have a prepaid card to use for any of their purchasing needs. There are no activation or membership fees. The card can hold a balance up to $1,000. Transfers to the card from a checking account are free. A paid version of this card offers better benefits, including a higher value limit and the ability to use the card at ATMs.
Factors to Keep in Mind
No fee prepaid debit cards are useful for various needs. Give them as gifts, give them to college students to manage expenses away from home, or use them for budgeting. If you do not qualify or do not want a checking account, use these prepaid versions instead, but be careful which card you choose.
- Some cards hide fees in various ways. Before accepting the card, look carefully at the details.
- Some debit card providers charge a fee for those who do not use the card for a long period of time.
- Some companies impose transaction limits.
Some of the best cards available are those providing membership benefits, such as cash back rewards. These cards work more like savings accounts than checking accounts. Fees may apply to certain cards with this option as well.