How do I get a prepaid debit card?
You can buy a prepaid debit card from a retailer, bank, credit card company or other financial services provider. When you purchase one, your card funds are usually part of an account held by a bank or credit union.
What is a prepaid debit card and how does it work?
A prepaid debit card is much like a gift card: It allows you to spend whatever amount of money is stored on the card. Once the balance is used up, you can reload the card online or at an ATM, a participating store, or other physical location.
Do prepaid debit cards cost money?
Most prepaid cards charge monthly maintenance fees around $10, which is similar to checking account fees that can cost up to $15 a month. But you may also pay a fee to open your prepaid card, typically around $5. You can also expect to incur an ATM fee, reload fee and foreign transaction fee with many prepaid cards.
Can you buy a prepaid card online and use it right away?
If you buy your card at a retail store or at a bank or credit union branch, you may be able to start using it for purchases right away. If you purchase your card online or over the phone, you may be issued a virtual card or you may have to wait to get a physical card in the mail.
How long does it take for a prepaid card to activate?
Activation is a pretty easy process, usually taking only a minute or two. And it’s important to do it as soon as possible. Some issuers may close your account if you don’t activate your card within a certain amount of time.
Can you withdraw money from a prepaid card?
The all-purpose Visa Prepaid card is a prepaid card that you can use to withdraw cash, pay bills or make purchases anywhere Visa Debit cards are accepted, in-person or online.
What banks have prepaid cards?
Unlike traditional credit cards, these cards require that cardholders load funds onto the card before using.
- Brinks Prepaid Mastercard.
- PayPal Prepaid Mastercard®
- NetSpend® Visa® Prepaid Card.
- Playcard Prepaid Mastercard.
- NetSpend® Visa® Prepaid Card.
- Bluebird® American Express® Prepaid Debit Account.
What are the disadvantages of prepaid cards?
Cons
- Hidden fees. This is the biggest, most significant downside to prepaid cards and may outweigh all of the pros.
- No interest. Money stored on prepaid cards does not accrue interest.
- May not be safer than credit cards.
- No credit-history boost.