Prepaid debit cards are good budgeting tools if you want to limit your spending. They also help you stay out of debt. They’re easy to acquire and branded by major credit card companies such as Visa, Mastercard, Discover, and American Express. Let’s take a look at the ACE Elite Prepaid Visa Debit Card and see if it’s the right one for you.
The ACE Elite Prepaid Debit Card is from MetaBank and is managed by NetSpend. It has many features and benefits and is good for those who do not have or cannot open a bank account because you can open one with very few requirements. However, like other prepaid cards, it has many fees that you need to know about.
Read on to find out more about the ACE Elite Prepaid Visa Debit Card, how it works, its features, and much more.
About ACE Elite Prepaid Visa Debit Card
Reloadable Debit Card
The ACE Elite Prepaid is not a credit card; it’s a reloadable debit card. If you’re looking for a card that gives you the security of a bank account and the flexibility of using your card for budgeted purchases, this card may be good for you. It’s a debit card that lets you control your spending and receiving.
Issued by MetaBank
The ACE Elite Prepaid Debit Card is issued by MetaBank and is managed by NetSpend. It has features and benefits that other prepaid debit cards do not offer. However, like other prepaid cards, it has many fees that you need to know about. It’s best for those who do not have or cannot open a bank account but need to receive direct deposits.
Affiliated With Visa
The ACE Elite Prepaid Visa Debit Card is affiliated with Visa and will be accepted anywhere Visa is. It also falls under the Zero Liability policy of Visa, so you are covered from unauthorized card use. Report any unusual card activity, and ACE will do an investigation and can compensate you if needed.
How the ACE Elite Prepaid Visa Debit Card Works
Load It With Automatic or Online Transfers
The ACE Elite Prepaid Visa Debit Card can be loaded either with automatic or online transfers. It’s one of the cards that have a high limit for loading. You can load $15,000 in 30 days or $7,500 per day. This can be done through direct deposits, ACE Elite card online transfers, and mobile check deposits. No fees are charged when transfers are done this way.
Reload at Other Retailers
If you need to reload at other retailers under the NetSpend Network, the establishment that manages ACE Elite, charges can be up to $3.95. If you often need to load, check to see where the card is loaded for free.
If you need to withdraw cash, it has a limit. Withdrawals from an ATM have a limit of $940 daily. If you withdraw at a bank counter, the daily limit is $5,000. Withdrawals will be charged $2.50 for every transaction. One other option for withdrawing is through a participating ACE location where you can withdraw $100 daily with no charges.
Option to Enroll Your Card in Direct Deposit
You can choose to enroll your card in direct deposit for several benefits. Firstly, there’s no fee for enrolling. Next, your card membership fee will be reduced from $9.95 to $5.00 if you are enrolled in direct deposit, and you receive $500 every month.
Also, if your card is enrolled in direct deposit, you can receive your paycheck or government benefits through the card two days earlier.
Open a Savings Account Using the Ace Elite Prepaid Visa Debit Card
You can open a savings account with your ACE Elite Prepaid Visa Debit Card, and it will earn an APY of 5% if you have a maintaining balance of $1,000. This is a good idea if you don’t have or can’t open a savings account.
Fees Charged by the ACE Elite Prepaid Visa Debit Card
To apply for and receive your ACE Elite Visa Prepaid Debit Card thru their website costs nothing. However, they do have fees – a lot. Let’s look at their fees so you can see if this card is right for you:
1. Monthly Fees
Firstly, the card charges a monthly fee which is $9.95. You can reduce this to $5.00 if you opt to link direct deposit. If the direct deposit doesn’t benefit you, you can go with their Pay-As-You-Go plan. The plan does not charge a monthly fee but does charge fees for every transaction.
2. Purchase and Transaction Fees
If you choose to go with the Pay-As-You-Go Plan, the charge is $1.00 for every transaction and $2.00 if you choose to use a PIN. However, if you have a subscription to their monthly plan, you don’t have to pay transaction fees for most purchases.
3. ATM Fees
If you withdraw from an ATM, the charge is $2.50 for every withdrawal, plus you may incur charges from the ATM’s fees. There’s also a $1.00 decline fee and a $4.95 international ATM fee when you use it abroad. Foreign transactions are also charged 3.5%.
4. Balance Inquiry Fees
Suppose you need to check your balance; it’s best to do it through their customer service hotline or email to avoid being charged fees. If you do your balance checking through an ATM. You’ll incur a 50 cents charge.
5. Inactivity Fee
If you’re on a monthly plan and your account goes inactive for 90 days, you’ll be charged $5.95 every month after the 90 days that the account goes inactive.
6. Reloading Fees
There are no fees when you load up with a direct deposit or another ACE Elite Prepaid Visa Debit Cardholder, but if you load through NetSpend locations, you’ll be charged $3.95 per load transaction.
7. Card Replacement Fee
If you lose or damage your card and you need to replace it, there is a $3.95 fee plus a fee for delivery that can reach up to $25, depending on your location.
Again, what does the ACE Elite Prepaid Debit Card offer? The ACE Elite Prepaid Debit Card from the MetaBank and managed by the NetSpend offers several perks those that don’t have a bank account can benefit from. But just like other prepaid cards, you have to pay fees too.
ACE Elite Prepaid Visa Debit Card Features
We’ve looked at the fees the card charges. Let’s now look at the features of the ACE Elite Prepaid Visa Debit Card so you can see if it’s a debit card for you:
1. Good APY Rate for Its Savings Account
The card will give you a very high APY of 5% yearly. The minimum deposit though is $1,000 to avail of the 5%. Any other additional deposit beyond the $1000 will earn 0.50%. This is the card’s best feature.
2. Access Some Deposits Earlier
You can access some direct deposits into your account earlier, such as your paycheck or government.
3. No Credit Check Needed
The financial institution won’t need to check your credit score prior to your getting it.
4. High Reload Limit
As mentioned, you can load up to $15,000 for every 30 day period and as much as $7,500 per day on the ACE Elite Prepaid.
5. High Daily Withdrawal Limit
Withdrawals of up to $940 per day are allowed at ATMs and you have a spend limit of $5,000 daily.
6. Pay Bills Online
You can pay your bills online through the ACE Elite Prepaid. Some service fees for third-party may apply.
FAQs on The ACE Elite Prepaid Visa Debit Card
To give you a better idea of what you’ll be getting from the card, here are a few FAQs:
How Do I Enroll in Direct Deposit?
Enrolling in direct deposit is simple. You’ll be asked to give your account number and routing number to your employer or government benefits provider. All these can be done online through their app and then you’ll receive their deposits in your ACE Elite Prepaid Visa Debit Card.
What Are Anytime Alerts?
Anytime Alerts are text notifications that inform you of all transactions done through your ACE Elite Prepaid Visa Debit Card. It helps you be on top of every single transaction.
What Can I Purchase Using My Debit Card?
You can purchase anything from physical or online stores or over the phone as long the merchant accepts Visa. You can also use your card to pay bills and withdraw from an ATM.
Conclusion: ACE Elite Prepaid Visa Debit Card
The ACE Elite Prepaid Debit Card is from MetaBank and is managed by NetSpend. It comes with many features and benefits like a 5% APY on their savings account provided you have $1,000 in the account. It is a good option for those who do not have or cannot open a bank account because there are very few requirements.
The ACE Elite Prepaid Visa Card does not require a credit check but you’ll still need to provide personal details upon application such as your name, address, birthday plus a government-issued ID number.
The card has multiple fees like most other debit cards out there but if you’re someone who wants to avoid annual fees and want to keep your spending under control, this would be a good option.