Are you looking for a practical way to control your spending? Or are you in search of a card that does not require a good credit score? If you are, then you will like the Netspend Visa Prepaid Card. In this Netspend Visa Prepaid Card review, I’ll list the details and benefits so you can decide if this is the right prepaid card for you.
Netspend is one of the leading providers of FDIC-insured Visa and Mastercard prepaid cards in the United States. It is the best choice if you are looking for a card that will not let you go negative. You may also want to try this card if you do not have any banking experience yet.
Read on to learn more about the Netspend Visa Prepaid Card and its most significant details.
About the Netspend Visa Prepaid Card
Netspend is one of the biggest prepaid debit card providers in the world at present. It has millions of customers currently using its products. The company provides financial solutions for people who do not have the means to benefit from typical financial services. It also fits the needs of those who do not have a bank account yet.
The Netspend Visa Prepaid Card is the solution to gain access to transaction payments even without having a bank account. You can open your Netspend card account just by filling up a simple form. The best part about it is that the company does not have a credit score requirement.
Prepaid cards like Netspend use funds already owned by the cardholder. This means it does not have extended credit. It will not also have any effect, positive or negative, on the owner’s credit score.
Main Features of the Netspend Visa Prepaid Card
If you are interested in getting the Netspend Visa card, then here are some of the features that you can expect to receive:
1. No Credit Checks Necessary
Netspend is a prepaid debit card, not a credit card. This means that you do not need to have a good credit score to take advantage of it. Owning a Netspend debit card will not affect your credit score.
2. You Can Deposit Directly into Your Card
You can set up monthly direct deposits into your Netspend Visa card as a way for you to fund it. If you choose direct deposits and manage to fund at least $500 a month from your salary or government benefits, you are eligible for the Premier status. This higher membership tier unlocks even more rewards and benefits.
3. Comes With a Convenient Mobile App
Netspend has an interactive mobile app that allows you to monitor your funds and send and receive money. You can also use it to locate partner ATMs and merchants where you can load your card. Keep in mind, though, that you will always be paying a fee for ATM use.
4. $10 Purchase Cushion
If you can reach Premier status, you will gain access to a convenient $10 purchase cushion. This means that if you spend more than the amount on your card, up to $10, Netspend will not charge any penalties. They will also not decline the transaction. You will need to pay back the amount on your next reload.
5. Mobile Check Deposits
One way to load funds into your Netspend Visa prepaid card is to deposit a check via the Netspend mobile app. You need to select the Mobile Check Load option and follow the simple instructions. In as fast as two business days, the check amount will be loaded on your card.
6. Customized Cards
If you are a Netspend Premier member, you can customize the appearance of your debit card with whatever image you want for no additional fee. You can choose from one of the many images provided by Netspend. You can also send your digital image file, and they will print it on your card for you.
7. Netspend Visa Prepaid Card Rewards
The Netspend Visa card does not have the same cashback rewards programs that credit cards have. However, it still has something similar, which is the Payback Rewards. You can earn cashback rewards just by using your Netspend Visa.
You need to activate the offer before using your card. The more you use your card, the more personalized cashback offers you will receive.
One nice perk about being a Netspend Visa customer is getting free money by referring friends and family. If you can convince someone to sign up for a Netspend Visa card using your referral code and load a minimum of $40 into his card, both of you will receive $20 as a bonus. The more people you refer, the more bonuses you can receive.
Again, what does the Netspend Visa Prepaid Card offer? The Netspend Visa Prepaid Card is the best option for you if you don’t have any banking experience and want a card that’ll not let you go negative. You can rely on this card since Netspend is among the leading providers of FDIC-insured Visa and Mastercard prepaid cards in the U.S.
Pros of the Netspend Visa Prepaid Card
1. Very Easy to Get Started
One of the best things about the Netspend Visa card is the ease of getting one. It is so easy that there are only three steps involved:
- Fill up and send an order form to Netspend,
- Verify your ID and activate your card, and
- You have to load money into your card using one of the hundreds of thousands of loading outlets. You can find the nearest Netspend loading stations near you using their free mobile app.
2. High-interest Rates for Savings
One of the nicest benefits offered by Netspend is that it provides you with a savings account with a high yield using your prepaid card. You will be receiving a 5% APY applicable on your initial $1,000. Also, any portion beyond the amount will receive 0.5%.
3. Flexible Payment Options
You can choose from two payment plans – pay-as-you-go or monthly. The pay-as-you-go payment plan is ideal if you do not use your card every day. On the other hand, the monthly plan is ideal if you frequently use your Netspend card for purchases. The reason is that you will not be paying transaction fees every time.
4. It Does Not Have Application Fees
One of the best things about signing up for Netspend is that you do not have to pay any application fee. The company does not even require a minimum deposit amount to open an account. In addition, because this is not a credit card, fees for paying your credit card late should be the least of your concerns.
5. Thousands of Reloading Locations
There are more than 130,000 Netspend reloading locations throughout the US. This means that regardless of where you are, you can be sure that there will be a reloading location for your Netspend Prepaid card nearby.
6. Excellent Security Features
The Netspend mobile app sends alerts every time you or someone else uses your prepaid debit card. This way, if you receive an alert about a transaction that you did not authorize, you can contact Netspend to disable your card temporarily.
It is also possible to obtain temporary virtual CC numbers, thereby keeping yourself safe when online transactions. If someone gets ahold of your temporary CC number, they will not use it for transactions. The reason is that it will already be invalidated. Moreover, your savings are insured by the FDIC up to $250,000.
Cons of the Netspend Visa Prepaid Card
High Monthly Fees
The basic monthly payment plan is a bit on the steep side. There is also no way you can have it waived completely. However, there are ways to obtain a partial discount on your monthly fees.
No Free Reloading and Withdrawals
Although there are many reloading locations, you will always need to pay a fee for the service. In addition, all affiliated ATMs will charge a service fee every time you make a cash withdrawal from your debit card. The withdrawal fee is also quite expensive at $2.50 per transaction.
Is the Netspend Visa Prepaid Card Worth Its Fees?
The Netspend Visa card is undoubtedly one of the most expensive cards to keep. However, if you set up a direct deposit system and manage to earn the Premier status, the fees will go down to $5 a month from almost $10.
For just $5 a month, you will be receiving the same benefits as a credit card, but without the credit-building capabilities. On the other hand, you do not even need to have a decent credit score to avail this card.
Also, if you have bad credit and need to have a card for your regular transactions, spending a bit more on the Netspend Visa card will be a viable compromise rather than not having a card to use at all.
Conclusion – Netspend Visa Prepaid Card
Netspend, as a company, is one of the leading providers of FDIC-insured prepaid cards in the country. The Netspend Visa is one of the best choices for those searching for a card they can use for online transactions. They can do it even if they do not have a bank account. It is also the ideal choice for those searching for a card that will not let their overdraft.
The beauty of Netspend prepaid cards is that you do not need a good credit score to qualify for one. You do not even need a bank account. However, with that said, you cannot work on building your credit using this card. You will still need to have a real credit card for that.