How to choose the best prepaid debit cardīefore commiting to a prepaid debit card, keep an eye on potential fees. You can create a budget, manage your spending, use direct deposit, have a place to hold your funds and withdraw money from an ATM or bank teller, among other things. If you need a convenient way to make or receive payments, a prepaid debit card can provide some of the benefits of a credit card or checking account without a credit check or a more involved application process. If you plan to let your child use it, you’ll need to add them to the account as an authorized user. In most cases, you’ll need to be at least 18 to use these cards. You’ll need to verify some personal information to activate your card, including your name, Social Security number, address, date of birth and phone number. While prepaid debit cards aren’t credit products, they do have some eligibility requirements. But, in contrast to a checking account, prepaid cards often come with several fees, such as reload fees, monthly fees, ATM withdrawal fees, transaction fees and others. Most prepaid cards offer some of the features you’d get with a checking account - you can pay bills, receive direct deposits, transfer money, withdraw funds at ATMs and deposit cash. But these cards are convenient and straightforward, and there’s no risk of going into debt: Funds you add are available right away, and the card will be declined if you try to spend more than you have. You can add funds to a card online or at many retail locations like grocery stores and gas stations - though you’ll likely pay a fee. Prepaid cards aren’t linked to a checking account or credit line, so there’s no need for a credit check. Prepaid debit cards are often associated with major credit card networks such as Visa, Mastercard or American Express, and they can be used anywhere standard credit cards are accepted. What is a prepaid debit card and how does it work? You can’t redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. Serve rewards you with 1% back on all your purchases, which hit your account as soon as the transaction settles. Not to be confused with the free reload card, the Serve American Express Prepaid Debit Account helps you earn cash back for purchases you would be making anyway - a true rarity for a prepaid card. Reload locations: Over 45,000 across the US Reward rates: 1% back on all online and store purchases Other fees: Card purchase is $1.50 at retail stores or free if ordered online ATM fee: Free at MoneyPass ATMs or $2.50 elsewhere
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