What is Netspend?
First of all, a prepaid debit card serves as an option for the use of banking, but this can be quite expensive. According to statistics, a lot of people in the United States find it difficult to open a checking account at a bank or credit union in other to make payments online like bills, pay for groceries, and more. This tends to make customers rely on the use of prepaid debit cards to make purchases. Based on information from Federal Deposit Insurance Corp, over 7 million households are unbanked in the United States. Learn more about Netspend.
If you’re looking for a reloadable prepaid debit card, Netspend serves as the recommended prepaid debit card. This offers customer to access the make transaction similar to the bank debit card and even offer a more suitable option than you using a check-cashing service. Netspend is a prepaid debit card that serves as an alternative to the use of banking.
Netspend prepaid debit cards are more expensive and serve as an alternative to a checking account. The only thing about the prepaid card is that it’s very simple to acquire and does not need any form of banking history or credit check to open. The other side of the prepaid debit card is that any time you make a purchase you need to select either to select a monthly fee or a one-time payment. The disadvantage of using the prepaid credit card is that you spend more fine in one year than the interest you’re supposed to earn.
What is Netspend best for
According to reports, Netspend is suitable for customers that require a payment card that comes with no negative or charge overdraft fee. Likewise, it is good for customers that have problems in managing their bank account.
How Does Netspend Work
Netspend works like every other prepaid card which comes as a Visa card or Mastercard which is similar and alternative to a checking account. For customers that don’t have credit checks or upfront fees, which are required for opening a checking account enjoy the benefit of using a account. But the disadvantage is that the fee varies and it can be summed up faster than you think each month.
According to Leslie Tayne, choosing to open a account is very simple and it all varies on all your transaction every month. However, you can use the prepaid card to shop online and also use it at any ATM to send money.
The prepaid credit card holders can fund their card withing paychecks or government payment through direct deposit or mobile check deposit.
Netspend Card Pros
- You get to enjoy 5.00% APY on your savings account when you have up to $1000 in your balance account.
- Simple access to add and withdraw cash from a network of retailers.
- You can receive a paycheck for up to two days.
Netspend Card Cons
- It offers no free network for transactions like cash reloads or withdrawals.
- Inactivity fee when you no longer make use of the prepaid card,
- $20 costs of optional overdraft.
How do you put money on a Netspend card?
There are several ways in which you can add money to your card. The list of one provided by the prepaid debit card includes the following:
- Direct Deposit
- Netspend Reload Network Locations
- Bank Transfers
- Transfer Money Between Netspend Card Accounts
- Tax Refunds
You can use the following to add money to your prepaid debit card account. Likewise, if you want to check your account balance, you can log in to your Online Account Center. All you need to do is sign in to your account. Plus, you can use the Netspend App where you can download from the Google Play Store or iOS App Store to manage your account.