Green Dot Prepaid Card Review Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. Although our site doesn’t feature every company or financial product available in the marketplace however, we’re confident of the advice we offer as well as the advice we provide and the tools we develop are objective, independent simple, and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the website) however it in no way affects our suggestions or recommendations which are based on thousands of hours of study. Our partners do not be paid to ensure positive review of their services or products. . Green Dot Prepaid Card Review By Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on credit, debt and loans. She has covered financial issues for over 20 years, including stints at Fortune and Money magazines. Feb 9, 2021 Edited by Alice Holbrook Assigning Editor | Savings, banking, and homebuying products Alice Holbrook joined NerdWallet in 2013 and is now an editor on the team for home/mortgages. Prior to that, she was an editor for the team that dealt with banking that covered banking and insurance as a writer and also worked as a copy desk assistant. Her work has been highlighted on USA Today, MarketWatch, Newsweek and The Washington Post. Email:

. Many or all of the products featured here are from our partners who compensate us. This impacts the types of products we review as well as the place and way the product is featured on the page. But, it doesn’t affect our assessments. Our opinions are our own. Here’s a list of and . The Green Dot card is an FDIC-insured, refillable prepaid debit card that is able to make payments and purchases as well as withdraw cash. Green Dot cards are sold at retail stores like CVS, Rite-Aid and Wal-Mart. This prepaid debit card called it’s the Green Dot Prepaid MasterCard or Visa, has less of a monthly cost than the others Green Dot cards. This Green Dot card has no free ATM access. If that’s a deal breaker for you, look through our list of for some alternatives. The best option is for those who reload at least $1,000 per month. People who do not make use of checkbooks made of paper. Customers who wish to access banking options without the need for a credit check. >> Want to know how to use this card? Find out more. Green Dot Card Pros: Free online and mobile bill pay. Direct deposit and mobile payments are free. Visa along with MasterCard are popular among merchants. Are you looking to increase your credit instead? Find out more about the Green Dot Card. Cons: It has an astronomical $7.95 monthly charge (waived with deposits of minimum $1,000 per month). No free ATM network. There’s a $3 ATM fee, along with any other fees the ATM owner is charged. Loading cash on your credit card at retail stores costs between $5.95 and $5.95. Making cash withdrawals at a bank teller costs $3. Paper checks cost $5.95 per dozen. Are you ready to open a savings option instead? Learn more about the prepaid debit cards. What is a credit card that is prepaid? A Prepaid debit card can be described as a type of credit card that lets you spend the money you deposit on the card. They do not assist in building credit. Like a debit card, the prepaid card can be used with any retailer that accepts their payment network, which includes Visa, Mastercard or American Express. It’s safer and more convenient than using cash. Usually the prepaid card has an app that allows you for depositing checks and transfer money. Learn more on our . In contrast to checking accounts, debit cards that are prepaid may lack some services such as free ATM or branch networks, checks, among other options. If that doesn’t work for you, see our list of . Or, if you’ve struggled with banks in the past try these . Prepaid debit card vs. debit card and. credit card Prepaid debit cards — pay prior to the card is loaded with money the card using cash check, direct deposit or a bank account before paying for transactions. Credit cards pay today you use the money directly from a checking account when paying for purchases or withdrawing cash from an ATM. Credit cards that pay later: You borrow money from a financial institution when you use your card. You repay the loan in the future. What is the procedure for FDIC insurance for credit cards that are prepaid? Prepaid debit cards typically have FDIC Insurance, and it helps keep your funds protected in case the issuer goes under. Only financial institutions are eligible for FDIC insurance, so a prepaid card is either controlled by a bank or a prepaid card company that partners with a bank in order to provide that insurance. You have to sign up your debit card in a prepaid account using your personal name as well as other identification information in order to qualify for FDIC insurance as well as other protections. Author bio Jeanne Lee is former personal finance writer at NerdWallet. She previously wrote in Fortune as well as Money magazines. In a similar vein… Find the best checking account NerdWallet’s top picks for the top checking accounts. Dive even deeper in Banking Make smarter money decisions delivered straight to your inbox Sign up and we’ll email you Nerdy content about money-related topics that matter most to you as well as other methods to help you get more from your money.

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