» Want to know how to better use this card? Learn how to budget and save with a prepaid debit card Once your Green Dot card is registered, it includes government deposit insurance through the issuing bank (in this case, Green Dot Bank), as well as protection against loss, theft and fraud thanks to an April 2019 regulation issued by the Consumer Financial Protection Bureau. Debit cards – pay now: You use money directly from a checking account when you pay for purchases or withdraw money from an ATM. As mentioned above, Green Dot cards work similarly to debit cards without the need for an existing bank account. In other words, with a prepaid card with the green dot, you can pay bills, buy things online, withdraw cash from ATMs and cash checks, among other things. Contact Green Dot Bank by phone at (866) 795-7597 or the number on the back of your card, by mail at P.O. Box 5100, Pasadena, California 91117, or visit greendot.com. For general information about prepaid accounts, see cpfb.gov/prepaid. If you have a complaint about a prepaid account, call the Consumer Financial Protection Bureau at 1-855-411-2372 or visit cfpb.gov/complaint. However, what you don`t get with this card is access to Green Dot`s Money Vault service. There`s also no way to waive the monthly maintenance fee — that`s a whopping $9.95, two dollars more than you`d pay for the Visa debit card. Other fees related to the Green Dot Cash Back Visa debit card include: A great advantage of a Green Dot card is that you get paid up to two days faster than a paper check when you sign up for direct deposit. (This benefit is common with prepaid cards, including those issued by Netspend.) In addition, certain government benefits, such as federal tax refunds, Social Security income, and unemployment benefits, may be registered to your Green Dot account up to four days earlier than usual.
The digital wallet feature is not available for cards sold in Puerto Rico. Lee Huffman spent 18 years as a financial planner and corporate finance manager before leaving his job to write full-time. He has been contributing to CreditCards.com and writing about early retirement, credit cards, travel, insurance and other personal finance topics since 2012. He loves to show people how to travel more, spend less, and live better through the power of travel rewards. The bank associated with the card is the Green Dot Bank, and it is insured by the FDIC. Otherwise, you won`t have full access to the card`s features or be able to top it up, meaning the card itself will become useless when your first deposit is spent in full. Green Dot`s mobile app also allows you to enjoy some of the same benefits as a regular bank card, including direct deposit, money transfers, lock/unlock protection, customizable account notifications, tap-and-go payments (where applicable), and mobile wallet compatibility. Prepaid debit cards – pay in advance: You load money onto the card by cash, check, direct deposit, or bank account before paying for transactions. Adding an authorized user to your credit card can help them build credit, but it can put you at risk of paying someone else`s fees.
The Brink`s Prepaid Mastercard is another paid card in the prepaid category. For those looking to establish themselves financially, it best serves as a stepping stone before moving to traditional checking accounts and credit cards. Unlike the Green Dot Visa Prepaid Card, this card offers a rewards program in the form of Brink`s Money cashback points that works similarly to other card rewards programs such as Amex offers or Chase offers. While determining creditworthiness should be a higher priority for users, it can`t hurt to earn rewards for everyday purchases in the process. Find out now if a prepaid card from the company that invented it is right for you When you buy a new Green Dot card and register it online, you will automatically switch to the Visa debit card Unlimited cash back account, which offers cash back, interest on savings, free ATMs on the network, Free in-app top-ups and more. Prepaid cards — which work like traditional debit cards but are not tied to a bank account — can be an important money management tool for people who need help sticking to a budget or avoiding credit card debt. They can also be especially valuable for the millions of people without bank accounts or bank accounts who have limited access to traditional financial institutions. Although prepaid cards are becoming increasingly popular, they have some drawbacks, such as potentially high fees. Green Dot fees vary by card, but in addition to an initial purchase price, you may also have to pay a monthly maintenance fee, as well as fees for cash deposits, ATM withdrawals and balance requests, account inactivity, and card replacement.
A prepaid debit card is a type of payment card that allows you to spend only the money you load onto the card. They do not help you take out loans. Like a debit card, a prepaid card works with any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It`s safer and more convenient than using cash. Usually, the prepaid card has a mobile app to deposit checks and transfer money. For more information, check out our guide to prepaid debit cards. But if you`ve struggled to access affordable financial services, are worried about your privacy or the security of traditional debit cards, or worried that the temptation of a credit card is too hard to resist, a prepaid debit card might be just what you need. And what could be better than that of the company that invented it? If you`re looking for a prepaid card that has a similar pricing structure to the Green Dot card, but offers cash back, check out Brink`s Blue Netspend Visa Prepaid Card or Mastercard Prepaid Card. Both cards give you access to a free mobile app, free mobile deposits, and live customer service. To use the cash back program, you need to sign up, but it gives you the opportunity to earn on your purchases. Unlike checking accounts, prepaid debit cards may lack certain services such as free ATMs or branch networks, checks, among others. If that doesn`t work for you, check out our list of the best checking accounts.
Or, if you`ve ever struggled with banks, check out the second chance review options. If one of your goals this year is to get your finances under control, a prepaid card could help you cross that off your to-do list as soon as possible. The Green Dot Visa® prepaid debit card probably has more in common with traditional debit cards than the company`s other offerings. In addition to all of the above features, the Visa debit card provides access to Green Dot`s vault, allowing you to put money aside for special purchases, a dream vacation, or an emergency savings fund (or other purposes). Once it is moved to the safe, the money will not be available for purchases or ATM withdrawals until you transfer it to your card. Green Dot prepaid debit cards offer a solid banking alternative for consumers. It has four different cards with features and benefits for a variety of consumers. Benefits include free ATM withdrawals on the network, online bill payments, and up to 2% interest on balances.
Are you considering a Green Dot prepaid card? Here`s everything you need to know about the range of prepaid debit cards – their fees, pros and cons – available from the company that invented them. Since the Green Dot card is a prepaid card, you can`t find out, which means you don`t have to worry about overdraft fees or check fees. If you need to write checks on the Green Dot card, you can order a set of 12 for a fee of $5.95. There is also a card replacement fee ($5 to $15) if you have lost your card and need to replace it. † No monthly fee if you charge $1000 or more in the previous month`s period. *This fee may be lower depending on how and where this card is used. If you don`t want to commit to paying ongoing monthly fees, the flexibility of Green Dot`s Visa Pay As You Go debit card® could be attractive. Instead of a monthly maintenance fee, pay-as-you-go cardholders pay $1.50 per transaction. While this type of fee structure can add up quickly, the trade-off can be helpful for people who want to use prepaid cards to control their spending in certain categories of purchases, such as groceries. The card retains many of the same features as other Green Dot cards, such as free bank transfers, free direct deposits, and the ability to use the vault.
Because Green Dot prepaid debit cards don`t require a bank account or credit check, there are few restrictions on ownership: Most people 18 and older can qualify. Service fees and limits apply. Must be at least 18 years of age to use this product. Funds can be deposited to any eligible and activated prepaid debit or bank card. Prepaid cards must be activated and personalized with the cardholder`s name. Check card eligibility and other requirements to MoneyPak.com.