Powerful Plastic: NetSpend® Visa® Prepaid Card with 5% savings benefit
NetSpend® Visa® Prepaid Card are an excellent way to help manage money and with the new 5% savings benefit, it can help you grow your money as well. NetSpend offers its customers some of the best options in the industry and by combining different fee options, savings, and direct deposit, it offers flexibility that make it one of the best prepaid cards available.
I already have a bank account, why would I want to use a NetSpend card?
There are several reasons to use a prepay card, rather than your bank’s debit card. Security is one of the top reasons some people choose prepay cards. If a card is ever stolen, you will only risk losing the amount that the card holds, rather than your entire bank account, potentially costing more money in overdraft charges. Even if a bank or credit card company will cover the loss, it takes time and may freeze your accounts until the issue is resolved. NetSpend allows you to isolate your money and insulate your banking accounts from potential unauthorized access.
What are the fees like?
There are two different fee schedules for the NetSpend Visa card, a per usage and a monthly fee. Either fee schedule has a $2.50 ATM charge, which is the same as just about every other card on the market. The per usage fee will charge $1 or $2 dollars, depending on the type of transaction being made. This is a great option for people that use the card in emergencies only. When the 5% interest rate is applied to this plan, it can mean actually growing money in periods that the card is not used.
The monthly fee is a good option for people that plan to use the card frequently. A monthly charge of $9.95 is charged to the card but the card is not charged for transactions, unless an ATM machine is used, then there is a $2.50 charge for ATM access.
How does the 5% interest rate work?
By setting up the card to be funded through a direct deposit from your bank account, you will gain a 5% APR bonus. This is a bonus that is especially helpful if you do not use the card very often. With interest rates at all time lows, it is rare to find such a high interest rate that will still allow you access to your money. With the proper fee schedule, it would be a great way to save and spend. The APR is higher than most savings accounts, money markets and CD’s.
Budget your money, spouse's money, or children’s money with ease. By using NetSpend prepaid debit cards, it is easier than ever. Protect your primary banking account and provide your family a way to buy what they need. Flexibility with savings can make this prepaid card a valuable financial tool. Compare the NetSpend card to the GreenDot card which is similar many ways.