Product Review: Green Dot's Prepaid Reloadable Visa and MasterCard
If you're looking for a prepaid MasterCard or Visa debit card, read on to find out if Green Dot's card is the right one for you.
Fees
Arguably, the fees are the most important information to know about any card you get. With the Green Dot card, you are charged a $4.95 purchase fee, which is the same as activation fee as far as I can tell. Once the card is activated, you're also charged a $5.95 monthly fee, which is high considering that the card is prepaid, but it is the price paid for having the convenience of a reloadable debit card. You'll be charged $2.50 at most ATMs, though withdrawing the money from certain ATMs, such as the Moneycard ATMs in Walmart, are free. Note that the ATM fee is in addition to the fee charged by that particular bank. So, for example, if the ATM charges $1.00 per transaction, your total fee will be $3.50, which is steep.
Balance Inquiry is fifty cents, as is an ATM denial. You'll be charged $6 for a new card in the event that your current card is lost or stolen, as well as $4.95 for a second card linked to that account (which can be used as a backup, for a spouse, or a child).
You cannot put less than $10 on the card at a time, and the account as a maximum limit of $2,500, with the exception of direct deposit, which is $10,000. You cannot spend more than $2,500 per day, and you are limited to $400 in ATM withdraws.
Complaints
Though every company and card will have complaints due to poor experiences, some have more than others. Green Dot does have a high amount of complaints online, perhaps due to its popularity in the prepaid card market. Some users complain about paying a lot per month in hidden and obscure fees. Others complain that customer service is rude or unprofessional. Your events will vary, and you might find that there are no problems with the card.
Conclusions
This card has higher fees than the Wal-Mart Moneycard, which is basically the Green Dot card with subsidized fees. I recommend going with the Moneycard instead of the Green Dot.
Published by Blair Mathis
Blair is a fulltime freelance writer who specializes in travel and technology writing. Having worked for both private and corporate clients, Blair has experience working to meet a wide range of requirements... View profile
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1 Comments
Post a CommentI'd hate paying all those fees.. but I guess if one can't have a checking account with a debit card.. this would be an alternative... I think the Walmart card would be better too... I don't use them. I use my own debit card from my bank.