Product Review: NetSpend Prepaid Visa Debit Card

The NetSpend prepaid Visa is a debit card that is designed to provide users with the convenience of prepaid and the financial sense of debit. You don't have credit with the card-think of it the same way you would a card issued with a checking account. You load money onto the card, and in return, you have a way to pay for services anywhere that accepts Visa, including gas stations, restaurants, and the local cinemaplex.

If you're in the market for a prepaid Visa and think the NetSpend Prepaid Visa debit card might be for you, read on to find out.

Fees

It is difficult to find a schedule of fees on the NetSpend website because they have the prices scattered around instead of in an easy to find chart. ATM transactions are $2 each, plus the fee issued by that particular bank. You can add money to the card using direct deposit, which appears to be free, or using cash, which has a fee of $5 at some places, and may be free at others. You can also buy reload packs, which are priced at $4.95 each. Money can also be transferred to the card directly from your checking account using an ACH transfer, which may or may not have a fee depending on your bank. You can also transfer money from PayPal, which is free.

There is no fees to check the balance on your card, which you can check via a phone call, online, or by sending a text message, BAL, to 22622.

Features

You can send money to relatives or friends, rent a car, pay for gas, and more. NetSpend also offers a savings plan which lets you earn 5% APY on the money you put on your account.

Conclusion

As it goes, this card is pretty decent. Whether it is the card for you depends on what your needs are. For example, if you need the ability to transfer money directly from Paypal to a prepaid card, you might be better off with the Rushcard, while if you're looking for a card ASAP, the Wal-Mart prepaid card might meet your needs better. Overall, I give this card a 'B'.