Prepaid cards used to be unattractive due to high fees and several restrictions. But most cards have improved their services and reduced their fees making it a more viable option. The five best prepaid cards in this article has the best to offer in terms of low fees. Some of them even offer rewards and free cash reloads. Here are the five best prepaid cards and their fees;
01 Walmart MoneyCard | Five Best Prepaid Cards
Walmart MoneyCard offers one of the best values in the prepaid card sector. It’s not the cheapest card, but its fees are low and the convenience of Walmart stores makes it easy to reload with cash. Direct deposit of your paycheck or government benefits is free. Reloading a check at a Walmart store is also free, but you have to pay Walmart’s check-cashing fee.
Walmart MoneyCard fees
- Firstly, $3.00 card purchase fee, $0 if you if you get the card in a Walmart store
- Secondly, monthly service fee is $3.00
- Thirdly, $3.00 to reload your card with cash via Walmart cashier
- Fourthly, $4.95 reload fee if you reload your card on the Green Dot Network (the Walmart MoneyCard is issued by Green Dot Bank)
- Lastly, $2.00 ATM fee for out-of-network ATMs
Walmart’s MoneyCard has a few varieties that offer other perks, for an additional fee. The Plus Card has a $3 purchase fee but lets you pay your bills online and send money online to your family and friends. The Preferred Card has a $4 purchase fee and offers free Rapid Reload (R) at Walmart in addition to the Plus Card benefits. Both the Plus and Preferred cards offer the ability to have the next month’s monthly fee waived.
02 Kaiku Visa Prepaid Card | Five Best Prepaid Cards
The Kaiku Prepaid Visa is one of the newer prepaid cards on the market, launched in 2012. The vertically-printed credit cards come in six “vintage chic designs” with cool colors like unicorn pink, artsy white, and shark bite teal.
Card purchase, activation, and replacement is free. Bill payment is also free. You will be subject to the $3 monthly maintenance fee if you fail to load at the minimum deposit. Standard mobile deposit takes up to 10 days
The Kaiju Visa Prepaid is issued by Bankcorp Bank.
Kaiku Prepaid Visa Fees
- $3 monthly maintenance fee is waived if you load at least $750 each month
- $1.45 for out of network ATM transactions, $0 if you use an in-network Allpoint ATM.
- $2.95 to $4.95 cash loading fee depending on the merchant you use.
- 1 percent or 4 percent expedited mobile deposit fee, with a minimum $5 charge.
03 Green Dot Prepaid Card | Five Best Prepaid Cards
You can get a GreenDot Prepaid Card online for $0 or purchase in a retailer for $4.95 or less, depending on the retailer. In-network ATM transactions is free, though the ATM owner may charge a fee. You can also check your balance via the smartphone app for free.
If you have the GreenDot Prepaid Card, downloading the app will save you money by helping you locate in-network ATMs.
Green Dot Prepaid Card Fees
- $7.95 monthly fee is waived in any month in which you load at least $1,000
- Up to $4.95 to reload cash at retail locations
- $2.50 ATM fees, but not if you use one of the more than 15,000 in-network ATM
- $.50 to check your balance at an out-of-network ATM, free if you use an in-network machine.
04 American Express Serve | Five Best Prepaid Cards
- Mobile check deposit
- In-network ATM withdrawals
- Sending and receiving money
- Card replacement
- Talking to a customer service representative
Serve also offers protection against fraudulent purchases and free purchase protection on eligible purchases.
What are the fees?
- Cost of up to $3.95 if you get the card from a retail store
- The basic Serve has a $1 monthly fee which is waived when you direct deposit at least $500.
- Reloads are up to $3.95.
- The Serve Free Reloads has a $4.95 monthly fee but offers free reloads at participating retailers including CVS Pharmacies, Dollar General Stores, and Walmart.
- The Serve Cash Back has a $5.95 monthly fee with reloads costing up to $3.95 and pays 1 percent cash back on card purchases.
05 Mango MasterCard Prepaid Card | Five Best Prepaid Cards
The Mango MasterCard offers some of the lowest fees of all prepaid cards even better, it lets you open a savings account that pays one of the highest deposit rates in the banking industry. Sign up and activation is free so is Direct deposit and Bank transfer loads.
Mango MasterCard Fees
- $3.00 monthly fee
- $2.00 ATM withdrawals
- $1 ATM balance inquiry (free with app)
- Up to $4.95 reload fee depending on the retailer.
A unique feature is the no-fee savings account, which pays a whopping introductory annual percentage yield of up to 6 percent. The funds are FDIC insured through Sunrise Banks, NA.
You can load money onto the card via direct deposit, Paypal transfer, bank transfer or via cash at a participating Western Union or Green Dot retailer. The Mango card may have the simplest fees of the bunch. The only downside is that there’s no online bill pay option.