Yes, I would agree, there is really no such thing as a prepaid debit card with no fees, but there are quite a few prepaid debit cards that come close. Many of these cards are very easy to obtain but some do have plenty of fees associated with there use normally requiring direct deposit and minimum balance to eliminate most or all fees. Here are some of your best options in my opinion:
The Walmart Money Card can be obtained at any participating Walmart or you can apply online. With just a $3.00 monthly fee and very low transaction fees it rates highly as a card that is easy to load at any participating Walmart especially if you live close to Walmart. Reload fees can be waived when you cash an eligible payroll or government check or you can also load your card with a Green Dot MoneyPak. Walmart has been providing discount merchandise to many consumers for years and having a Walmart Money Card could make your shopping experience there that much easier.
Rushcard by Russell Simmons hits you with a $19.95 activation fee right of the bat. If this isn’t enough to make you leery of prepaid debit cards I don’t know what is. Some of the other fees that may be charged to your card are a monthly fee, card fee, plan change fee and express cash fee. I certainly wouldn’t be happy with all these fees and don’t feel like you the consumer should have to pick your poison. There are cards that are free to sign up for, have reasonable or no fees and offer cash back, bonuses and rewards.
NetSpend is the leading provider of prepaid debit cards in the USA and can be found in over 10,000 stores and check cashing centers in the U.S. The prepaid debit MasterCard that I have is free to sign up for, has no monthly fees unless you choose that plan. Credit transactions are $1.00, pin transactions are $2.00 and NetSpend cardholder to cardholder transfers are absolutely free. NetSpend even offers a referral bonus to new cardholders as a way to reimburse you for some of those fees. NetSpend is the best prepaid debit card in my opinion but do choose your own card wisely.
Most prepaid debit cards do not require a credit check or report any information regarding your card use or fee payment history to the credit bureau so good or bad credit is not an issue. So if you are looking to rebuild your credit a prepaid debit card normally will not do that for you. If you need a fast and convenient way to access your cash funds without bank overdraft fees then choose the card that is right for you.