Prepaid gift cards with no fees: 6 Best Prepaid Debit Cards

How Do Prepaid Debit Cards Work?

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Load money in advance onto a prepaid debit card, then use it to make purchases or get cash at ATMs. You can reload the card in multiple ways.

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Updated Jun 15, 2023

Edited by Yuliya Goldshteyn  

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Table of Contents

• How to buy a prepaid debit card
• Features of prepaid debit cards
• Limitations of prepaid debit cards
• Prepaid debit cards vs. credit and debit cards
• Prepaid debit card alternatives

Table of Contents

• How to buy a prepaid debit card
• Features of prepaid debit cards
• Limitations of prepaid debit cards
• Prepaid debit cards vs. credit and debit cards
• Prepaid debit card alternatives

A prepaid debit card is an alternative to a bank account, and only lets you spend the money you load onto the card. Like debit cards, prepaid cards work at any merchant that accepts its payment network, such as Visa or Mastercard. They’re safer and more convenient than using cash.

Many prepaid debit cards don’t require credit checks, so they’re easy to get. If you’re in one of the roughly 6 million U.S. households without access to a bank account, prepaid cards can be a solution to safely spend money without having to use a bank.

A prepaid card offers the convenience of having your money available to spend without the potential issues of using cash — the risk of total loss if it’s stolen or misplaced. Prepaid cards are also federally protected from unauthorized use including withdrawals and purchases made without the owner’s consent; as long as you immediately let the bank that issued the card know about the unauthorized transactions, your responsibility is limited to $50.    

Here’s how you can get a prepaid debit card and how they work.

How to buy a prepaid debit card

You can buy a prepaid debit card from a retailer, bank, credit card company or other financial services provider. When you purchase a prepaid debit card and add funds to it, those funds are usually held by a bank or credit union. Note that they can also be called stored-value cards, pay-as-you-go cards or, more formally, general-purpose reloadable prepaid cards.

🤓Nerdy Tip

If you need to build credit or have been denied a bank account, a prepaid debit card might not be the best option. Secured credit cards help build credit, and if you can’t get a regular checking account, try second chance checking. These accounts provide another shot at mainstream banking and its perks.

SoFi Checking and Savings

APY

4.40%SoFi members with direct deposit can earn up to 4.40% annual percentage yield (APY) on savings balances (including Vaults) and 0. 50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.40% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 7/11/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Min. balance for APY

$0

CIT Bank Platinum Savings

APY

5.05%

Min. balance for APY

$5,000

BMO Alto Online Savings Account

APY

4.75%

Min. balance for APY

$0

UFB Priority Savings

APY

5.06%

Min. balance for APY

$0

Features of prepaid debit cards

Prepaid cards vary widely, but they tend to have these features in common:

Fees: You might have to pay for activating or getting a card, making deposits and using out-of-network ATMs. There’s often a monthly fee, which sometimes can be waived — by having direct deposits, for example. Some cards charge a fee for every purchase and ATM transaction.

Reload options: You can usually add money to a card in multiple ways, such as setting up direct deposits, loading cash at participating retailers and depositing checks at ATMs. Some cards also let you make online transfers or mobile check deposits from a smartphone.

ATM access: Some prepaid cards have access to free nationwide ATM networks, such as MoneyPass and Allpoint, or to branded bank networks for cards issued by banks.

Amount limits: Some cards restrict how much you can withdraw, reload or spend during a certain period, such as a day or month.

Protections: Reloadable prepaid cards have liability and fraud protections by federal law. One safeguard many cards have is federal deposit insurance, meaning your money is covered if an issuer becomes bankrupt. Note that you must register your prepaid card with the card issuer to be eligible for Federal Deposit Insurance Corp. coverage of your funds.

Expiration dates: Prepaid cards have expiration dates. Funds on the cards shouldn’t expire, but you’ll need to be reissued a card before it expires so you can continue using it. In a 2016 report by the Consumer Financial Protection Bureau (CFPB), some consumers complained that they had money on their cards when they expired, but the issuer didn’t reissue cards that included those balances. If that happens to you, reach out to the prepaid card company to see if it can be resolved. If not, you can submit a complaint on the CFPB website.

Other features: Some prepaid cards offer check writing, online bill pay and sub-accounts (funded by the main prepaid card account) which may come with their own cards for family members. A rare few even offer rewards such as cash back on purchases, similar to what rewards credit cards do.

Limitations of prepaid debit cards

Prepaid debit cards have major limitations compared with banking accounts and credit cards. Although they typically have online services, many prepaid cards lack standard banking services, such as a way to withdraw or reload cash for free. The money you load on a card probably won’t earn interest, either.

No effect on credit: Because prepaid debit cards aren’t credit cards, they don’t affect your credit, and you can’t build credit with them, either. For that, you’d want to consider a secured credit card.

Lack of bank services: Prepaid cards also don’t automatically have all the features you’d expect with a checking account, including access to an ATM or branch network, online or mobile banking, or bank services such as wire transfers and the ability to stop payments.

Past horror stories: Major problems with prepaid debit cards haven’t made the news in recent years, but some prepaid card users have experienced challenges and inconveniences in the past. Several prepaid cards have been affected by technological outages that lasted days or weeks. When RushCard’s parent company switched its payment processor to Mastercard in 2015, a technological glitch locked tens of thousands of users out of their RushCard accounts for days. The Walmart MoneyCard experienced an outage in 2016. Netspend settled with a federal regulator over claims that customers were blocked from accessing their accounts, providing refunds to those who were eligible.

Prepaid debit cards vs. credit and debit cards

Here’s a quick breakdown of the differences:

• Prepaid debit cards: No bank account is required. You load money onto the card via cash, checks, direct deposit or a transfer from another account before paying for purchases or making other transactions. Generally, you can’t spend more than the amount of money you have loaded onto the card.

• Debit cards: A bank account is required. You use money directly from a checking account when paying for purchases or withdrawing money from an ATM. If you’ve opted into overdraft protection, you may be able to spend more with your debit card than what’s in your account, but you might also be charged a fee for the service.

• Credit cards: No bank account is required. You borrow money from a bank when you use the card and pay the money back later.

Prepaid debit card alternatives

If a prepaid debit card isn’t quite right for you, you can find a good alternative with a no-fee checking account. Though some checking accounts come with monthly costs, a growing number of online institutions offer accounts without monthly fees or minimum balance requirements, and there are options if you’ve had problems with bank accounts in the past.

• If you’re looking for an account that doesn’t require good credit history or a review of your ChexSystems record (ChexSystems is the reporting agency banks use to track customers who have mishandled previous bank accounts), consider a second chance checking account.

Frequently asked questions

What is a prepaid card?

A prepaid card is a card that you load cash onto in order to use as a form of payment. Prepaid cards are a safer and more convenient option to using cash, and you don’t need to have a bank account to use them.

How do prepaid cards work?

The way a prepaid debit card works is that you can only spend the money you have already loaded onto the card. Prepaid cards work at any merchant that accepts its payment network, such as Visa or Mastercard.

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Bluebird Prepaid Card Review – NerdWallet

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We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.

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Content Management Specialist | Bank accounts, bank account bonuses

Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has over a decade of experience writing and editing for consumer websites. She previously edited content on personal finance topics at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated Nov 19, 2021

Edited by Yuliya Goldshteyn  

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Assigning Editor | Banking

Yuliya Goldshteyn is a banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor’s degree in history from the University of California, Berkeley and a master’s degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.

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Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here’s how we make money.

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The Bluebird card, offered by American Express, is an FDIC-insured prepaid debit card with virtually no fees. It functions almost like a checking account, making it a useful substitute for consumers who don’t have a bank account. And even if you have a bank account, Bluebird’s family-friendly money management tools may be appealing.

Best for:

• Families that want kids to learn saving or budgeting in an account linked to parents’.

• People who want a payment card that doesn’t let you go negative or charge overdraft fees.

• Those who have had difficulty getting a bank account and want a low-fee alternative.

SoFi Checking and Savings

APY

4.40%SoFi members with direct deposit can earn up to 4.40% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.40% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 7/11/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Min. balance for APY

$0

CIT Bank Platinum Savings

APY

5.05%

Min. balance for APY

$5,000

BMO Alto Online Savings Account

APY

4.75%

Min. balance for APY

$0

UFB Priority Savings

APY

5.06%

Min. balance for APY

$0

Bluebird Card Pros

• No monthly or purchase transaction fees.

• Several free ways to add money to the card, including direct deposit, transfers from a linked debit card or external bank account, mobile check deposits and cash reloads at Walmart registers.

• Extensive, free ATM network of over 30,000 MoneyPass ATMs.

• Comes with perks and services uncommon to prepaid cards, such as low balance alerts and family subaccounts.

Bluebird Card Cons

• No cash back allowed at retailers.

• Most methods of withdrawing cash involve fees, including $2.50 for non-MoneyPass ATM withdrawals.

• Steep fee of 1% to 5% to have mobile checks cleared the same day; the free option takes 10 days to process.

Frequently asked questions

What are the fees for a Bluebird card?

There are no monthly or purchase transaction fees for the Bluebird debit card. There’s also no fee if you sign up for the card online; otherwise, you’ll pay $5 for the card if you get it at a store.

Here’s the Bluebird card pricing on some common prepaid debit card fees.

How much money can you put on a Bluebird card?

You can have up to $100,000 across your Bluebird accounts.

How do I add money to my Bluebird card?

You can add money to your Bluebird card in a few different ways:

How do I check my Bluebird card balance?

There are several ways you can check your Bluebird card balance:

• Online at the Bluebird site or mobile app

• By text

• By calling customer service

• By swiping your card at participating retailers’ registers

• By checking your transaction receipts from participating retailers

Can I transfer money from my Bluebird card to my bank account?

Yes, you can transfer money from your Bluebird debit account to a linked checking or savings account by logging into your account online.

Overview of prepaid debit cards

What is a prepaid debit card?

A prepaid debit card is a type of payment card that only lets you spend the money you load onto the card. It doesn’t help you build credit. Like a debit card, a prepaid card works at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It’s safer and more convenient than using cash. Usually the prepaid card has a mobile app to deposit checks and transfer money. Learn more on our guide to prepaid debit cards.

Unlike checking accounts, prepaid debit cards may lack some services such as free ATM or branch networks or checks. If that doesn’t work for you, see our list of best checking accounts. Or, if you’ve struggled with banks before, check out second chance checking options.

Prepaid debit card vs. debit card vs. credit card

• Prepaid debit cards — pay before: You load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions.

• Debit cards — pay now: You use money directly from a checking account when paying for purchases or withdrawing money from an ATM.

• Credit cards — pay later: You borrow money from a bank when you use the card and pay the money back later.

How does FDIC insurance on prepaid cards work?

Prepaid debit cards nearly always have FDIC insurance, which keeps your funds protected in case the issuer goes bankrupt. Only financial institutions can have FDIC insurance, so a prepaid card is either managed by a bank or by a prepaid card company that partners with a bank to offer that insurance. You must register your prepaid debit card with your name and other identification information in order to be eligible for FDIC insurance and other protections.

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Easily transfer money from a gift card to a bank account: current school news

Filed in Articles, Banking
by TMLT Editions
March 26, 2022

– Transfer money from a gift card to a bank account –

We all love gift cards and you may have been given one or just received one and you are wondering how to transfer money from a gift easily, we have the answers for you in this article.

Transferring banks has proven difficult, if not impossible, for most customers.

Because users can top up their cards with a certain amount of dollars that can be used to pay for their purchases over a long period, gift cards have taken the worry out of cash and over budget with their spending.

If a person has enough funds on the gift card, but no cash, it becomes necessary to transfer the gift cards to a bank account. This allows them to spend money whenever they want.

This meditation guide will walk you through the steps of transferring Visa gift cards to a bank account.

A gift card is a payment card that you can use to purchase goods or services from a specific business for a specific amount of money. The card is called a gift card because it is given as a gift. You have several strategies for transferring money from a gift card to your bank account.

Visa is one of many service providers that sell gift cards to businesses. Others include American Express, MasterCard and Discover.

A gift card is usually a single use card. Once you’ve used it, you’re done. Some of them are reset, which means that you can add money to the gift card account and use it again.

Reloadable gift cards are similar to prepaid cards in that they can be used without a bank account.

The gift card has the disadvantage that it is unreliable. If you lose your gift card on your way to the mall, someone else can pick it up and use it for various purchases.

A gift card is not the same as a credit, debit or prepaid card that can be used everywhere. Most of them are store specific, which means you can’t use them anywhere else.

Visa Gift card can be used for:

‣ Send money to family

‣ Shopping

‣ Buy goods and services both online and offline

‣ Pay for travel

‣ Control reckless spending

‣ Help to spend money on the budget

‣ Great gift for friends

Can I transfer a Visa gift card to a bank account?

yes. A Visa Gift Card can be used to transfer funds to your bank account. It is extremely important to know which prepaid card you have before transferring Visa gift cards to bank accounts.

While a Visa gift card can be transferred to a bank account, it may not be possible to do so immediately.

READ ALSO!!!

• Several ways to detect counterfeit money
• How to transfer money from Zenit Bank
• How to transfer money using FCMB Mobile

Two types of cards

Prepaid Debit Card – This is a versatile gift card that can be used anywhere, anytime. It is not limited to a specific location. It is also easily accessible to Visa and Mastercard users.

It can be linked to a bank account to make it easier to transfer Visa gift cards to a bank account. To keep spending, you must add money to your account. You will not be charged any monthly fees or interest on withdrawals. They don’t exist at all.

Prepaid credit card – This is a prepaid plastic card with a spending limit. The credit card has a spending limit, and payments are paid out when the limit is reached. This payment is also made according to the established schedule.

Now that you know the difference between the two types of prepaid cards, you can tell if Visa allows you to transfer gift cards to a bank account.

To properly transfer money from a gift card to a bank account, you must first understand the terms and conditions of each Visa gift card.

Visa gift card conditions for a successful bank transfer

Expiration date – It is extremely important to double check that the gift card has not expired. If you don’t know when your card will expire, you won’t be able to transfer money.

Not transferable – It is true that some cards are not transferable. Others cannot use them. Make sure yours isn’t one of them.

Inactive card – If your gift card has not been used for a long time, you may be charged an inactivity fee. To avoid fees when transferring gift cards to your bank account, make sure the option is checked.

Adequate funds – Most people spend more money on fees when transferring money from a gift card to a bank account than the balance on a gift card.

To avoid losing money, make sure you have enough money on your gift cards before transferring.

Transfer money from a gift card to a bank account

Gift cards can be converted into cash in various ways. Some of these methods allow you to get cash at the end, while others may allow you to pay with cards in the same way that cash can be spent.

If you want to transfer money from a gift card to a bank account, try the following methods:

Transfer a gift card to a bank account via MoneyGram

MoneyGram is the second largest money transfer provider in the US. They are fast, inexpensive, reliable and, most importantly, safe.

Visit the MoneyGram website and follow the steps below to transfer money from your Visa gift card to your bank account.

1. Register to create an account with MoneyGram.

Click the Register button on the MoneyGram website, enter your email address, create a strong password, and register.

Verify that you have successfully created an account by checking your email.

2. Click Send Money on the MoneyGram website.

Click the “Send Money” icon in the website’s top navigation bar to go to a page where you must complete your billing information. This includes:

Sending a certain amount

Select a debit or credit card.

Choose between “Account replenishment” and “Deposit.

Check if your Visa Gift Card is linked to the bank account you are sending money to.

3. Fill in your bank details

You will be redirected to a page where you will need to enter your bank details after submitting your payment information. Here you will enter;

‣ Recipient Name

‣ Address

‣ Card Information

Click Next after providing this information and your money transfer will be completed . Viola!

You can transfer money from your Visa gift card to your bank account in minutes.

MoneyGram charges a fee based on the amount sent. And, fortunately, their cost is incredibly low. For amounts less than $200, it’s $1.99. It charges $1.99 + 1% of the deposit amount for amounts over $200.

There is also a limit when sending money using MoneyGram. The maximum amount you are online is $10,000 per transaction.

If you need to spend extra money, you will have to do it in person at the MoneyGram agent store closest to you.

Transferring a Visa gift card to a bank account via PayPal

Since Paypal allows you to add prepaid cards, including Visa gift cards, to your PayPal wallet, it is very easy to transfer money to your account.

So you have the option to transfer funds to your linked account. Just keep in mind the cost.

Is it easy?

Here’s a step-by-step guide on how to do this:

‣ Create or connect to an existing account if you already have one.

‣ At the top of the page, select the “wallet” option.

‣ On the left side you will see the option “Link card or bank”. Continue by clicking on it.

When PayPal prompts you to enter information, enter your Visa gift card details. Then select “Link Card” from the drop-down menu.

If you still get an error after this, double check that your Visa Gift Card is registered and associated with an address. Once you do this, PayPal will be able to accept your card without any problems.

Transfer money from a Visa gift card to a bank account using Venmo

Venmo allows you to transfer Visa gift cards to a bank account. Venmo is similar to PayPal in that it allows you to deposit your card amount into your account.

The best aspect of transferring money with Venmo is that when you transfer money from yours to your bank account. Isn’t that cool?

If you do not select the Instant Transfer option. Otherwise, the money should be in your account within three business days.

Start at;

‣ Downloading the Venmo app

‣ Open a Venmo account

‣ You will see the option “Add Gift Card”. Click here.

‣ Enter payment and bank details and send. And your translation will be done.

SEE ALSO:

• Several ways to detect counterfeit money
• How to transfer money from Zenith Bank
• How to transfer money using FCMB Mobile

Buy other merchant Visa gift cards with a Visa gift card

Try this simple method if you still don’t know how to transfer Visa gift cards to your bank account.

Use your Visa gift card to buy other gift cards at stores that don’t accept it. So you will be able to spend your money in this store.

This strategy is perfect for people who want cash to get their dose of coffee. Amazon, Walmart, and even Starbucks are popular places to exchange gift cards for cash.

Another alternative to transfer your Visa gift card balance to a bank account is Square. However, it requires you to pay a percentage of the money you wish to transfer.

Follow the steps below to get started with this method:

Transfer your Visa gift card balance to your bank account using Square

Another option to transfer to your Square bank account. However, it requires you to pay a percentage of the money you wish to transfer.

Follow the steps below to get started with this method:

Activate your Visa gift card online

Your Visa gift card has a website. To activate a Visa gift card, you must first log in to the website. In most cases, your Visa gift card can be pre-activated. Please follow the second step in this scenario.

Confirm your Visa gift card balance

This can be done by visiting the website or by calling the phone number on the card. Visa gift card issuers are likely to charge a balance check fee.

Please note the balance of your Visa gift card before transferring it to your bank account.

Spend Money Fast

If you want to transfer the balance of your Gift Account, you must do so now.

This is to avoid monthly fees being charged to your Visa card if you are in debt.

Register at the Square

To register at the Square, you will need your name and email address. Basically, you can do it through an app or a website.

You will be asked to fill in the following information: your business type, how you want to use the square, and your projected annual income. Last but not least, you must verify your email address.

Link your bank account to Square

Linking your bank account can take up to two days. Square will now transfer the balance of your Visa gift card to your bank account if successful.

This method may not be ideal if you need to transfer your visa directly to bank accounts. Explore this topic and find out which strategy works best for you.

Frequently Asked Questions (FAQ)

1. How do I transfer my Amazon gift card balance to my bank account?

You can make a transfer by doing:

‣ Go to Amazon Pay.

‣ Click Buyers and sign in with your Amazon details.

‣ Click Withdraw Funds.

‣ Select a bank account.

‣ Enter the amount to transfer to your bank account.

‣ Click Continue to complete the process.

2. How can I cash out a virtual Visa or MasterCard prepaid card?

In this case, you will need to transfer the funds from your virtual card to your local bank account before withdrawing them.

If you want to withdraw money from an ATM, you can request a physical card from your virtual bank.

3. How can I deposit a prepaid gift card with my bank?

Yes, you can use Raise to transfer money from most prepaid gift cards to your bank account. Gift cards, unlike other prepaid cards, have a limited number of uses.

You cannot transfer money with it to other people and you can only use it in certain stores.

4. How do you add money to the Card?

Bring your cash to the nearest location to purchase Vanilla Reload* from the Reloadable Prepaid Card section on the display.

Call 1-877-429-8140 or go to VanillaReload. com to recharge your prepaid card or online account using the secure PIN on the back of Vanilla Reload.

5. Can we transfer money from an Amazon gift card to our debit card?

Sign in with your Amazon credentials by going to Amazon Pay, clicking Buyers, and then signing in with your Amazon credentials.

To withdraw money, click “Withdraw money”. Decide on a bank account. Enter the amount you wish to transfer to your bank account.

6. Does Square accept gift cards?

Yes, you can receive gift cards for orders placed through your Square Online website or through specified Square partners.

During checkout, your customers will have the option to enter a gift card number.

7. How can I transfer MTurk profits to my bank account?

Manage your payment preferences on your account settings page and choose a transfer schedule for your profit.