Getting a prepaid debit card is a great way to budget and have your money in a safe place without having to open a checking account. Prepaid cards are also convenient for those with low credit scores who struggle to get approved by a bank for a debit or credit card.
Prepaid cards also help you avoid overdraft fees as you cannot spend more than what you load onto the card yourself. There are many advantageous prepaid cards available out there and you can take a look at the slides below to learn about some of the best ones.
The Bluebird prepaid card has been praised as one of the best, if not the best option for a prepaid debit card. The Bluebird prepaid card has no monthly fees and even provides Amex offers as perks.
This prepaid debit card also comes with roadside assistance and purchase protection to help avoid any fraudulent charges. What is even better is that users have access to the huge ATM network available to American Express customers. More than 30,000 ATMs at your fingertips provides one of the most convenient user experiences when it comes to prepaid cards.
Another reason the Bluebird is considered such a great prepaid card is that it has extensive budgeting options built in. You can open sub accounts for family members or create savings accounts where you can freely transfer money back and forth from your main prepaid account.
You will not incur interest on your savings, but you will be able to better manage your finances and avoid fees for opening a checking or savings account with a bank.
However, there are a few downsides. Mobile check deposits take up to 10 days unless you pay a fee to expedite the transaction, so you may have delays on important payments if you do not plan ahead. Additionally, if you reload your prepaid cards at retailers other than American Express or Walmart, you may be subject to reload fees. This prepaid card also does not come with any reward options, which is unfortunate, but it makes up for it with the fact that it has no monthly fees.