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Which Banks Offer Prepaid Debit Cards?

Netspend

Prepaid debit cards are growing in popularity as a flexible payment option. With prepaid debit cards, you load funds directly to the card rather than linking the card to a traditional bank account. 

Having a stand-alone prepaid card that's not linked to a bank account may be beneficial for consumers in several situations, including:

  • Individuals who don't qualify for, or don't want to deal with, traditional bank accounts. Prepaid debit cards allow you to complete purchases online and in person without a bank account. 
  • Budget-conscious buyers. You cannot spend more than the amount loaded onto the card, so using a prepaid debit card can help you stick to a budget better than a card that provides access to your entire checking account.
  • Consumers who are concerned about having their bank cards hacked. If your bank card is compromised, the entire balance of your checking account could be at risk, but if your prepaid debit card is compromised, the potential damage is limited to the amount currently loaded to the card.
  • Parents who want to limit their kids' spending. You can load funds to your kids' cards without the risk of them overspending that limit or incurring overdraft fees on your bank account.
  • Business owners who want to limit employees' spending. Prepaid debit cards allow your employees to make purchases for the company without granting them access to the company bank account or dealing with cash. 

In addition to providing an alternative to traditional debit cards, prepaid debit cards also provide a convenient alternative to carrying cash. Carrying cash can be risky; if your cash is lost or stolen, there is no way to recover your money. But if your prepaid debit card is lost or stolen, your money is protected (as long as your PIN code is not compromised). You can simply contact the bank or company that issued the card to let them know the card is no longer in your possession and needs to be replaced.   

Which banks and companies offer prepaid debit cards?

Here are 10 of the best prepaid debit card providers operating today.

Netspend 

Netspend is one of the leading prepaid and debit card providers in the United States, focused on providing financial empowerment to its 200 million customers over the last 25 years. 

The Netspend® Prepaid Card does not require a credit check, minimum balance, or activation fee. Card usage is subject to card activation and identity verification.1

Netspend features:

  • Direct deposit allows your wages or government benefits to be deposited directly to your card.
  • Netspend Rewards earn cash back on purchases.2
  • The Purchase Cushion covers small overages of up to $10.3 May not be available with all prepaid programs.

Green Dot Bank

Green Dot is one of the prepaid debit card banks that aims to make banking simple and accessible through a small but efficient product line, including:

Serve

Serve is a financial product line offered by American Express, designed to provide consumers with an accessible, flexible, and low-fee alternative to traditional banking through a selection of prepaid debit cards with no credit check, no minimum balance, and no hidden fees. 

  • The Serve Cash Back Card: Offers 1% cash back on purchases. The cost is $9.95 per month, plus up to $3.95 per cash reload.
  • The Serve Free Reloads Card: For $9.95 per month, you can get free cash reloads at thousands of participating retailers.
  • The Serve Pay As You Go Card: Rather than paying a flat monthly fee, you can pay up to $3.95 for each cash reload plus $1.00 for each transaction. 

Acorns Early (Formerly GoHenry)

Acorns Early is the new ownership and branding for GoHenry, which launched kid-friendly prepaid debit cards to families throughout the United Kingdom over a decade ago. 

Acorns Early specializes in parent-approved prepaid debit cards for kids ages 6 to 18 and includes features like:

  • Family plan pricing — the cost is $5 per month for one child or $10 per month for two to four kids.
  • Direct deposit, so your teen's employer can load funds directly to the card. 
  • Parental controls, including additional spending limits. 

Greenlight

Greenlight specializes in helping parents teach financial literacy and responsibility to their teens. With Greenlight, parents can load money onto their teens' prepaid debit cards and monitor their spending.  

Features of Greenlight's debit card include:

  • Parental alerts and controls.
  • Automated allowance payments.
  • 1% cash back, deposited to the teen's savings account.

FamZoo

FamZoo is another option tailored to parents teaching financial literacy to kids and teens. Founded in 2013, FamZoo offers prepaid debit cards for teens to use under parental supervision. Parents can load funds to the cards based on chores completed and track spending from the online portal and mobile app.

FamZoo features:

  • The simple fee structure of $5.99 per month (or $59.90 for 12 months) covers the entire family.
  • It can be used without a smartphone, giving more flexibility to parents who want to teach teens financial responsibility but aren't ready for them to have their own phone yet.
  • Instant card-to-card transfers.

PaysafeCard

Paysafe has spent the last 25 years making online payments more accessible to those without credit cards or bank accounts. PaysafeCards are available for purchase at many retail shops worldwide. Purchasing the card in the denomination you want transfers that cash value to the card, so you can then spend that money online.

Paysafe features:

  • A "no registration" option allows customers to use the card without providing any personal details. 
  • Acceptance at thousands of online shops worldwide.
  • Reload options with registration.  

Wise

Wise (formerly TransferWise) has been creating solutions to help customers move money internationally more easily. The Wise Multi-Currency Card enables users to hold cash digitally without a bank account and spend their money in over 40 currencies with low conversion fees.

The Wise Multi-Currency Card features:

  • No currency exchange rate markups.
  • No international transaction fees.
  • Google and Apple® Pay integration allows you to pay with your phone.
  • A one-time order fee of $9.

Revolut

Revolut is another company that specializes in international money transfers. With a Revolut account, you can send and receive money in 25+ currencies with no-fee transfers between Revolut friends. Revolut cards can be physical or digital, allowing you to access the funds stored in your Revolut account to shop in person or online.

Revolut features:

  • 5% cash back on purchases from qualifying merchants.
  • The option to freeze your card instantly.
  • Interest earned on balances held with you upgrade from the Standard plan to a paid plan.

The standard plan does not charge a monthly fee, but you can upgrade to the $9.99 per month Premium plan or the $16.99 Metal plan for more perks and savings on transaction fees. 

Navy Federal Credit Union 

Military service members, veterans, and their families (including spouses, parents, grandparents, children, and siblings) may be eligible to join Navy Federal Credit Union, which offers the GO Prepaid Card to members. 

GO Prepaid Card features:

  • Family plans with up to five cards for family members and caregivers.
  • Instantly loan funds from your Navy Federal checking or savings account via the mobile app.
  • No monthly fees, activation fees, or purchase fees.

How to choose a prepaid debit card

With so many options, it can be difficult to choose a prepaid debit card. Here are some quick tips to help you choose the right card for you:

  • Check the fees. Pay attention to transaction fees, reload fees, and activation fees in addition to monthly fees.
  • Think about how you'll reload the card. Make sure the card offers convenient reload options like direct deposit, cash reload at retail locations, or transfers from a bank account or mobile app.
  • Review any spending and withdrawal limits. If there are daily spending or withdrawal caps, make sure they work for you.
  • Check for fraud protection. Look for cards with transaction alerts and zero liability for unauthorized purchases.
  • See if it supports direct deposit. If you want to load your paycheck or government benefits to the card, make sure it accepts direct deposits.
  • Decide if you need subaccounts. Some cards offer subaccounts for children or employees. Make sure you can monitor the activity on subaccounts.
  • Look into additional perks. Cashback rewards or interest on account balances can add extra value to your prepaid card.

Digitize your money with a prepaid debit card

Prepaid debit card banks and fintech companies offer a range of options for converting your cash to a more universally accepted method of payment – without a bank account. 

Whether you're teaching your kids about financial responsibility, overseeing employees' business expenses, or simply looking to manage your spending by limiting accessible funds, a prepaid card could be a valuable tool for you.

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