» Green Dot Prepaid Card Review
The Green Dot® Prepaid cards are an option if you have terrible credit and you cannot get either a credit card or open a bank account. The only real advantage to this card is the ability to get your paycheck direct deposited to the card and to be able to pay bills with the card. There is no credit check when you apply for this card as it is your own money you will be spending. As a MasterCard you can use it anywhere MasterCard is accepted. On the plus side there are no transaction fees on purchases made in the U.S., and no minimum balances.
The fees associated with this card are exorbitant considering this is your own money that is being used to fund the card. When you get the card online the company advertises that there is no activation fee. However, the first time you use the card at a retail store you get hit with an activation fee of up to $4.95. There is also a monthly fee of $5.95 which is only waived it you use the card at least 30 times with qualifying purchases or you deposit at least $1,000 on to the card. If you get the card don’t lose it as the company will charge you $4.95 for a replacement card and if you need it in a rush there is an additional $19.95 in fees.
Withdrawals / Deposits
If you want to withdraw cash from an ATM with the card you will be charged $2.50 by Green Dot in addition to any ATM charges. This can be avoided if you use MoneyPass ATMs or choose the cash back option when you are making a purchase at a store. There are currently 18,000 MoneyPass ATMS in the country. The daily withdrawal limit for cash is $400 and there is a daily spending limit of $2,500. If you get this card don’t make a habit of checking your balance at ATMs because you will be charged $.50 for each balance request. Check your balance online or by phone. You will want to use direct deposit as the only way to put money on this card. If you load money on the card any other way you are charged a fee of $4.95 for each deposit. The minimum you can deposit is $10 and the maximum is $2,500. You can never have more than $10,000 on the card. See also, Prepaid Credit Card and Credit Cards for People With Bad Credit. If you are looking to build or re-establish your credit you may want to consider a secured credit card.