The prepaid cards offered by NetSpend do not impose any credit check or minimum balance requirement. You can deposit money into the card and use it as and when required until the balance wears off. Money can be loaded into the card once again once it has been used up completely. All the NetSpend transactions are overlooked by the Federal Deposit Insurance Corporation (FDIC) to guarantee greater peace of mind to all users.
The NetSpend debit card can be purchased from large chains or local retailers like Walmart, Walgreens, 7-Eleven, and Dollar General. Post the purchase, users will be presented with options of a debit, Visa, or Mastercard. Thus, the NetSpend card will be accepted in all stores where Visa or Mastercard are accepted. You can avail of an array of income sources for loading money into the card ranging from government benefits to paychecks, tax refunds, pensions, etc. Currently, there are more than 130000 locations in the US from where you can deposit money to your NetSpend card.
Users can take their pick between the Pay-As-You-Go Plan or Monthly Plan wherein the first is meant for people who rarely use the card. Here you will be charged based on the number of transactions made. Users making fewer payments can find their best match in the Pay-As-You-Go plan as it won’t add up to a big expenditure. Next comes the Monthly Plan offering a fixed monthly rate. This is perfectly tuned for people who wish to engage in unlimited transactions and regularly use their NetSpend card.
Difference From Traditional Credit Cards
The main point of difference between traditional credit cards and a NetSpend Mastercard or Visa lies in its credit line. In the case, of a NetSpend card, your spending is limited to the amount preloaded in the card. The line of credit offered while using a credit card requires payment within a stipulated time and interest is charged on outstanding credit card balance. Using a credit card is similar to borrowing money from the bank and paying interest on the same. You owe nothing in the case of a NetSpend card as it is your own money.
Another big difference between NetSpend and credit card companies is that the former doesn’t offer any reward system. Users normally receive cashback, airline miles, and exclusive sales coupons as rewards for using their credit cards. However, substantial money has to be spent for accumulating these rewards points before redeeming them. The credit card system is most beneficial for people who tend to spend a lot.
Applying For a NetSpend Card
You need to follow a few steps while applying for a NetSpend card. Firstly, you will have to provide your name, email address, and home address. On average, it takes between 7-10 days for getting a NetSpend card. If the NetSpend card is tracked in the mail, then it is imperative to note that the applicant’s identity is verified by the company before mailing the card. Funds can be deposited into the NetSpend card through online money transfers, direct deposits, NetSpend card account transfers, and by physically visiting the reload network locations. Other than online account center and direct deposits, the remaining methods levy fees on adding money to your NetSpend account.
Ways of Checking The NetSpend Card Balance
- The easiest way of verifying the NetSpend balance is by logging on to your online account center. You can view the transaction history, deposits, and balance at a glance after logging in.
- You can sign up for free Anytime Alerts to receive intimation in the form of text messages after every transaction. The notifications can be configured for informing you about other associated events like the closest reload location, details on the last seven deposits or last transaction, information once the spending limit is reached, your account routing, availability of paycheck, etc. Anytime Alerts can be activated from your online account. On completion of the sign-up process, you can easily check the account balance by texting ‘BAL’ to 22622. This method is perfect for users who do not have internet access as they can get to know their account balance without logging in to the system. Similarly, typing and sending ‘RELOAD’ can provide you with a list of nearest reload locations.
- You may call NetSpend’s toll-free number 1-866-387-7363 to check your account balance. However, this service incurs a fee of $0.50. You can gain further insights on this issue from your Cardholder Agreement.
- Last but not the least, the NetSpend card balance can be checked from all participating ATMs in the US. You will simply have to insert your card and follow the instructions flashing on the screen to request the balance. Availing of this service might also be subject to ATM owner fees.
What Is the Maximum Withdrawal Limit?
Up to $7500 in cash can be loaded in the card per day. You can use this card in all places where Visa debit cards are accepted. However, using the card account is subject to ID verification and the availability of adequate funds. The daily spending limit of the NetSpend card is $4999 on over-the-counter cash withdrawal and purchase transactions which are significantly higher than peer prepaid cards. In the case of ATM cash withdrawals, there is an upper ceiling of $325 per withdrawal. You can withdraw a maximum of $940 from the ATM within 24 hours.
NetSpend is a legitimate company that can guarantee complete safety for users. You can expect similar protection as a Visa or Mastercard courtesy of the insurance offered by FDIC. Adequate protective measures such as Secure Socket Layer technology are utilized by the company to keep its users safe from private information leaks. As a result, all the data submitted or transferred remains encrypted and buffered from online scammers. The NetSpend prepaid cards have gained a massive fan following as it is widely accepted and can be reloaded easily once the account gets depleted. If you don’t wish to apply for a credit card or carry cash then the NetSpend card can serve as your perfect pick. Even people having bad credit records can opt for the NetSpend prepaid card which doesn’t require any credit check.