NetSpend® Prepaid MasterCard®

Editor's Review: For those who are struggling with bad credit or who simply want to enjoy the benefits of a credit card without worrying about the hassles, a prepaid debit card is often the way to go. With the NetSpend Prepaid MasterCard, for example, card holders do not have to worry about accruing any credit card debt. In addition, there are no credit bureau checks, no minimum balances to pay and no finance charges.

To take advantage of the benefits that the NetSpend Card has to offer, card holders must first load money onto the card. Funds can be loaded onto the card in many ways, including through direct deposit, through online bank accounts and Paypal accounts, through mobile phone transfer or even by visiting one of more than 90,000 retail partners. After funds have been loaded to the card, card holders can easily check their balances at any time of the day or night by phone or over the Internet.

Although the NetSpend Card can be used to make the same types of purchases that can be made with a standard credit card, there are some restrictions that should be noted. For example, when renting a car, a 15% fee is added to the rental security deposit. In addition, when using the card to pay at the pump, you must have a minimum available balance of $55. The merchant will then obtain an authorization in this amount. If the purchase amount is less than this amount, however, the remainder will be released back into the account.

One benefit provided by the NetSpend Card that is not found with debit cards is the fact that the card is insured by the FDIC. If a debit card holder were to lose his or her card or if it were to be stolen, there would be no protection for the funds on the card. With the NetSpend Prepaid MasterCard, however, the card holder’s account is FDIC insured for up to $250,000. Furthermore, card holders may obtain up to three additional prepaid cards for friends or family at no extra cost.