Prepaid Debit Card FAQ

Prepaid debit cards are a safe, secure form of money management that is growing in popularity every year. But how can a prepaid debit card benefit you? Find out more about how prepaid debit cards work and whether they may be one of many options available to help you take control of your personal finances.

What is a prepaid debit card?

Prepaid debit cards are simple to use and put you directly in control of the balance. A prepaid debit card holds only the amount a cardholder deposits, can never be overdrawn, and is accepted almost anywhere, just like a credit card.

If you’re thinking about getting a prepaid debit card, consider this:

  • Because you don’t borrow funds with a prepaid debit card, there’s no interest to worry about and no way to damage your credit when using them.
  • The initial and deposit fees charged by most prepaid debit card companies are much smaller than the cost of a credit card account, with no overdrafts, late payment fees or hidden charges.
  • Prepaid debit cards do not link to any other accounts and do not affect your credit, so they are an excellent way to keep yourself safe from identity theft.
  • In most instances, merchants accept prepaid debit cards in the same way they accept conventional credit or debit cards, even online. As long as the card has the logo of one of the common providers, such as MasterCard, it can be used anywhere that brand is accepted.
  • Prepaid debit cards are an excellent way to monitor your spending. You can only spend as much as the account contains and no more until the next deposit. That means no overdrafts and no going over-budget.

How do prepaid debit cards work?

With a prepaid debit card, money deposited into the prepaid debit card account is the money that is available to spend.

With a prepaid debit card, cardholders aren’t borrowing funds to make purchases. Once you are approved, the account requires a deposit in order to have funds available to use, just like a checking account. Unlike a checking account, however, prepaid debit cards never charge overdraft fees. After a cardholder spends all available funds, a prepaid debit card simply declines until the cardholder deposits more funds into the account.

Once a cardholder deposits funds into the account, a prepaid debit card works just like a conventional credit or debit card. Prepaid debit cards can be used for most purchases, including shopping online or by phone.

Where can I get a prepaid debit card?

Prepaid debit cards are available at many retail locations, including payday loan and check cashing stores. Prepaid debit cards are also widely available online or by phone.

The prepaid debit card application process is very simple. Typically, you will only be asked for your name and an address where the card should be sent. Most prepaid debit card companies charge a small setup fee to create an account and to issue the card itself. Specific requirements for approval depend on the individual provider. Some prepaid debit card providers may check your credit, but most will not. To understand exactly what to expect from a prepaid debit card, be sure to read about the features and requirements carefully before applying.

Where can I get a Netspend Prepaid Mastercard?

The Netspend Prepaid Mastercard is available at participating retailers, including Check `n Go stores.

As many people have discovered, a Netspend Prepaid Mastercard is a convenient and safe alternative to using cash or credit cards. This prepaid debit card even lets you to enroll in direct deposit, to have your paycheck or government benefits automatically deposited to your Netspend Prepaid Mastercard account. By signing up for direct deposit, you may even receive your funds sooner than you could receive and cash a paper check!

You can add cash to your Netspend Prepaid Mastercard at a Check `n Go location near you or at other participating retailers.

Other Netspend benefits include:

  • Ability to pay bills and make purchases online
  • Ability to check your balance from your mobile device
  • Text alerts after deposits, purchases or other transactions
  • Protection if your card is lost or stolen
  • No minimum balance requirement

Get the cash you need – when you need it.