How to choose BEST Debit Card?

Answers to questions

Best debit card is a personal choice of a person. Here are a few factors that can help you to choose a prepaid debit card. What features do you like?

When do you need it?

When you need a debit card ASAP, you may want to take the first available. Go2Bank and Netspend are an easy choice. You can buy these prepaid cards almost everywhere. After you resolved the urgent need for a card, you can calm down and start doing detailed research.

Payment network

You may want only Visa or only MasterCard. On the other hand you may be ok to use American Express and Discover It. The last two have limited footprints outside of the US, while Visa and MasterCard are accepted everywhere.

Fees

Paying annual fees or monthly fees may be OK for some users, if they receive some benefits. Others may want to avoid paying any fees. Debit cards like Go2Bank charge you a fee unless you receive a direct deposit every month. Debit cards of big banks can waive you a fee if you have some minimum balance.

Deposit cash

Many prepaid debit cards offer you to deposit cash at retail stores at the register for a small fee. But some cards allow you to deposit cash for free. And this is what can help you to make the choice.

Withdraw cash

If you often need cash, then some cards are better than others. For example, Chime gives you access to two ATM networks, AllPoint and MoneyPass. Other debit cards often give you access to only one of the networks.

If you want to withdraw cash anywhere in the world and receive rebates for fees charged by ATMs, then cards like Charles Schwab Debit Card and Fidelity Debit Card are your way to go.

Another interesting feature is withdrawing cash at the register using your PIN. Some cards allow this.

Transfer funds

Some debit cards allow you to transfer money from other banks, but not to other bank accounts. The Spruce Debit Card is a good example of this.

Deposit paper checks

To deposit paper check to you can use bank’s ATM if bank offers it or deposit paper checks using your mobile phone can save you a visit to your bank. So having this mobile check deposit feature may be the ultimate factor. Some banks hold the deposit for 10 days, while others release money on the next business day. There are more ways to deposit a paper check!

Paying bills

Some cards allow you to send paper checks online using their website. Others like Netspend have very limited functionality.

Earning interest on your savings

Some debit cards have high interest savings accounts that can pay you 4 and even 5% interest on your savings balance. For example, Varo bank pays 5% interest if you receive a direct deposit. Current Bank earns 4% interest. Some banks can earn you only 1 or 2%. Others don’t pay you any interest at all.

These are few factors that you should keep in mind when you choose a prepaid debit card.