Prepaid cards are essential for avoiding cash shortages that can leave you stranded in places like supermarkets or stores. So you can not neglect the power of having the cards for your convenience. This is why you must know the top prepaid cards with convenient ATM access.
What Are Prepaid Cards?
Prepaid cards are payment cards with money stored on the card and not in an external account that a bank maintains. It functions in a way similar to virtual dollar cards – which also enables payments. There is good convenience in loading funds to use the card anywhere, like a debit card. Unlike other payment methods, preloaded cards do not rely on network access at the pay point. They also allow direct withdrawal and deposit of money from the card.
Prepaid cards offer a safer and more secure alternative to traditional payment methods like cash or cheques. While they differ from credit and debit cards, prepaid cards are highly regarded for their security. Hence, attracting more people to adopt its use. The growing popularity of prepaid cards hinges on its benefits, some of which are:
- Universally accepted
- Financial safety
- Used as a gift card
- Unlimited access
- Money management
Factors To Consider When Choosing Prepaid Cards With ATM Access
1. Worldwide Acceptance
One of the core functions of having a preloaded card is to use it anywhere or at any ATM worldwide. But when this feature is amiss about your preferred card, you may need to reconsider opting for another prepaid card. With a prepaid card, you can conveniently make payments worldwide without needing cash. Use it at purchase points and ATMs with confidence.
2. Low Fees
There are fees attached to prepaid cards – such as card maintenance or a special rate when you use the card to withdraw money from the ATM. Therefore, you must consider the price of using your preferred prepaid cards. This is usually in calculating the amount of money you have stored in the cards concerning the number of transactions with the card.
3. Security Measures
These cards have real-time value for money. Ensure your card provider has robust security measures to protect your prepaid card details. This prevents unauthorized access and safeguards your money.
Top 5 Prepaid Cards With Convenient ATM Access
1. PayPal Prepaid Mastercard
You can transfer money from your PayPal account to fund your PayPal Prepaid Mastercard. This card enables you to earn cash back when you use it for different purposes. One key feature of this card is that no fee is attached to its use in making withdrawals at the ATM. Also, transferring from your PayPal account to the card is free, as there is a waiver for inactivity fees.
However, PayPal Prepaid Mastercard charges a variable monthly fee, usually less than 50% of its major competitors.
2. Netspend Visa Prepaid Card
This card provides its users with unlimited transactions for a flat monthly fee. You can use Netspend Visa Prepaid Card many times a month without paying fees. While its local ATM withdrawal fee is high, the ATM charges on this card still conform to industry standards.
However, Netspend Visa Prepaid Card charges an inactivity fee after 90 days of no transaction with the card. It has a variable monthly payment you can halve upon meeting direct deposit requirements. It should be noted that you can only use this preloaded card after its activation and ID verification.
3. The Mango Prepaid Mastercard
This is a preloaded card with no interest charges or hidden fees. You can use a Mango Prepaid card at any ATM that supports Mastercard worldwide. This card enables you to manage your account, check your balance, transaction history, and send money anywhere. The card is notable for having different fees for purchases and ATM withdrawals instead of an overall cost for international transactions.
But it is noteworthy that the fees for making international ATM withdrawals and checking your balance on Mango are high. This is what you must consider before opting for the card.
4. Bluebird American Express Prepaid Debit Account
This is a reloadable prepaid debit account that you can use anywhere that supports American Express cards. One prominent feature that distinguishes this card from its rival is its provision of free ATM access at a relatively low rate. Also, Bluebird American Express Prepaid Debit Account does not charge a fee for ATM balance inquiries or declined ATM transactions. The card imposes no inactivity fee.
5. Walmart MoneyCard
This prepaid card is ideal for being used at ATMs, but you can also earn cash-back rewards on every Walmart you make every time you use the card. This is how Walmart MoneyCard helps you save money when buying groceries from the store. You must generate a 4-digit PIN when you activate the card. This is a PIN you will always use to withdraw cash at ATMs.
There is a monthly fee of $5.94 if your direct deposit is less than $500. But you will get a waiver when your direct deposit is over $500 from the previous month.
How to Get And Activate A Prepaid Card With ATM Access
Once you understand the factors of choosing a preloaded card and various card providers for convenient ATM access, the next step is to get started to own a prepaid card. Below are the steps:
Step 1: Research And Choose A Preferred Card Provider
Step 2: Apply For The Preferred Prepaid Card Online Or In-Person
The next step is applying for your preferred prepaid card with the provider. You can go to its official website to use it if you are far away or walk into any of its branches to apply. This requires you to fill in a form that contains your information to enable the card provider to process your card.
Step 3: Verify Identity And Provide Necessary Documentation
You will need to verify your identity for KYC purposes. This is achieved by providing documents like valid proof of identity, the right home or office address, etc. This step is crucial to get your prepaid card.
Step 4: Activate The Prepaid Card And Create A PIN
Similar to how to activate your bank ATM card before use with a PIN, you must also do the same to your prepaid card. The card comes with a default 4-digit PIN that you must change to your preferred secret PIN to enable you to start using the prepaid card. In this aspect, you can also compare prepaid cards to gift cards, where activation precedes redemption – using the card to make payments.
Step 5: Understand The Terms And Conditions Of The Card For ATM access
FAQs (Frequently Asked Questions)
How Does Prepaid Card?
Prepaid cards enable you to buy items without using cash or checks. It functions similarly to your bank ATM card, except that the money comes from the direct deposit to your card’s account, not your bank account.
Can I Withdraw Cash From Any ATM Using A Prepaid Card?
Yes. Prepaid cards are universally accepted as a medium of withdrawal and payments. You can use them everywhere you go.
Are There Any Transaction Fees Associated With Using Prepaid Cards At ATMs?
You can withdraw for free from an ATM that supports your prepaid card – possibly at the pay points designed by your card provider. You may pay a certain withdrawal fee when you use other ATMs.
What Are The Daily Withdrawal Limits For Prepaid Cards?
Daily limits vary with prepaid cards. While the daily withdrawal limits of the PayPal Prepaid Mastercard and Netspend Visa Prepaid Card are $940, the daily ATM limit for Mango Prepaid Mastercard is $500.
How Can I Check The Balance Of My Prepaid Card?
There are different ways to check the balance of your prepaid card. This largely depends on your card provider. You can achieve this via automated customer service, live customer service, online/mobile app, text message, or ATM.
Tips For Maximising The Benefits Of Prepaid Cards With ATM Access
1. Keep Your Prepaid Card Safe
You must proactively keep your card safe and secure from unauthorized access. This would prevent the stress of applying for a replacement that may incur additional fees. So ensure to keep your prepaid card in the same manner you keep your money.
2. Keep Your PIN Secret
You should be the only person who knows the 4-digit PIN of your prepaid card. Therefore, do not divulge it to anyone because it grants access to your money on the card. When your PIN is compromised, there is a likelihood of the loss of funds by malicious people. So please keep it safe.
3. Use Your Prepaid Card When It Is Important
As some ATMs may charge you for using the prepaid card, other prepaid card providers a withdrawal fee. So, irrespective of the purpose and place, there is a fee for using the card. This is why you must use the card when it is essential to avoid incurring ongoing costs.
Prepaid cards have increasingly become an alternative to withdrawals and buying products worldwide. This is owed to its wide range of benefits that topples the regular bank debit cards. However, it is essential to understand how each prepaid card works to guide you on the best option for you.