NetSpend cards can be used for making purchases and paying bills, just like debit cards. They are accepted nearly everywhere since they are often backed by a major card network, such as Visa and Mastercard. NetSpend cards can be used at grocery stores, department stores, gas stations, hotels, and online shopping.
The age of having a checking account or a savings account is long gone.
Prepaid debit cards are the latest trusted payment network. One such prepaid debit card is the Netspend card, a company that has established itself as a reputable provider since the late 90s.
If you’re also among those looking for an alternative to traditional banking by considering Netspend, you’ve landed on the right article. In this guide, we’ll answer all your questions about Netspend prepaid cards.
What is a Netspend card used for, how is it different from a credit card, and where can you use yours?
Read: How Does a Netspend Prepaid Card Work?
What are Prepaid Debit Cards?
Prepaid cards are essentially cards you can use to pay for stuff. As the name suggests, you need to pay the issuing bank before you can use it. And like other debit cards, these cards can be used everywhere a debit Mastercard or Visa debit cards are accepted.
For example, you can use the Netspend prepaid card for ATM withdrawals and cash withdrawals. You can also use your card to shop online or at stores directly.
Where To Use Netspend Card?
You can use Netspend for various transactions. These are clearly stated on the cardholder agreement. However, here’s a list of all the ways you can make use of your Netspend account.
- Send money to other Netspend users.
- For paying your bills.
- To withdraw cash from the ATM.
- To withdraw cash from linked banks.
- To buy groceries at your local convenience store.
- To make purchases in-store.
- For online shopping.
Prepaid Debit Card vs. Credit Card
Prepaid debit cards are fundamentally different from credit cards, and these differences are what make prepaid cards so popular.
First off, with a prepaid card, you’re using your own money. Whereas, in credit cards, you get to borrow money from credit card issuers.
Secondly, a prepaid debit card isn’t linked to a bank checking account or a bank credit union account. Credit cards, however, are linked to bank or credit union accounts.
Another difference is that prepaid accounts require cash reloads. With credit cards, on the other hand, there’s no need to add money.
Furthermore, you can’t use more than what you load into your Netspend account. However, you can make purchases with a credit card even when you don’t have any cash charged to them; however, if you apply for the overdraft with your debit account. They will charge overdraft fees for this service.
Is Netspend Legit?
Netspend is both a legitimate and reliable financial institution. All transactions through Netspend are federal deposit insurance corporation insured. And according to the FDIC, there are around 7 million households that are regular users of Netspend.
Major banks such as The Bancorp Bank and The Republic bank issueNetspend cards. So yes, using Netspend is just as reliable just like using any other bank account.
Where Can I Use My Netspend Account?
Before you can figure out where you can use your Netspend card account, you should know how to make and recharge your Netspend card account.
How To Get a Netspend Card Account?
Getting and using Netspend cards is a simple task. The first step of getting Netspend cards is heading over to their online account center. Here you will find an online form asking for your personal information. You’ll have to fill in your name, date of birth, address, and your government Id number.
After filling in the required fields, the server will have to verify your details. After card activation and identity verification, you’ll receive your Netspend Prepaid card within ten business days.
Direct Deposit and Other Ways of Reloading the Netspend Prepaid Card
Direct deposit is the most frequently used method of reloading the Netspend prepaid card. Direct deposits aren’t only the most popular, but they’re also one of the most convenient methods of recharging the Netspend accounts.
Other than direct deposit, you can also head over to one of the Netspend reload network locations to recharge your account. Go over to the lowest cost reload location near you. You can find them at most convenience stores like Walmart and 7-eleven.
You can also recharge your account balance by bank transfers from your regular bank account. You can very conveniently use your bank debit card to transfer money.
Other methods of recharging your Netspend balance include Paypal or between Netspend accounts.
How Does Netspend Work?
Netspend has the basic principle similar to any other debit card. You charge money on your card and use that money for your transactions.
A Netspend prepaid Mastercard or Visa debit card can be used everywhere other debit cards are used.
Why Choose Netspend?
While you’ve figured out all the how’s and where’s of using Netspend, the question still stands. Why use Netspend in the first place? And who should use it?
As far as who should use Netspend is concerned. Netspend is ideal for people who have difficulty managing their bank account. It is a hassle-free and straightforward method for people who want to make payments, shop, and not have to worry about carrying around any cash.
As for why you should choose Netspend, there are multiple reasons. But perhaps the most important of them all is that through Netspend, you tend to avoid overspending. This isn’t just true for Netspend but also for other prepaid cards. Since you load money on your card and you’re only allowed to use the amount present in your card, you don’t cross that limit.
And unlike credit cards, where you can borrow and thus end up spending more than what you intended, Netspend actually helps you save your hard-earned cash.
Final Words
To put things together, Netspend provides its users with prepaid financial solutions. It’s simpler, convenient, and reliable.
You can now manage your finances without any fuss. No matter how big or small your transactions are, they’re made easier with Netspend. With a little bit of practice, you can even figure out a way of saving a fortune by minimizing those pesky transaction fees.
However, all things considered, Netspend is a complete solution and the financial management tool you need to make your life comfortable.
