Netspend

boffking · January 30, 2015, 4:50pm

A NetSpend prepaid/reloadable Mastercard showed up in my mail today. It’s not a rebate, I didn’t ask for it, and both my job and my tax refund pay by direct deposit to my bank account. Is this a scam? Has someone already stolen my identity? I don’t think the card even has any money on it.

PastTense · January 30, 2015, 6:55pm

Maybe it’s a marketing gimmick–remember how AOL used to send out AOL disks?

But Netspend is one of the worst prepaid cards you can get:

Prepaid cards have become an increasingly popular payment option but it can be challenging for consumers to determine which cards are the most affordable and easiest to use. That’s the conclusion of a new Consumer Reports investigation which offers tips to help consumers make smarter choices and rates prepaid cards based on value, convenience, safety, and how well fees are disclosed. …

Consumer Reports Ratings for Prepaid Cards Used As Bank Account Substitutes…
Worst Cards: At the bottom of the ratings are the NetSpend Fee Advantage Plan, NetSpend Pay-As-you-Go Plan (both issued by Metabank), and the AccountNow Gold Visa Prepaid Card. None of these cards offer free in-network ATM access and consumers may incur high fees.

Consumer Reports Ratings for Prepaid Cards Used in Addition to Bank Accounts…
Worst Cards: Among the cards rated lowest were the NetSpend Prepaid Visa Fee Advantage Plan, NetSpend Prepaid Visa, Pay-As-You-Go Plan, and the AccountNow Gold Visa Prepaid Card. These cards would be expensive for users who rely on their cards primarily for purchases and budgeting, with relatively high monthly fees, or in the case of NetSpend’s Pay As You Go Plan, a one or two dollar fee every time you make a retail purchase.