Table of Contents
- The Criteria Used to Find The Best Prepaid Cards
- Prepaid Card With Little-to-No Fees
- Prepaid Card Ease of Use
- Prepaid Card Perks
- Best Prepaid Cards of 2020
Our best prepaid card of 2020 is based on a few assumptions. We assume individuals searching for a prepaid card are looking for cards that have minimal fees including low to now monthly fees, no inactivity fee, low-to-no signature & pin transaction fees, low-to-no balance ATM inquiry fees, and low ATM withdrawal fees (many cards can use surcharge free ATM machines that will not charge them). The fees are one of the biggest drawbacks to many people but there are other things to consider when searching for the best prepaid cards.
The ease of use is an important factor to consider. Some prepaid cards may charge minimal fees but the user constantly encounters errors with the company's website, mobile application or prepaid card itself. We looked at which prepaid card provider offer a user-friendly experience.
The final and last consideration we take into account is what perks does the prepaid card provider offer? We really look for something distinguishable. Many prepaid card providers selling point is that if the user load their card via direct deposit they can "Get Your Paycheck 2 Days Earlier!". This may have been a perk a long time ago but as of 2020 the vast majority of prepaid cards all offer this. A real perk would be APY percentage on your savings, because not all prepaid cards offer this.
There are other websites that have done their "Best Prepaid Cards" review but users should be skeptical with some of these sites because those websites receive incentives when you sign up through their referral link. We can firmly state that their is no such category as "Best Prepaid Card for Direct Deposit" because almost all prepaid cards offer this along with receiving your funds two days faster.
So we bypass all of the fluff that prepaid companies and other websites are trying to sell users to make them think they are getting value. We get straight to the bottom line.
Disclaimer: We believe transparency is everything, therefore we are not being paid, nor will we ever accept payment from companies that want to be included in this list, or manipulate where in the list they are placed. We believe that would be a disservice to our readers and they would not get the full benefit of this article. Without further adieu here's our list of best prepaid cards as of 2020.
Coming in at #1 as the best prepaid card in 2020, is the American Express Bluebird prepaid card. The Bluebird card has virtually no fees except the $2.50 ATM withdrawal fee (the company has to make money some way right?) . However, users can cut that fee in half by using a surcharge free ATM like MoneyPass or AllPoint Network. So instead of paying Bluebird fee $2.50 and the average fee ATMs charge of $2.50, which comes out to $5 you'll only pay $2.50.
Bluebird cardholders generally love this prepaid card and recommend it to their friends and family, especially because of the low fees. The Bluebird prepaid card also has a friendly user interface. It's not difficult to login and view important information such as remaining balances, direct deposit information and transaction history. The Bluebird app has over 1 million downloads on Android and 19,000+ reviews with a rating of 4.1.
True differentiation - The best prepaid card and only one in the nation with fees that are next to nothing.
Chime is technically not a prepaid card, it's an online bank that provides users with a debit card. We had to throw this debit card in the listing simply because it's easy to apply for and get accepted because Chime does not use the Chexsystems. The Chexsystems prevents many unbanked Americans from getting a new bank account because of their history with banks. Chime is also very comparable to the Bluebird card because they charge little to no fee as well and offer 1% APY on your savings account.
Walmart MoneyCard offers so many perks that it would have been our #1 best prepaid card but it does come with more fees than both Bluebird & Chime. Walmart products are priced cheaper than the competitors already, but with the Walmart MoneyCard cardholders get 3% cashback rewards when shopping at Walmart.com. Cardholders can also load their paychecks with Walmart checking service and get the reload fee waived when adding money to their Walmart MoneyCard. Although the card does have a monthly fee it's among the lowest fee in the industry at $3.00 per month which can be waived if
The reloadable card that didn't make the list, although a great card is Serve. Although we've had a stellar experience with the Serve card other cardholders experience was not-so-great. There is supposed to be a $0 monthly maintenance fee to cardholders living in New York, Vermont & Texas. However, from firsthand experience, I can say this is untrue. Serve charge $1 to New York residents. It's nothing to get angry over but it is a transparency issue. We've never paid the monthly fee because our direct deposit of more than $500 per month waived the monthly fee. Serve cards with its several sub accounts, reserve account and multiple ways to fund the card is also a great perk and throughout the 3 years we have had no problems whatsoever. However, many cardholders have had a negative experience with the Serve card and have had issues with customer support & have even been locked out of their account when they've received $1,000+ in direct deposit. We still encourage users to do their own due diligence and come to a final decision.
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