The protection of prepaid has for many years was not there, since the banks just implemented the use of these cards for checking accounts traditionally. This could only allow access to deposited amounts in the banks. Prepaid Cards with overdraft are utilized to purchase cushion programs. To qualify for these services, you should make a monthly deposit to your account within 30 days.
Its protection has never developed so much that people have not realized the importance of these cards. Several banks such as American Express and Green Dot have implemented a policy of the overdraft prepaid while others have terms and conditions applied on purchase cushions, which come with no cost and act as an overdraft.
Best-Prepaid Cards with Protection
The purchase cushions save during an emergency when you run short of cash and you are at the store making purchases. Different banks have implemented the use of overdraft that saves from the embracement encountered during purchases in the store. The purchase of cushions allows you to overspend up to $15 and refund later with no extra charges.
1. PayPal Prepaid MasterCard
This card has an overdraft program that allows cushions up to $15 through the bank. To qualify for this service, the total deposits made through the bank account should be more than $180 within 30 days. Deposits should also be made through the bank for the period.
When applying for overdraft, ensure the account reads zero for 24 hours in every first transaction, to save account overdraw, this prevents the user from overdraft charges fees. However, limitations are applied for using overdraft more than 5 times monthly.
2. Net Spend Visa Prepaid Card
Net spend cards allow up to a $ 10 overdraft as long as deposits of up to $200 are made within 30 days. It allows transactions more than the available balance with no extra charges. For any available balance, overdraft provides up to $ 15 charges. It uses the same principle for Visa debit cards at credit unions.
3. Brinks Prepaid MasterCard
This card is used anywhere provided MasterCard is accepted. The Republic Bank & Trust Company, Member FDIC, issues it.
It has purchase cushions services similar to PayPal prepaid cars and Net spend cards. The overdraft charges a fee of $10 on your account at the time of the cushion implementation.
However, the service is only applicable to holders who make direct deposits through paychecks or government payments up to $ 500 monthly.
4. ACE Elite Visa Prepaid Debit Card
This card allows a $10 purchase cushion beyond your available balance, with a condition that the account balance is zero within 24 hours. Otherwise, extra charges might be applied up to $20 overdraft free.
You can avoid charge fees by registering for overdraft protection services. A direct deposit of $ 400 must be made within 30 days for you to qualify for this service.
The spending limit for overdraft is equal to the amount deposited on the account. It does not allow overspend based on the current balance on your account. Other cards allow purchase cushion of more than $10 with an extra fee during refund time for any refund made beyond 24 hours or for zero balance on your account during purchase cushion application.
This has provided easy transactions for prepaid customers, transactions through the prepaid account. With a checking account, you can easily transact money within a limited time on both accounts.
Frequently Asked Questions
- Can I Overdraft Prepaid Cards?
Yes, overdraft application on prepaid is allowed compared to several years back when overdraft did not exist. Other overdrafts permit the use of overdrafts up to a certain amount based on the deposits made monthly.
- Is there a refund for an overdraft?
A refund time for an overdraft is 24-48 hours without charges, past this period charges are subjected to the borrowed overdraft, for example, if you took an overdraft of $10 the charges applied will be $5, therefore a total of $ 15 will be charged.
- Are there spending limits for prepaid cards?
Prepaid cards allow prepay on your card when you run short of money during purchases, this is achieved through deposits made to allow future transactions.
- Does the Account check need approval?
All prepaid card users must have online banking approval with or without a checking account. Many users use a bank account as a prepaid account.
- Can Net spend Card cause account Overdraw?
Net spend cards offer purchase cushion services for prepaid users. It allows its user to spend more than what the current balance reads on their accounts.
- How much is Overdraft Protection Cost?
Protection of overdraft is different from purchase cushion, users are advised to clearly understand effectively. Purchase cushion allows overdraft up to $ 10 with no charges, with a condition that the account holder must have made the deposits required to qualify for overdraft.
Prepaid cards with overdraft are the most used card in recent years, this is because of the several benefits associated with the card. We recommend people to try the service of this card while doing their shopping.