What are the cons of a Netspend card?
The NetSpend prepaid card is a pure disaster. The number of fees exceeds all reasonable limits. It all starts with a purchase fee of almost $4 at major retailers like CVS Pharmacy, Walgreens, Walmart, and others. You can avoid it by applying online. Then goes the monthly fee of $10 A monthly direct deposit of $500 is $5, which is high anyway. However, you can switch to paying a $2 fee for every purchase. ATM withdrawal will cost you $2.5. Most other cards offer a free network of ATMs. A foreign transaction fee is 3.5%
Loading cash onto the Netspend card will cost you $4 for every $500 deposit. Many cards offer free deposits, like Chime at Walgreens, Capital One at CVS Pharmacy. If you stop using the card, Netspend charges you a $6 inactivity fee. After only 90 days without activity, Netspend starts charging the fee. The closing account fee is up to $6 if your balance exceeds $6. These are some of the concerns that I have regarding Netspend cards.