Selecting A Prepaid Debit Card
There are many reasons people opt for prepaid debit cards. The most common scenario is receiving the benefits of a bank issued debit card without the bank. Fees are the primary factor to consider when looking for the right prepaid debit card.
The NexsCard is often touted for its high dollar limit. Cardholders can maintain a balance up to $20,000 in their account. This is significantly higher than most prepaid debit cards.
Unfortunately, this card also have a variety of high cost fees for cardholders. Let’s take a look at the card features and fee structure to decide whether or not this card will be a good choice for you.
NexsCard Prepaid Visa Fees
Prepaid debit cards are notorious for their fees. The primary reason for fees is that you are paying for a card that provides banking benefits. The most common fees associated with this prepaid card include:
- $4.95 card activation fee
- Loading your card will with funds incurs a $2.00 fee
- Every retail transaction will result in a $1.00 fee ($1.50 for PIN purchases)
- ATM Withdrawals will charge a $2.50 fee
- Account closure or refunds will result in a $10.00 fee
As you can see, there are a number of fees that will be associated with nearly every aspect of using your NexsCard. The most troubling fee is the transaction fee. Every purchase you make or bill you pay will result in at least a $1 charge to you account balance.
Consumers should compare competitor fees when selecting their prepaid card. Determine the type of transactions you will be using your card for and create an estimate for each card. This will help you select the option with the lowest fees.
NexsCard Features and Benefits
The most popular feature of this card is the very high balance limit. Cardholders can maintain an account balance up to $20,000. This will be very helpful for consumers who routinely carry high balances on their prepaid cards.
The downside to this is that there are much better options to store your cash. It is not advisable to keep large sums of money on a prepaid card. This money does not earn interest can therefore should be placed in alternative accounts like a high interest savings account.
Additional features and benefits include:
- Ability to fund your account with direct deposits
- Receive your government issued payments up to 4 days early
- Card to card balance transfers (fees apply)
- NexsCard mobile app allows management of your account
- Fund your card with direct deposits
This card provides many of the most popular features prepaid debit card users enjoy. The most popular reason to open an account like NexsCard is the ability to access your funds early. There is no need to wait for a check so payments often are received up to 4 days sooner than traditional options.
Additionally, NexsCard overdraft is not a concern. There is no credit option with this card. If you do not have appropriate funds your transaction will be denied. Debt cannot be carried on this card.
NexsCard Account Management, Activation and Login
You account will be managed online at www.NexsCard.com. Cardholders will need to create an online account before they are able to access their account online.
If you are setting up an account for the first time you will need your full 16 digit account number. You will also need to provide your card expiration date to verify your account.
Additionally, cardholders can manage all aspects of their account through the NexsCard App. This application is available for both Apple and Android. Funds can be managed, transactions can be viewed and account settings can be updated within the app.
Is The NexsCard Prepaid Visa A Good Choice?
This card will primarily appeal to customers who need a high balance option for their prepaid account. Due to the high fees this card is not going to be the best option for most consumers.
Another downside of this card is the lack of a rewards program. Reward programs for prepaid cards are very rare. One of the few prepaid cards that offer rewards is The United Go Card. The fees are also lower with the United Go Card and therefore may be a better option for many (the total balance limit for the Go Card is lower – $15,000 vs $20,000).
The best option is to find yourself a low fee checking account. There are great checking account offers that often have new customer bonus offers. Accounts will issue you a debit card that can be used just the same as a prepaid card but at a much lower cost.