Best of the Prepaid Cards
They can be useful for reining in spending, but make sure to choose wisely.
The sun may be setting on celebrity-endorsed plastic. From Justin Bieber to the Kardashian sisters, plenty of famous people have promoted prepaid debit cards. But over the summer, two highly publicized cards—the Approved Card From Suze Orman and Magic by Magic Johnson—announced plans to pull the plug. (The Kardashian card flamed out in 2010.)
Savvy consumers can pat themselves on the back for steering away from celebrity-branded cards. Users of hip-hop mogul Russell Simmons’s RushCard Unlimited plan, for example, pay a stiff monthly fee of $7.95 ($5.95 with direct deposit).
Prepaid cards can be useful for reining in spending, as long as you stick with ones that limit fees. Two cards from Amex stand out from the pack. The American Express Serve card waives a $1 monthly fee if you sign up for direct deposit, add $500 to your account each month or include the card in an Isis mobile wallet, which allows you to pay at the register with your smartphone. Withdrawals from ATMs in the MoneyPass network are free (you’ll pay $2 at an out-of-network ATM, plus any charges from the ATM’s owner). The Bluebird From American Express and Wal-mart card has no monthly fee. Withdrawals from MoneyPass ATMs are free if you make a monthly direct deposit (out-of-network withdrawals cost $2). Plus, you can write checks from a Bluebird account. Mobile apps let cardholders pay bills, monitor balances and deposit checks.
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
For parents sending kids off to college, either card could come in handy. Both let you open a subaccount in your child’s name to which you can add money; you can also monitor spending and turn ATM access on and off.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.
-
Stock Market Today: Dow Adds 654 Points as 3M Stock Explodes Higher
It was a risk-on day for stocks thanks to an upbeat inflation reading and impressive earnings from 3M and Deckers.
By Karee Venema Published
-
3M Leads Dow Stocks After Massive Earnings Beat
3M stock is headed toward its best day ever after the industrial conglomerate's impressive earnings report. Here's what you need to know.
By Joey Solitro Published
-
403(b) Contribution Limits for 2024: Good News for Teachers
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Last updated
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Last updated
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated
-
How to Figure Out How Much Life Insurance You Need
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
By Kimberly Lankford Last updated
-
When Is Amazon Prime Day?
Amazon Prime Amazon Prime Day 2024 runs Tuesday July 16 and Wednesday July 17, marking the 10th Prime Day event.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are high this year, but you can still find an affordable loan with these tips.
By Daniel Bortz Last updated