RushCard Prepaid Card is a prepaid debit card that can be a convenient form of a checking account. However, just like any other prepaid debit card, you will pay for the convenience. This card specifically is more expensive than some of its competitors. Continue reading our RushCard Prepaid Card Review to learn more!
RushCard Prepaid Card Summary
With the RushCard Prepaid Card, you will have access to a variety of features that will help your banking experience be smoother and simpler. Here are some quick facts about this card.
- Fee-Free access to cash from in-network ATMs or through cash back at retail stores
- Use bill pay and a savings account
- Conveniences like wide card acceptance
- No per-purchase fee.
- Part of the Visa network, which is widely accepted nationally and internationally.
- Cash back at stores at no additional cost.
- Free direct deposit and bill pay.
- One-time fee of $3.95 or $9.95 the first time you load money.
- $7.95 monthly fee ($5.95 if you set up direct deposit); no way to waive it.
- Cash reloads are possible only at third party locations, for a fee.
- A $3 out-of-network ATM fee.
Overview of Prepaid Debit Cards
A prepaid debit card is simply a type of payment card that only lets you spend the money that you load onto the card. This method does not help you build credit since you aren’t borrowing money on credit. However, just like a debit card, a prepaid card works at any merchant that accepts its payment network, such as Visa, Mastercard or American Express.
Additionally, this method of payment is safer than cash and more convenient. Usually the prepaid card has a mobile app to deposit checks and transfer money. Unlike checking accounts, prepaid debit cards may lack the same services that you’re looking for in typical bank accounts such as free ATM or branch networks, checks, among others.
How Does FDIC Insurance Work on Prepaid Cards
Prepaid debit cards normally have FDIC insurance, which helps keep your funds protected in case the bank or company that issued the prepaid card goes bankrupt. Only financial institutions can have FDIC insurance, so a prepaid card is either managed by a bank or a company partners up with a bank to offer that insurance. You must register your prepaid debit card with your name and other identification information in order to be eligible for FDIC insurance and other protections.
If you’re looking for an easy-to-use and mobile version of a checking account, then the RushCard Prepaid Card is the prepaid debit card for you. Not only can you get cash back at stores with no additional cost, but you are also offered wide card acceptance since it is part of the Visa network. For more posts like this, check out our list of ways to save more money and credit card bonuses!