Prepaid Debit Cards

Prepaid debit cards have come a long way over the years. They can be important financial tools for a number of purposes, and are no longer just for hiding money from creditors. They can provide an extra layer of security, convenient methods of moving money, and avoid fees.

My new personal favorite is the PayPal Prepaid MasterCard. Even if you already have the PayPal Business Debit Card, as I do, this is a must have for any PayPal user. The primary advantage is that it allows you to make ACH transfers (EFT), and instantly transfer money from your PayPal account to the debit card for free. Normally it takes several days to deposit funds from your PayPal account into a bank account. The routing and account number for the PayPal Prepaid card (unlike other prepaid cards) is also accepted at CoinBase, allowing you to buy Bitcoin using your PayPal account very rapidly. You can also get your pay checks direct deposited. To top it all off, we each get $5 when you load $10 onto your card!

 

I also have a NetSpend Visa card. It also allows ACH transfers (although Coinbase won’t accept its account number). You can reload it from your PayPal account as well, but instant transfers incur a fee while normal ACH transfers take a few days and can be done for free. The advantage of the NetSpend card is that you have the ability to deposit checks into your account using your smartphone’s camera. You also of course of the option of direct deposit. Perhaps the best part is, we each get $20 when you load $40 or more!