Comparing Chime Versus Netspend. What Are the Differences and Similarities?
If you’re on the hunt for a new company that offers banking and financial services, you’ve undoubtedly come across Chime and Netspend. These two companies are among the most popular options when it comes to providing innovative financial services using the latest advancements in technology. Namely, both Chime and Netspend offer online banking solutions to individuals who want to find a reliable financial company with low service fees. Companies feature – Chime Visa Debit Card and Classic Netspend Visa Prepaid Card. However, these two companies have numerous unique features that set them apart. So we made a detailed Chime vs Netspend review to look closer at both offers when choosing the best one.
- The Chime – by examining Chime’s key features and services, we can safely say this company is best for customers who aim to maximize their savings account interest. Also, Chime is an excellent choice for those who don’t deposit cash often or are paid by direct deposit. Chime is one of the best apps to build credit, too.
- The Netspend – On the other hand, Netspend is a better option for customers who had a bad experience or faced some troubles while managing bank accounts in the past. That’s because Netspend never charges its customers overdraft fees or allows them to go negative1. However, it does not build credit.
- Comparing Chime Versus Netspend. What Are the Differences and Similarities?
- Netspend vs Chime Comparison Table
- About Netspend and Chime Companies
- The Advantages: Netspend vs Chime
- What Are Netspend and Chime Disadvantages?
- Other Important Features
- Ratings and Reviews
- Bottom Line
- Similar Offers and Alternatives
- Frequently Asked Questions
- Article Sources
Netspend vs Chime Comparison Table
By examining the similarities and differences between Chime and Netspend, you can choose the company that suits you better. To make things easier for you, we’ve decided to compile a handy comparison table that includes all the essential information about these two financial companies. Let’s jump straight into it!
| Chime | Netspend | |
|---|---|---|
| Company Behind | Chime Financial, Inc | Netspend Corporation |
| Banking with | – The Bancorp Bank – Stride Bank, N.A | – The Bancorp Bank – MetaBank – Republic Bank & Trust |
| Services | – Checking – Savings – Credit Builder | – Checking – Prepaid Cards |
| Card Offered | Chime Visa Debit Card | Classic Nespend Visa Prepaid |
| Card Type | Debit Card | Prepaid Card |
| Other Card Products | Chime Secured Visa | Pink Netspend Card Black Netspend Card Blue Netspend Card |
| Savings | Yes, 0.2% to 2% APY | Yes, 0.5% – 5% APY |
| FDIC Insured | Yes | Yes |
| Annual Fee | $0 | $0 |
| Memberships | 1 Free | 1 Free, 2 Paid |
| Application Fee | None | None |
| Activation Fee | None | None |
| Inactivity Fee (after 90 days) | $0 | $5.95 per mo |
| Foreign Transaction Fees | No | Yes, 3% |
| Get Paid 2 Days Earlier | Yes | Yes |
| Overdraft Protection | Yes, Free | Yes, Optional, $20 per occurrence |
| Card Personalization | No | Yes |
| Welcome Bonus | No | Yes, $20 |
| Payback Rewards | No | Yes |
| No Credit Check | Yes | Yes |
| Years in business | 9 years | 23 years |
| Number of Employees | 1950 | approx 500 |
| Address | PO Box 417 San Francisco, CA 94104-0417 | 701 Brazos St ste 1300 Austin, TX 78701 |
| Customer Service Phone | (844) 244-6363 | (866) 387-7363 |
| Support Availability | 24/7 | 24/7 |
| Comparisons | Chime vs Self | |
| More Info | Chime Debit Card | Classic Netspend |
| Review | Chime Review | Netspend Review |
| Claim this offer | Claim this offer |
About Netspend and Chime Companies
Before we get into an in-depth analysis of the pros and cons you can find at Chime and Netspend, let’s first say something about what they’re all about.
Chime is an online financial technology company founded with the primary goal of providing basic banking services in a helpful, easy, and affordable manner. That’s simultaneously the strongest point when using Chime since it doesn’t come with any monthly fees, service fees, overdraft fees, or minimum balance requirements. Chime partnered up with bigger regional banks to deliver member-first financial services. As a result, users of Chime products and services can enjoy better and cheaper financial options than traditional banks.
Netspend, it’s also an online financial services company founded to offer its clients better service alternatives to traditional bank accounts. Furthermore, Netspend is a prepaid debit card, which means it provides its clients with the highest levels of security, convenience, and financial freedom. Like Chime, Netspend is designed to create better and more affordable tools than traditional financial services.
The Advantages: Netspend vs Chime
Now that you know more about these two companies offering alternative banking and financial services, it’s time to go over the features that make Chime and Netspend special.
| Chime Pros | Netspend Pros |
|---|---|
| – No monthly or overdraft fees; – No foreign transaction fees; – No minimum balance requirement; – Effortless refinement of financial habits with automated savings tools; – 2-day early paycheck arrival with direct deposit; – 60,000+ fee-free ATMs, including stores such as Walgreens, CVS, and 7-Eleven. | – No credit check; – Ability to get cashback; – 2-day early paycheck arrival with direct deposit; – Simplified adding and withdrawing of funds with a variety of retailers; – Courtesy cushion or overdraft grace period with available overdraft coverage options; – 5.00% APY savings account for up to $1,000 balances and 0.50% APY on balances over $1,000. |
What Are Netspend and Chime Disadvantages?
Although rich in useful features and tools, neither Chime nor Netspend is a flawless company that doesn’t have its disadvantages.
Chime’s main cons include the following:
- Cash deposits are only available through third-party retailers;
- Using mobile check deposits requires registering for direct deposit;
- No in-person branches or offices;
- A higher number of customer complaints recently.
As previously mentioned, Netspend has its drawbacks too:
- Higher than average monthly and maintenance fees;
- Unavailable free network for cash withdrawals and reloads;
- Steep fees for optional overdraft services – $20 per overdraft;
- Implementation of fees that don’t usually come with prepaid cards, such as the inactivity fee.
Other Important Features
If the list of pros and cons wasn’t enough to help you decide which company you’ll go with, we’ve singled out some other useful features that might help you in the process of decision-making.
The two features of Chime we’d like to mention are on-the-go access and customer experience.
- On-the-go access: Chime services are primarily designed to be used through a mobile app2. Therefore, you can enjoy the best out of mobile banking and make the whole experience much more convenient.
- Customer experience: Real-time transaction alerts, daily balance updates, and other customer service features help Chime customers stay on top of their spending.
Netspend has its unique features, too, including payback rewards and card customization.
- Payback rewards: Netspend customers can earn cash back on their purchases through payback rewards. What’s more, all customers automatically become part of the rewards program.
- Card customization: With the available card customization, Netspend clients can add a personal or fun touch to their cards3. Having the ability to do that on something you likely use every day can mean a lot.
Ratings and Reviews
| Chime | Netspend | |
|---|---|---|
| Trustpilot* | 2.6 stars (5 reviews) | 4.1 stars (7,975 reviews) |
| Apple Store* | 4.8 stars (415K ratings) | 2.6 stars (2.5K ratings) |
| Google Play* | 4.7 stars (345K ratings) | 4.0 stars (43.5K ratings) |
| BBB Ratings | A+ | A+ |
| BBB Accreditation | Not BBB accredited | Not BBB accredited |
| BBB Reviews* | 3.19 stars (1,773 reviews) | 1.08 stars (316 reviews) |
| MarketProSecure | 4.7 stars (30 reviews) | 4.5 stars (581 reviews) |
| Review it | Review Chime Debit Visa | Review Classic Netspend |
| Try it | Try it |
Bottom Line
To sum everything up, both Chime and Netspend come with their advantages and disadvantages. For that reason, it’s crucial to carefully examine their features if you want to have a banking account in the company you feel most comfortable with.
On the one hand, Chime is a popular online-only fintech company that offers savings, checking accounts, and credit-building tools to its clients. What makes Chime unique is the lack of monthly and overdraft fees, which allows you to make the most out of your account.
On the other hand, Netspend offers prepaid debit cards that are an alternative to a traditional checking account. You don’t need to provide your credit check or banking history details to enjoy the full advantages of a Netspend account, but you’ll need to pay different fees.
Similar Offers and Alternatives
| Offer | Issuer | Features / Rewards | Annual Fee | Best for | Review | Application |
|---|---|---|---|---|---|---|
| Grow Credit Mastercard | Sutton Bank | Free credit building | See Terms | Subscriptions | Claim this offer | |
| GoHenry Kids Debit Card | CFS Bank | 30 days free trial | See Terms | Kids Financial Education | Claim this offer | |
| Aspiration Plus Spend & Save | Coastal Community Bank | $150 welcome bonus | See Terms | Change Climate Change | Aspiration Review | Claim this offer |
| SoFi Money World Debit Card | The Bancorp Bank | Up to $325 cash bonus | $0 | Save and Spend | Claim this offer | |
| Ramp Visa Corporate Card | Celtic Bank | $500 bonus | $0 | Corporate Cards | Claim this offer | |
| Chase Ink Business Cash | Chase Bank | $750 bonus cash | $0 | Free Business Card | Ink Cards Review | Claim this offer |
| Upgrade Triple Cash Rewards | Sutton Bank | $200 bonus1 | $0 | Cash Rewards | Upgrade Review | Claim this offer |
