The Black Netspend Visa prepaid card offers the same features and fees as the standard Netspend Visa card, but the difference is in the color. It’s got a slick black finish.
Who is This Black Netspend Card For?
Since it shares the same features with other Netspend Visa cards, anyone can get one. You don’t need to provide credit scores from any of the three bureaus, so all you have to do to get it is to apply for it. That means that you can get one even if your credit scores are at an all-time low, which is nice because you can get a few useful benefits other than paying for goods and services. For one, you’ll be able to receive money transfers and get direct deposits straight to your card. It works similar to a standard bank account, so it’s excellent for people that don’t have or want one. You can use the card to get tax refunds, get direct deposits from the government, receive pension checks, and get your standard paychecks two days earlier than before.
Black NetSpend Visa Card Benefits
Just like the standard Netspend prepaid Visa card, the Black version allows you to get some benefits of using a visa card, but without any requirements. Anyone can get the card by applying for it in under 10 business days because there are no credit checks or special requirements.
- Checking account alternative. The Black Netspend card provides a few benefits that could come in handy, especially if your credit scores are bad. You’ll be able to receive direct deposit and make money transactions the same way you would use a bank account. That means that it is a good option for people who don’t want to open a bank account.
- Good for budgeting. Most people who apply for this card use it for everyday shopping needs because it doesn’t allow any overspending. You have to deposit money before you can make any purchases, so you won’t be surprised by unexpected numbers. Moreover, you’ll get a notification for every activity via the SMS texting system. You can also install the Netspend budget app that will help you plan your spending and give you tips on how to manage your money.
- Cash back rewards. The card also comes with a cashback feature for some retailers. You can visit the official website to see which retailers offer cashback. Walmart and CVS Pharmacy are just some of the names on the list. Once you start using the card, you can load it with cash in over 130,000 locations across the US. You can then use the money to pay for bills and services that accept Visa cards.
- Referral bonus. You’ll also get a $20 bonus for every friend who activates their Netspend prepaid card through your unique link provided upon account activation. You can even create a temporary card number for online transactions that run out at the end of each month.
Are There Any Disadvantages?
Acquiring this card is a breeze, but it does have some disadvantages you must consider before getting it.
- High fees. There are all kinds of fees you’ll have to pay as well. They include ATM withdrawal fees, over-the-counter withdrawal fees, inactivity fees, online billing fees, cash reload fees, and so on. Most of these fees are lower than 3 dollars, but they can add up to a hefty sum if you’re not careful. That’s why you should crunch the numbers before picking the plan you’re going to use. If you get the Pay-As-You-Go option, and if you use the card a lot, you’ll have to pay fees that are often higher than the interest rate of the savings account.
- Inactivity fee. If you don’t use your card for 90 days it will incur an inactivity fee charged monthly.
When you apply for the card, you’ll be asked to pick one of 2 available plans.
- The standard monthly plan comes with a fixed fee you must pay before you can use the card.
- On the other hand, if you get the Pay-As-You-Go plan, you’ll have to pay a fee every time you use the card.
Should You Use This Card?
This card is a great choice if you want to send and receive money but don’t want to own a bank account. The application process is quick and easy, and you’ll be able to accept direct deposits in under two weeks. You can get the card no matter what kind of credit score you might have. You should be aware of the many fees that come with this card, but if you use it correctly, that shouldn’t be too much of a deal. It’s also a good solution to limit monthly spending, and the budgeting app will let you keep track of all purchases.
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