Netspend is a financial services company that provides prepaid debit cards and related banking services to individuals and businesses. Netspend is a subsidiary of Mastercard.
Netspend has three main types of fees: monthly service fees, transaction fees, and ATM withdrawal fees.
Monthly Service Fees:
Netspend charges a $5 monthly service fee for its basic prepaid card. However, this fee can be waived if you load at least $500 onto your card each month or set up direct deposit with your employer. Netspend also offers a Premier Fee Advantage Plan which costs $9.95 per month and waives the $5 monthly service fee as well as the ATM withdrawal fee (see below). To qualify for the Premier Fee Advantage Plan, you must either load at least $1,000 onto your card each month or have qualifying direct deposit activity of at least $500 per month. You can also qualify for the Premier Fee Advantage Plan by maintaining a balance of at least $2,500 in your account.
Transaction Fees:
Netspend does not charge any fees for making purchases with your prepaid card. However, there are some situations where you may be charged a transaction fee. For example, if you use your card to make an international purchase or withdraw cash from a foreign ATM, you will be charged a 3% transaction fee on the amount of the purchase or withdrawal. Additionally, if you use your Netspend card to make a purchase through PayPal, you will be charged a 2% transaction fee on the amount of the purchase. Finally, if you use a credit-based funding source (such as using a credit card to fund your Netspend account), you will be charged a 2% funding fee on the amount being funded into your account. All other transactions made with your Netspend card are free of charge!