Prepaid Debit Card Reviews, Complaints, Etc

Author: Curtis Arnold

TD Go Prepaid Visa Card Review (Independent)

TD Go Prepaid Visa Card Review (Independent)

Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, among other publications But your input is invaluable and we’d love to have your opinion on the TD Bank Go Visa prepaid debit card (see below- this site is powered by you)!

Please note that this 2018 review is outdated and is only kept for historical reasons. Please read our updated review of the TD Bank Go Visa Card here (that is in a better visual format).

If one of your New Year’s resolutions was to teach your teenager how to better manage money, TD Bank wants to help. A few years back, TD Bank, one of the ten largest banks in the U.S., announced the release of the Visa TD Go Card a few years back (when we first reviewed this card offer), its first foray into the prepaid debit card market.

TD Bank’s new prepaid card is aimed at helping parents teach their teenagers how to spend money wisely, albeit in a way that offers a sturdy safety net.

“The development of smart spending habits is a journey and many parents want to offer teens a gradual path to increasing fiscal freedom,” says Tami Farrow, Senior Vice President and head of retail deposit payments for TD Bank. “With the launch of the TD Go Card, TD Bank is offering parents a convenient and safe environment to get money to their teens and an easy way to monitor spending.”

New Popular No Fee Visa Debit Card (works like the TD prepaid card but with less fees):

Chime is a new type of bank account designed to help people lead healthier financial lives and automate their savings (people with poor credit can apply too as there is no credit check). With Chime, you get a free Chime Visa Debit Card (a real debit card, not a prepaid debit card which usually have a lot more fees).

Chime can be managed entirely from your smartphone. No overdraft fees. No minimum balance. No monthly service fees. No transfer fees. Over 38,000 fee-free ATMs, plus 30,000+ cash-back locations.

And for a limited time, earn a Cash referral bonus of $50 when you tell your friends and family members about Chime and they sign up (and they’ll earn $50 too)- details within the app after you apply! Click for more info.- you can apply online in just 2 mins with no obligation. Start by simply entering your email address and clicking “Get Started”– over 3 million customers couldn’t be wrong. 🙂 (Ad Link)

Here’s how the TD Bank prepaid card works. Parents can purchase the TD Bank Go Card online and fund it initially with a minimum of $20 and a maximum of $1,000.

Once the card is activated, which is partnered with Visa Buxx, parents have the ability to monitor how their child uses the card online and can also receive text and email alerts account balances, transactions and so-called “adult-oriented” purchases.

The TD Bank Go Reloadable Prepaid Visa Card (aka TD Teen Card) is by no means the first to market itself as a learning tool. Companies like SpendSmart offer prepaid cards designed with many of the same features as TD Bank’s new prepaid card. More infamously, celebrities like Justin Beiber have attached their names to prepaid debit cards meant to attract teens.

One thing parents and teens who opt to get a TD Go Card might learn is that using a prepaid debit card can sometimes be pricey. Depending on how a teen uses the card, the fees it charges can add up.

There is a $4.95 charge for purchasing the card initially and there’s a $1.00 charge to load it using either a debit or credit card (direct deposit is free).

Withdrawals from a TD Bank ATM are free, although taking money out of a non-TD Bank ATM costs $3.00, as does a balance inquiry at a non-TD ATM.

Requesting a paper account statement runs $5.00 and there is a $2.50 charge if the card EACH MONTH if not used for 12 months.

Go Visa Card Features:

24/7 access lets you easily spend, load and track your money
Set up transaction alerts, check your balance, reload your card on the go, and more with the TD Alerts app
Helps you budget – you can only spend what you put on your card.

How to Load Funds:

Load funds online* 24/7 using your TD Bank Debit or Credit Card
Direct deposit any amount from your paycheck
Deposit cash or checks or transfer funds from your TD Bank checking or savings account at any TD Bank

How to Open:

Bring $25 cash – no TD Bank account needed – or transfer $25 from your TD Bank checking or savings account
Bring your Social Security number and a valid ID (driver’s license, passport or state-issued)

Monthly fee is $5.99*

Per purchase $0

ATM cash withdrawals:

$0 in-network
$3.00 out-of-network

Reload Fee: $0

Is the TD Go Prepaid Card Good? (Summary):

Please note that this 2018 review is outdated and is only kept for historical reasons. Please read our updated review of the TD Bank Go Visa Card here (that is in a better visual format).

The TD Go Card is a good card if you are an existing customer- the fees are definitely low. It’s also a good option if you are looking for a teen card for allowances. But the TD Go Card is not a great option for a general prepaid card.

Click here to search for the prepaid debit cards with different benefits than the TD Card (and at least in one case, lower fees) – read reviews and apply online in mins.

One lower fee card option than the TD Bank Go reloadable card is the new No Fee Chime Visa Debit Card, (Ad Link) which can managed entirely from your smartphone and charges no overdraft fees, no monthly service fees and no transfer fees. No minimum balance is required and Chime features over 38,000 fee-free MoneyPass® and Visa Plus Alliance ATMs (there is a map of all fee-free ATM’s in the app).

This is the best and cheapest alternative to prepaid cards we have seen since we started reviewing prepaid cards over 5 years ago. And for a limited time, earn a Cash referral bonus of $50 when you tell your friends and family members about Chime and they sign up (and they’ll earn $50 too)- details within the app after you apply! Click for more info.- you can apply online in just 2 mins with no obligation- start by simply entering your email and clicking Get Started– over 3 million customers couldn’t be wrong. 🙂

Finally, be sure to read customer reviews (complaints and praises) of the TD Bank Go Visa Card below and post your negative or positive review!

Related Prepaid Card to Consider:

The TD Connect reloadable prepaid visa card is offering (for adults- not teens). Read our full TD Prepaid Connet Card Review by clicking here. Please note that anyone can apply for this card – no TD Bank account needed.

Editorial Note!:
“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone, including this review and the reviews written by actual cardholders below.”

January 1, 2019

Charity Prepaid Cards aka NonProfit Affinity Debit Cards – Expert Reviews

Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc. Your input is invaluable and we’d love to have your opinion as to whether a charity debit card that makes automatic donations is a good deal (see below) – this site is powered by you!

Please Note this article was originally published in 2015 and updated in 2018 and is only kept for historical purposes. Please see link below for our current prepaid debit card reviews and other info.

For some, swiping a debit card in a checkout line is more than just a way to pay for something. It’s an act of personal expression and a way to show the world (or at least the cashier) what’s most important to them.

So-called “affinity debit cards” are issued by a company or bank and customized to fit a wide variety of consumer interests. They display logos and pictures of everything from sports teams to teddy bears and are marketed as a way for users to associate with something they care about.

Card.com, a mobile alternative to traditional branch banking, provides thousands of options for consumers interested in affinity prepaid debit cards. Recent additions include Sesame Street, Walking Dead, Garfield, Care Bears, Star Trek and the National Autism Association. Consumers can choose cards they identify with, load money onto the cards, and use them anywhere Visa debit cards are accepted.

New No Fee Visa Card that Can Help you Make More Charity Donations by Saving you Fees:

Chime is a new Visa card that is amazingly free (unless you use the card outside of their large ATM network). This is best alternative to a prepaid card that we’ve seen in 5+ years and offers all of the benefits of traditional bank account.

It’s a real debit card, (not a prepaid debit card which usually have a lot more fees) and people with poor credit can apply too as there is no credit check. Chime can be managed entirely from your smartphone. No overdraft fees. No minimum balance. No monthly service fees. No transfer fees. Over 38,000 fee-free ATMs, plus 30,000+ cash-back locations.

And for a limited time, earn a Cash referral bonus of $50 when you tell your friends and family members about Chime and they sign up (and they’ll earn $50 too)- details within the app after you apply! Click for more info.- you can apply online in just 2 mins with no obligation. Start by simply entering your email address and clicking “Get Started”– over 3 million customers couldn’t be wrong. 🙂 (Ad Link)

“Card.com has figured out a way to make financial services accessible and fun using affinity cards,” said Ben Katz, CEO and co-founder of the website. “Each card becomes a personalized way of banking for our card members.”

Card Benefits for Charities

Many of these affinity cards also reap benefits for charities and nonprofits. For example, Card.com has several autism-related card designs and makes a monthly donation to the National Autism Association for every active card. According to Wendy Fournier with the National Autism Association, these proceeds help provide therapy grants for families,provide safety toolkits for children at risk for wandering, and provide iPads with communication software for minimally verbal individuals.

Another recent nonprofit campaign that joined Card.com was associated with the Paralyzed Veterans of America. The company donated money to benefit paralyzed veterans for every new card sign up during the month of November. They used Popeye, Olive Oyl and Beetle Bailey cards to promote the campaign.

From February 2012 to May 2015, Bank of America is guaranteeing to Susan G. Komen® $1.0 million in conjunction with its Pink Ribbon Banking credit card and checking program (includes a branded debit card). Susan G. Komen has received more than $5.0 million from Bank of America from the credit card and checking account programs since 2009.

Higher Fees and Other Considerations:

A large number of other companies also produce affinity cards, along with many banks, including Arvest and Bank of America. These bank-issued cards, though, are usually tied to a consumer’s bank account, as opposed to the prepaid reloadable products from Card.com. For many, the upside of using prepaid cards is that there is usually no credit check, no overdraft fees and more design options.

However, prepaid cards often have higher fees, including monthly maintenance fees, ATM cash withdrawal and balance inquiry charges, and fees for obtaining paper statements. Card.com charges a monthly maintenance fee of $5.95, but the fee is waived when you load at least $800 onto the card in the prior thirty (30) days via direct deposit.

Linda Sherry, Director of National Priorities for Consumer-Action.org, said that she generally recommends that people use a traditional debit card linked to a bank account. However, she understands there are certain instances and certain people for whom a prepaid card is the best option. Some people, she explained, are locked out of the banking system due to past credit issues.

For them, a prepaid card could be the solution. Others, she said, may consider prepaid cards because they don’t want to travel with cards linked to their bank account or because they want cards they can use to teach their kids good financial habits.

Charity Prepaid Cards aka NonProfit Affinity Debit Cards- Summary

The bottom line, she said, is that people should not be fooled into getting a card “just because it has a puppy on it” (or any other customized design). “That has nothing to do with a card, if a card is good or not,” she said. “If you find [a card] that you’re attracted to, I would look closely at the fee schedule.” She recommended finding a prepaid card that could utilize direct deposit from an employer, which would help avoid large money-loading fees.

Only after closely examining a fee schedule should a consumer decide if the potential drawbacks of an affinity prepaid debit card are worth a nice design or benefits to a favored charity. The upside of using a prepaid card is that you won’t rack up credit card debt while supporting a charity like you can with an affinity credit card program (not surprisingly, credit card programs do tend to give higher rebates to charities than debit card programs). 🙂

Curtis Arnold is a credit expert and co-founder of BestPrepaidDebitCards.com

Originally posted on huffingtonpost.com

January 7, 2018
Consumer Alert! New Credit Card Scam: Stealing Security Codes

This is a new credit card scam everyone needs to be watching out for. If you get a call from someone claiming to be from your bank, here’s what to do: If a caller claims to be from your card issuer’s fraud-prevention department, ask for the caller’s name and/or employee ID, hang up, then call the 800-number on the back of your card and ask to speak to the fraud-prevention department or that particular employee. If the call was not from the card issuer, explain that your account number likely has been stolen. The issuer will give you a new card with a new number.

Here is a link to the full article originally posted in the July 15, 2015 edition of Bottom Line Personal as well as on their website at the link below.
New Credit Card Scam: Stealing Security Codes
http://bottomlinepersonal.com/new-credit-card-scam-stealing-security-codes/

July 9, 2015
One-third of Americans in Debt and Facing Collection

Have a few blemishes on your credit report? You’re not alone. According to a new study from the Urban Institute, over one-third of Americans had debt in collections in 2013. The debts averaged $5,178 and include debt like medical bills, credit card balances, student loans, parking tickets and utility bills.

In a very real sense, the phenomenon is making the US a debtor nation. People all over the country have debt in collections. However, some areas have higher concentrations of debt than others. Nevada residents have the highest rate of debt in collections, with 47% of residents with delinquent debt and an averaged owed of $7,198. Eleven of the twelve states where 40% of more of the residents have debt are in the South.

Once a debt goes into collections, it can remain on a person’s credit report for up to seven years. And, even after a debt in collections is paid off, it can still reduce a credit score for a period of time. These delinquent debts can have a serious effect on people’s credit, job prospects and more.

People with low credit scores are often considered bad candidates for certain jobs. Bad credit can keep you, for instance, from getting a security clearance, which is necessary for certain companies that work with the federal government. Not only can delinquent debts keep someone from qualifying for a mortgage; they can cause apartment rental applications to be turned down, as well. When you have bad credit, you can pay more for everything from insurance to renting a car. The reduced opportunities and higher costs can keep people from the financial stability that would, in the future, reduce their chances of winding up in debt.

Dealing with Debt Collectors

Calls from debt collectors can be embarrassing and intimidating. But, as a consumer, you have rights and protections. If you are contacted by a debt collector:

• Always ask for communication about the debt in writing. This gives you time to research the debt and verify whether it is valid.

• Check your credit report. If you have been reported for debts that you do not owe, you can have those records removed so they do not affect your credit score.

• Know that you can negotiate debt payments. In some cases, debt collectors will be willing to accept a lower amount if you can pay off the debt all at once. You can also ask for payments.

• Do not hesitate to report debt collectors who harass you. Actions that legally qualify as harassment include calling outside of approved hours, calling you at work after you have asked them to stop and seeking unjustified amounts. Both your state’s Attorney General’s office and the FTC can help.

August 7, 2014
JPMorgan Launches Financial Solutions Lab

American Express just got a little competition in its efforts to appeal to those living outside the financial mainstream. On May 29^th, banking giant JPMorgan Chase & Co. announced that it has committed to invest $30 million to create the Financial Solutions Lab.

A collaboration with the Center for Financial Services Innovation, the new Financial Solutions Lab will tap the expertise of entrepreneurs, non-profits and academics to develop products and technologies to help people save more money and build better credit. The new venture is geared towards helping those who are not fully served by the current financial system. “Living outside the financial mainstream puts financial security further out of reach for one out of every four American households that rely on high-cost, non-bank services to manage their finances,” says Bruce McNamer, the CEO of the JPMorgan Chase Foundation. “The Financial Solutions Lab will bring together the best and the brightest to identify innovative solutions that help consumers increase savings, improve credit and build assets.”

Buttressing its decision to launch the Financial Solutions Lab, JPMorgan Chase and the University of North Carolina at Chapel Hill also released a white paper that illustrates the need for improved financial services. For instance, the paper notes that less than 10 percent of working American families are financially prepared for retirement while more than half do not have an adequate emergency fund. The research also shows how important savings can be as a vehicle for upward mobility. Indeed, 71 percent of kids born to low-income parents who managed to be big savers were able to move out of the bottom income quartile.

This new JPMorgan Chase initiative will, among other things, host competitions that encourage social entrepreneurs to devise ways to help encourage saving and credit building. In doing this, JPMorgan is echoing American Express’s well-publicized efforts to provide solutions to millions of so-called unbanked Americans. Besides its checking account alternative Bluebird and Serve prepaid cards, American Express sponsored a new documentary film, Spent, which shines a light on the difficulties and expense those who don’t have bank accounts or credit cards face to do simple tasks like pay bills and cash checks.

June 4, 2014
11 Ways to Raise Your Credit Score, Fast

By Curtis Arnold and Donna Freedman

A recent survey from the National Foundation for Credit Counseling indicates that more people would be embarrassed to admit their credit scores (30%) than their weight (12%).

While crash diets don’t usually work and can be unhealthy, it is possible to change your credit score fairly quickly. But just as with weight loss, “quickly” is a relative term. Seeing any improvement could take 30 to 60 days, according to Liz Weston, personal finance columnist and author of “Your Credit Score, Your Money & What’s At Stake.”

But nothing will change at all if you just sit there on the couch, eating Cheetos and charging items on the Home Shopping Network. So get moving!

The first thing to do is get a copy of your credit report from AnnualCreditReport.com. The three major credit reporting bureaus must give you one free copy per year, so plan to order one every four months. Another great resource is WisePiggy which provides a truly free credit score, advice and information, all with no strings attached.

Then use one or more of the following tips to boost that three-digit number that has increasing power over our everyday lives.

1. Dispute errors. Mistakes happen. You can dispute errors online through Equifax, Experian and TransUnion. After you’ve fixed any foul-ups, you might try to…

2. Negotiate. You can’t deny that you stopped paying a credit card bill when you were unemployed last year. But you can ask creditors to “erase” that debt or any account that went to collection. Write a letter offering to pay the remaining balance if the creditor will then report the account as “paid as agreed” or maybe even remove it altogether. (Note: Get the creditor to agree in writing before you make the payment.)

You might also be able to ask for a “good-will adjustment.” Suppose you were a pretty good Visa customer until that period of unemployment, when you made a late payment or two – which now show up on your credit report. Write a letter to Visa emphasizing your previous good history and ask that the oopsies be removed from the credit report. It could happen. And as long as you’re reading the report, you need to…

3. Check your limits. Make sure your reported credit limits are current vs. lower than they actually are. You don’t want it to look as though you’re maxing out the plastic each month. If the card issuer forgot to mention your newly bumped-up credit limit, request that this be done.

4. Get a credit card. Having one or two pieces of plastic will do good things to your score – if you don’t charge too much and if you pay your bills on time. In other words, be a responsible user of credit. Look for the best deals on CardRatings.com.

Can’t get a traditional card? Try for a secured credit card, taking care to choose one that reports to all three major credit bureaus. And if you can’t get a secured card, you might ask to…

5. Become an authorized user. This means convincing a relative or friend to be added to his or her existing credit card account. If you’ve had a checkered financial history, don’t be surprised if you hear the word “no” a lot. But you might luck out, especially if you’re a young person who has no history of poor credit use.

Offer to put an agreement in writing stating how much you can spend and how you will get your share of the bill to the cardholder. Then “do your part and use the card responsibly,” says Beverly Harzog, author of “Confessions of a Credit Junkie.” In other words, don’t buy more than you can afford and don’t leave your co-signer hanging when the bill is due. The point is to learn to use credit responsibly.

6. Under-use your cards. Yes, we did just tell you to get credit by any means possible. But don’t whip out the plastic to pay for everything. The “credit utilization ratio” should be no more than 30% and ideally even less. Harzog says that a 10% credit utilization ratio will “maximize this part of your FICO score.”

For example, suppose your Mastercard has a $1,500 limit and you routinely charge a grand a month. It doesn’t matter if you pay it all off before it’s due. What matters is the credit bureaus think “Curtis is using two-thirds of his credit! What a spendthrift!” And if you’re a cash-free kind of guy? Then try to…

7. Raise your credit limit. Ask your creditors to increase your limit, i.e. making that Mastercard good for up to $3,000. Be careful with this one, though: It works only if you can trust yourself not to increase your spending habits accordingly. Otherwise you’ll be right back to using 66% of your credit each month and how will that look?

8. Don’t close any cards. Canceling a credit card will cause your available credit to drop, which doesn’t look good to a bureau. One way to keep a card active is to use it for a recurring charge such as a utility bill. There’s room for that in your budget, right?

9. Mix it up. Using a different kind of credit can make for a modest boost to your score. For example, you might take out a small personal loan from the credit union or buy a piece of furniture or appliance on installment (but only if you’re 100% sure you can and will meet the payment schedule).

10. Pay your bills on time. Seriously. Your payment history – including the ones you pay late or skip altogether – makes up a whopping 35% of your FICO score. If you’re absent-minded or merely overwhelmed (Hi there, parents of young children!), then for heaven’s sake, automate your payments. Even better than paying on time is to…

11. Pay your bills twice a month. Using too much of your credit limit at any given moment doesn’t look good. Suppose your limit is $3,000 and a month’s worth of havoc (car repair, doctor bills, plane ticket for kid to get to college) means you’ve charged up $2,9000. Sure, you plan to pay in full by the 18^th of the month – but until then it looks like you’re maxing out yet another card.

Instead, make one payment just before the statement closing date and second one right before the due date. The first will likely reduce the balance that the credit bureaus see and the second makes sure you won’t pay interest or a late fee.

(Curtis Arnold regularly writes and blogs about credit, debit and related personal finance topics and founded CardRatings.com and BestPrepaidDebitCards.com, which provides advice and rates and reviews credit cards, prepaid debit cards and related products. He is a regular Forbes contributor and is regularly featured by national media outlets including The Wall Street Journal, The Today Show and Good Morning America for his expertise in the credit industry.

Donna Freedman writes about personal finance for Money Talks News and other websites and magazines, and blogs at DonnaFreedman.com.)

May 5, 2014