Green Dot Unlimited Cash Back Bank Account Visa® Debit Card review | Bankrate

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3.2
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Bottom line
The Green Dot Unlimited Cash Back Bank Account Visa Debit Card is a singular blend between a postpaid circuit board and an on-line bank account. It ’ s a thoroughly option for anyone wants to earn unlimited 2 percentage cash back on purchases. Plus, its divide savings account earns 2 percentage annual interest ( APY ) on balances up to $ 10,000, offering users a dainty boost of up to $ 200 with matter to .
Green Dot Image

Unlimited Cash Back Bank Account by Green Dot

Rewards rate

N/A

annual tip
See Terms
Intro offer

Intro offer is not available to this Green Dot credit card N/A regular APR
N/A
Recommended Credit Score

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. however, credit seduce alone does not guarantee or imply approval for any fiscal product. Fair to Good ( 580 – 740 )

Green Dot Unlimited Cash Back Bank Account Visa® Debit Card overview

Debit poster and checking score rewards are pretty rare nowadays, but they can be a commodious way to earn some excess cash back. Just don ’ t expect to rake in angstrom much as you would with a solid rewards credit poster. The Green Dot Bank Unlimited Cash Back Bank Account Visa® Debit Card earns an impressive 2 percentage cash back on on-line and mobile purchases, plus it throws in a 2 percentage APY savings account ( on up to a $ 10,000 ). These are fantastic rates compared to checking accounts and high-yield savings accounts we ’ ve seen, but continue reading our Green Unlimited Cash Back Card recapitulation to see how the ticket print affects your rewards likely .

What are the advantages and disadvantages?

Pros

  • Excellent unlimited cash back rate
  • Additional 2 percent APY high-yield savings account (on up to balances of $100,000)
  • Cash can be deposited at thousands of major retailer locations, including Walmart

Cons

  • $7.95 monthly fee (waived by spending $1,000+ with your debit card during the previous month)
  • Merchant category codes (MCCs) and Green Dot Bank’s qualifying purchase definition exclude many reward-earning opportunities
  • Credit card cash back programs generally offer better cash back and benefits

A deeper look into the current card offer

Quick highlights

  • Rewards rate: Unlimited 2 percent cash back on online and mobile purchases
  • Monthly fee: $7.95 (waived by spending at least $1,000 in the previous monthly period)
  • Initial deposit: $20 to $500
  • Early direct deposit? Yes (“ASAP Direct Deposit,” up to two days before payday)
  • Out of network ATM withdrawal fee: $3 per transaction (50 cents for ATM balance inquiry)
  • Overdraft fee: N/A
  • Early direct deposit? Yes (“ASAP Direct Deposit,” up to two days before payday)
  • Additional savings account included? Yes (2 percent APY on up to a $10,000 balance)

Rewards rate

Unlimited 2 percentage cash back is excellent, even for cash back credit cards. But cash back-earning purchases in the on-line and fluid spending bonus categories are limited by merchant class codes ( MCCs ) and Green Dot ’ s restrictive passing terms .

Earning cash back

In ordering to receive the unlimited 2 percentage cash back on on-line and mobile purchases, the merchant category code—a four-digit number used to classify businesses based on their primary products/services—must report it as a strictly on-line or mobile purchase. The issue here is that there aren ’ t many specific MCCs in Visa ’ sulfur integral list specifically outlining goods and services that fit the description for on-line and mobile purchases. The card agreement says that depending on the retailer ’ sulfur MCC, “ some on-line and in-app purchases appear to us as non-qualifying purchases. ” If the merchant ’ mho code doesn ’ thyroxine categorize itself as an on-line or mobile merchant, then you won ’ t earn cash back. For exemplar, if you decree from a brick-and-mortar bookshop on-line, its MCC doesn ’ thymine indicate it was an on-line merchant and the Green Dot app doesn ’ thymine advise you that it was on-line purchase either, your purchase won ’ triiodothyronine earn rewards. Your other reward opportunities are further limited by Green Dot ’ s sprawling list of which online purchases don ’ thymine qualify :

  • Airline purchases
  • Person-to-person transactions (services such as PayPal and Venmo), digital wallets (such as Apple Pay and Google Pay), digital and gambling currencies (such as casino chips, lottery tickets and in-game currency purchases for mobile and online video games) and traveler’s checks
  • Prepaid cards, such as gift cards
  • Bill payments
  • greendot.com and Green Dot mobile app transactions

That means that flush if you shop on Amazon.com or make in-app purchases, you can ’ triiodothyronine gain cash rear while guarding your calling card with a digital wallet or another third-party P2P requital avail. This strips away a potent layer of identity larceny protection when you ’ re shop online—which is specially concerning since debit cards don ’ t have the same protections as credit cards .

Redeeming cash back

Cash back can alone be added to your account after 12 months of use, meaning upon your report anniversary each year. You then have one year to redeem the rewards before they expire. This is signally less compromising than how many rewards accredit cards operate. normally, you receive your fresh rewards and can redeem them soon after each calendar month ’ randomness placard instruction .

How much are rewards worth?

once you consider the $ 7.95 monthly fee, any returns you make from cash back take a huge cut. It would take spending $ 397.50 each calendar month on on-line or mobile purchases to break even. otherwise, you can spend $ 1,000 each calendar month to waive the monthly tip and save closely $ 8 of rewards. If you normally spend less than $ 1,000 with your debit card each calendar month, you ’ ll be losing about $ 100 in rewards each year in monthly fees. To decide if these rewards are worthwhile, you should evaluate your budget and gauge how much you spend shopping on-line and via mobile each calendar month .

Rates and fees

The Green Dot Unlimited Cash Back menu carries a number of fees, many of which are coarse, but evitable with the right merchandise .

  • Monthly fee: $7.95 (waived after spending $1,000+ in the previous monthly period)
  • Out of network ATM withdrawal: $3 per transaction ($0.50 for ATM balance inquiry)*
  • Teller cash withdrawal fee: $3 per transaction*
  • Replacement card: $5
  • Foreign transaction fee: 3 percent*
  • Paper check fee: $5.95 for 12 checks (No bounced check fee)
  • Overdraft fee: N/A
  • Minimum balance requirement: N/A

*On top of other ATM and merchant fees, etc. green Dot may besides place limits on the number of checks or the dollar sum that you can deposit ( outside the lineal deposit ). Depending on the retailer you deposit cash at, they may besides have their own limits and could charge up to a $ 5.95 sediment tip .

How the Green Dot Unlimited Cash Back card compares to other cash back debit and credit cards

The Green Dot Unlimited Cash Back circuit board offers a high cash back and APY rate compared to other rewards debit cards and savings accounts at its level. In fact, we ’ ve found the Unlimited Cash Back Account ’ s 2 percentage APY is much higher than the 0.09 percentage average savings account APY ( as of Sept. 23, 2020 ) and many other high-yield savings accounts we ’ ve reviewed .

Unlimited Cash Back Bank Account by Green Dot vs. Discover Bank Checking Account

however, early rewards checking accounts can earn more versatile cash back across a wide-eyed pool of purchases. The Discover Bank checking history earns 1 percentage cash back on up to $ 3,000 debit wag purchases each month—not fair online or mobile purchases—with no monthly tip. If you were dead-set on unlimited debit cash binding, the “ fee-free ” Radius Bank Rewards Checking explanation offers unlimited 1 percentage cash back on signature-based debit purchases, plus 1.5 percentage back on blue-ribbon categories .

Unlimited Cash Back Bank Account by Green Dot vs. Wells Fargo Active Cash® Card

In most cases, you ’ re better off with a cash back credit card when it comes to rewards. many cash back cards carry extra benefits and earn more rewards over a larger image of purchases. For model, the Wells Fargo Active Cash® Card can earn up to unlimited 2 percentage cash rewards on purchases. The Capital One Quicksilver Secured Cash Rewards Credit Card is a hearty alternative option ( earns unlimited 1.5 percentage back on all purchases ) if you haven ’ t built up a prime credit score fair so far .

Bankrate’s Take: Is the Green Dot Unlimited Cash Back card worth it?

The Green Dot Bank Unlimited Cash Back Bank Account Visa debit card ’ s 2 percentage cash back on fluid and on-line purchases, plus 2 percentage high-yield savings account APY, are a notch above competing accounts ’ rates. unfortunately, the apparently broad bonus categories are narrowed a bite by the issuer ’ s definition of a qualify leverage. These restrictions and a monthly fee make other rewards debit cards more lucrative options. But as with other rewards checking accounts, you should view Green Dot ’ s debit calling card as an lend fringe benefit rather than a decision making factor in where you bank. Cash back citation cards are ultimately a better practice of your rewards spend. All information about the green Dot Unlimited Cash Back Bank Account Visa® Debit Card, Discover Bank checking account debit wag and Radius Bank Rewards Checking account debit card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.

Frequently Asked Questions

  • Green Dot Bank ’ s Unlimited Cash Back Bank Account Visa Debit Card offers a credit limit in the come of your initial lodge ( $ 20 to $ 500 ) .
  • Most purchases made on-line or on mobile modify for 2 % cash back. In fact, you will receive a notification in your green Dot mobile app each time you make a qualify purchase. however, airline and gift card purchases a well as beak payments made using your debit tease or greens Dot ’ randomness Bill Pay overhaul do not qualify .
  • You can reload cash directly to your bill at the register at more than 90,000 locations. mobile users can besides reload their card through the Green Dot app, which will generate a code that you will give to the teller along with your cash. Each of these options will incur a retail service fee of up to $ 4.95 .
source : https://www.peterswar.net
Category : Finance

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