NetSpend has a very tempting referral program.
I’m sure if you’re reading this, you probably heard about it too.
I decided to learn about how the referral program works, and I discovered a few things about NetSpend.
Now, before I get into my NetSpend review, I want you to understand it is entirely up to you if you’re going to get some free money.
I wanted to write this review because I wanted to give you the rundown on my findings.
What I discovered about the NetSpend prepaid debit card is that it’s the card that can keep on taking.
Specs About Nespend Prepaid Card
Product Name: Netspend
Free Access: Yes
Price: Varies when using their debit card
Website URL: netspend.com
BeginAtZero.com Overall Rating: 3/10
How I Discovered NetSpend
I came across NetSpend by someone promoting this product. They promoted it basically like an MLM business.
When I was reading the promotional site, they were pretty much upfront about it being an MLM company.
When I researched NetSpend, I didn’t see anything related or tied to this MLM Company.
What I found out is that a lot of people are promoting this prepaid debit card in their own ways.
NetSpend has a referral program that is pretty cut and dry.
To make some money with this debit card, all you do is deposit $40 into your new card and make sure you enter a referral code that you get from someone.
You will receive $20 and the person that gave you the referral code will get $20.
It sounds simple and who wouldn’t want some free money.
People saw the value in this referral program. I’ve seen so many people using their entrepreneurial spirit promoting this debit card through blogs, YouTube, splash pages, and even in an MLM form like the way I came across this referral program.
When I dug a little deeper regarding this debit card, It never crossed my mind that a prepaid debit card would have many complaints.
I was truly amazed by what I found. I understand that a prepaid debit card is a great alternative instead of having a bank account. With the fees, this card has, I wonder if it’s even worth your time.
How Does The Referral Program Work
Like I said before, it’s a pretty cut and dry program. What you do is order a card online or go to a retailer like Walmart and purchase a card.
Some of the retail stores may have an activation fee, but if you order your card online, there is no fee to activate or get your debit card.
You can fill out all your information online. You will have to load $40 into your NetSpend debit card.
Once you load the $40 you will automatically get $20 into your account and the person who referred you will get $20.
This seems like this is a win-win situation for everyone. This program is probably one of the easiest ways to make some extra cash by practically doing nothing because it is something we all do on a regular basis.
Where Can I Load My Money?
You can load money into your card at any place that accepts Netspend.
- Check Cashing
- Grocery Stores
- Some Dollar Stores
- Gas Stations
You can also go to their website and enter your location. They will give you a list of places where you can load money into your card.
The Good Side To Prepaid Cards
A lot of people like to use prepaid cards because they don’t want it to tie into their bank accounts. Some employers are using them to pay their employees.
One of the things that are great about prepaid cards is that if you like to shop online like me, you don’t have to worry about giving your bank information to places where you enjoy shopping. There are other benefits to prepaid cards.
- There is no credit check for obtaining a prepaid debit card.
- You can request a direct deposit with a prepaid debit card.
- You can get your tax refunds loaded on to your card at no cost.
- Great for teens to start learning about money and how to budget.
- You are not carrying around a lot of cash.
According to an article I read on CNN, the average basic fees on a prepaid debit card are $300 a year.
I looked into the fees that NetSpend has, they have three plans you can choose from.
Pay As You Go Plan, this plan doesn’t have a monthly fee or cost you anything to open an account. They do charge you a dollar for every signature transaction fee. They also charge $2 for every pin purchase transaction. This means you will be charged every time you use debit or credit. These fees can add up very quickly.
The Free Advantage Plan, has a monthly fee of $9.95, but you don’t pay a signup fee nor you don’t pay a signature fee or a pin purchase transaction.
The Premier Advantage Plan has a monthly fee of $5 and you don’t pay a signup fee, signature, or pin purchase transaction.
No matter what plan you choose, fees can not be avoided. Here is a list of other fees that applies.
- $2.50 fee for withdrawing money at an ATM. Not including the fees that the ATM has.
- $1.00 if your card was declined at an ATM
- Cash withdrawal fee. Fees vary from location to location
- Reloading Fee it varies from location to location
- $1.95 bank transfer fee
- $4.95 fee if you call to NetSpend to transfer money from account to account
- .50 fee toll-free automated service. (Premier cardholders don’t apply)
- .50 fee when you speak to an agent.
- .50 fee when you check your balance at an ATM
- $5.95 fee when you order a statement
- $15.00 fee for overdraft protection
- $9.95 fee for an additional card
- $9.95 fee if you lose your card
- $5.95 fee if the card hasn’t been used for 90 days
- $1.00 fee when the debit card gets declined
- $10.00 stop payment fee
- $4.95 fee for a custom card
I know some of these fees are standard fees with debit cards. Let’s be real here, I’m new to the $5.95 hasn’t been used for 90 days fee.
I don’t know if any of you experienced this, but I find that a little ridiculous.
I couldn’t imagine every time I choose to use debit or credit, I get a 1 or 2 dollar fee added on my account, I find this quite expensive.
Is It Worth It?
With all those fees, I wonder if it’s even worth your time to even get that $20.
When you look at all the fees this card has, you may want to look for a better-prepaid debit card that doesn’t have as many fees as this card has.
The prepaid card, that was recommended from my research, was Green Dot Debit Card.
If you think about how many times you actually use your debit card from shopping, paying bills, dining out, take out, and so on, these fees can add up quickly.
If you don’t keep a good tab on your spending habits, you could now be looking at overdraft fees of $15.
This can add up during the holidays because we do a lot of shopping at that time of the year. Usually, we go to multiple stores and this prepaid debit card can mess up our holidays.
I Asked A Few People About NetSpend
I asked a few people that I personally know that used NetSpend in the past. They told me that they canceled that card because of the fees.
They told me they kept getting charged .50 cents for everything. They also told me there were a lot of hidden fees that add up quickly.
I was told that the customer service there was terrible. It took hours to get things resolved and on top of that, they were being charged for the call.
I asked them about that $20 referral program, and they told me that it wasn’t even worth it. They told me that card was dangerous and that $20 will be gone faster than you think.
What Are The Complaints on the net?
I read how so many people put money into their debit card and couldn’t get access to their money. This is pretty scary when you put your trust into a company that you think you can trust.
I found a number of complaints with the BBB. What is really scary is that there is a website about how people were getting ripped off by NetSpend.
I think you should do your research before you even think about getting a prepaid debit card from this company.
Is It Worth The Time And Effort To Get Referrals?
Usually, the first people we go to with something like this are our friends and family members.
It all seems great and a win-win situation until the fees kick in. Now we got angry relatives and friends because of the problems people have to go through to get everything straightens out.
It is something you should consider before you even venture into something like this.
I know your entrepreneurial spirit is kicking in. You’re probably thinking of ways that it would be worth it. I’m telling you it’s not. There are plenty of products out there that are win-win situations that you can do and check out this site can show you how.
All In All
Even though NetSpend’s referral program seems easy to do, I find this card to be a waste of your time and money.
NetSpend’s pay as you go plan is one of their worst cards they rated. There are plenty of other prepaid debit cards rated better that you may want to look at.
If you were one of those people looking into their debit card referral program and wanted to use your entrepreneurial spirit to build a business, I highly suggest you check My #1 Heroic Site. They will teach you how to build a business with integrity. You can check it out for free.
What is your take about NetSpend, Tweet me @evelynbaz!
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