As soon as you look at the $7.95 monthly charge, any returns you create from cash back simply take a huge cut. It might just take investing $397.50 every month on online or purchases that are mobile break also. Otherwise, you’ll invest $1,000 each month to waive the month-to-month charge and save your self almost $8 of benefits. Each month, you’ll be losing almost $100 in rewards each year in monthly fees if you usually spend less than $1,000 with your debit card.
To determine if these benefits are worthwhile, you should think about your financial allowance and measure just how much you may spend shopping on the web and via mobile every month.
Prices and fees
The Green Dot Unlimited money back card holds an amount of costs, some of which are normal, but avoidable utilizing the product that is right.
- Monthly charge: $7.95 (waived after spending $1,000+ in the last month-to-month duration)
- Away from community ATM withdrawal: $3 per transaction ($0.50 for ATM stability inquiry)*
- Teller cash withdrawal cost: $3 per transaction*
- Replacement card: $5
- International deal charge: 3 percent*
- Paper check charge: $5.95 for 12 checks (No bounced check charge)
- Overdraft fee: N/A
- Minimal stability requirement: N/A
*On top of other ATM and vendor costs, etc.
Green Dot might also put restrictions regarding the amount of checks or the buck quantity you could deposit (outside the direct deposit). With regards to maximus money loans payment plan the store you deposit money at, they might also provide their very own restrictions and could charge as much as a $5.95 deposit cost.
The way the Green Dot Unlimited money back card even compares to other debit benefits cards
The Green Dot Unlimited money back card provides a cash that is high and APY price when compared with other rewards debit cards and cost cost cost savings reports at its level. in reality, we’ve found the cash that is unlimited Account’s 2 % APY is significantly greater than the 0.09 % average cost cost savings account APY (at the time of Sept. 23, 2020) and lots of other high-yield savings accounts we’ve evaluated.
Nonetheless, other benefits checking records can earn much more cash that is versatile across a wider pool of acquisitions. The Discover Bank bank account earns 1 per cent money back on as much as $3,000 debit card acquisitions each month—not simply online or mobile purchases—with no fee that is monthly.
If perhaps you were dead-set on unlimited debit cash return, the “fee-free” Radius Bank Rewards bank account provides limitless 1 % money back on signature-based debit acquisitions, plus 1.5 back that is percent choose groups.
Generally in most situations, you’re better off with a cash return credit card with regards to benefits. Numerous money back cards carry additional advantages and earn significantly more benefits over a bigger array of acquisitions. As an example, the Citi® Double money Card can make as much as limitless 2 % cash return on all purchases—1 percent at purchase and another one percent upon payment.
| Card/Account name | Rewards rate | Annual/Monthly fee | Other details |
| Discover Bank Cashback Debit Account |
|
N/A |
|
| Radius Bank Rewards Bank Checking Account |
|
N/A |
|
| CitiВ® Double Money Card |
|
$0 fee that is annual |
|
Bankrate’s Take—Is the Green Dot Unlimited money back card worth every penny?
The Green Dot Bank Unlimited money back banking account Visa debit card’s 2 percent money back on mobile and online acquisitions, plus 2 % high-yield checking account APY, are a notch above contending accounts’ rates. Regrettably, the apparently broad bonus groups are narrowed a little because of the issuer’s concept of a purchase that is qualifying. These limitations and a month-to-month cost make other rewards debit cards more profitable choices.
But just like other benefits checking reports, you need to see Green Dot’s debit card as an extra perk instead of a factor that is deciding in which you bank. Cash return charge cards are eventually a far better usage of your benefits investing.
Professionals
- Exceptional cash that is unlimited price
- Extra 2 % APY high-yield checking account (on as much as balances of $100,000)
- Cash are deposited at tens of thousands of major store places, including Walmart
Cons
- $7.95 monthly charge (waived by spending $1,000+ together with your debit card through the past thirty days)
- Vendor category codes (MCCs) and Green Dot Bank’s purchase that is qualifying exclude many reward-earning possibilities
- Charge card money back programs generally provide better cash return and benefits
All information regarding the Green Dot Unlimited money back bank-account VisaВ® Debit Card, Discover Bank bank checking account debit card and Radius Bank Rewards bank account debit card happens to be gathered separately by Bankrate and it has maybe perhaps not been evaluated or authorized by the issuer.
Editorial Disclosure: viewpoints expressed right right here are the author’s alone, and have now perhaps perhaps not been approved or reviewed by any advertiser. The details, including card prices and charges, is accurate as of the publish date. All services or products are presented without guarantee. Look at the bank’s web site for the many information that is current.