A while back I had a conversation with one of my friends as to how difficult it was for people to pay bills that didn’t have the ability to open a checking account. Frankly, it’s another one of those things that most people take for granted.
For a long time the only real solution was to cash paychecks at places like Walmart, and then carry around cash for the entire month! Although I’m a firm believer in paying in cash, could you imagine how hard it is to pay bills if all you have is cash? You can’t write checks and you can’t pay bills online.
While some have gone the route of paying bills at retail locations or using money orders to make payments, there are products like the WalMart MoneyCard and Greendot prepaid cards that offer an alternate solution.
I’m not an advocate of the high fees that the WalMart MoneyCard and Green dot money card charges, the reality is that people cashing paychecks at places like Walmart have to pay a fee regardless. They can also get away with the fees because there is a need for this sort of product.
Furthermore, the Walmart MoneyCard and Greendot cards aren’t the only prepaid cards out there! I have a great tool below that will help my readers compare some of the other Prepaid Cards (and their fees).
For starters though, let’s compare the two main prepaid cards:
Overall, I’d suggest that the Walmart MoneyCard is a better value as long as you’re not constantly using ATMs. The Greendot card’s fees are just a little too high unless you can deposit enough (or spend enough) to get the monthly fee waived.
With all of that said, I’d urge my readers to use the tool below and sift through some of the other great prepaid cards. After reviewing most of the carriers, I believe the UPside Visa Prepaid Card is the best offer available.
The articles are written by personal finance enthusiasts (not certified professionals) based on their personal experience. What works for them may or may not work for you, and you should always consult a financial advisor before making important financial decisions.
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