A cashless transaction is preferred over anything nowadays simply because of the convenience it offers to the customer. Customers across the world are familiar with credit cards, but the idea of a prepaid debit card is slowly and steadily catching the attention of many. A prepaid card with no monthly fee is not exactly like a credit card or even a debit card. So, what is actually a prepaid debit card?

An estimated 40 million Americans don’t have a bank account. Some get disqualified if they have a history of many bounced checks. Some don’t trust the banking system and some who find it a waste of time. A prepaid card score in all these situations is where the user gets the convenience of a plastic card plus most of them qualify without even the need for a bank account. Money is loaded in the card by the user, and the card cannot be used after the user ends up using all the money. Prepaid cards can be bought from a retail outlet using cash ,credit or debit card. The card can be bought online and have it shipped to the user. Prepaid card issuers charge a nominal amount monthly for providing the card which in many cases can be waived off. Some issuers charge no fee at all. Let us take a look at some of the prepaid cards with no monthly fees:

• Bluebird by American Express
  Issued by American Express and in partnership with Walmart, Bluebird offers much more than an average prepaid card. Bluebird is one of the best prepaid cards with no monthly fees when compared to an average fee of $4.67 which other providers charge. The activation fee is also free. Bluebird cards are free if used at the ATMs in the MoneyPass network and $2.50 at any other ATM excluding the ATM operator fee. Cash can be loaded via direct deposit, debit card transfer and at Walmart stores. Bluebird doesn’t offer cashback at retailers. The card doesn’t support bank transfer. American Express is not accepted all-round the globe like Visa and MasterCard.
• Movo Virtual Prepaid Visa Card
  Movo neither has a monthly fee nor a purchase fee. Movo has no fee for activation or inactivity. Movo cards are free at 6000 ATMs in the Visa Plus alliance network. Money can be loaded through direct deposit, debit cards for a nominal fee, PayPal balance, and retailers with Visa Ready link location. Movo can be used for online bill payment. Provision for a card to card transfer is an added plus. Bill payments are a bit costly, and freeloading takes a minimum two to three working days to reflect in the cad balance.
• Fifth Third Access 360 Reloadable Prepaid Card
  Access has over 45,000 ATMs. Access cards are available in ten states with Fifth Third’s branches. Access has a $4 monthly fee which can be waived off if the user deposits more than $500 monthly. The card doesn’t have any activation fee or any cost for inactivity. Access cards are free at ATMs under Fifth Third and Allpoint ATM network. Other ATMs charge $2.75 excluding their operation fees. The card is not available in every state which is a drawback.
• Akimbo Prepaid Master Card
  Issued by Minnesota-based Sunrise Banks, Akimbo is a free prepaid card with no monthly fee which charges for the first five pin based purchases. Activation is free. Akimbo doesn’t fall under any ATM network so that any use will cost the user a nominal fee. Akimbo charges around 99 cents for the first five purchases, and there is no fee for signature-based purchases. ATM withdrawal charges are $1.98 per withdrawal excluding the ATM operator fee. The card can be reloaded via direct deposit, bank transfer. Cash can be added to a retailer in the Master card repower or Green Dot reload.
• Simple
  Simple also is a prepaid card with no monthly fee or fee for inactivity. ATM withdrawals are fee excluding the operating charges for non-Allpoint ATMs. Cash can be reloaded through direct deposit, PayPal transfer, bank transfer and mobile check deposit. Simple doesn’t encourage cash deposit, so the user has to deposit a money order to reload.
  One of the main advantages of a prepaid card with no monthly fee is the convenience it offers without the fear of overspending. Prepaid cards with no monthly fee are a good option for parents who financially support their kids. Some prepaid cards even offer interest for the money deposited. If a user wants to save money, its best to go for a card with savings option. If the user wishes to pay his bills, it’s better to find a card with free online payment of bills. In short, the user needs to understand the purpose before availing for a prepaid card.