NexsCard Prepaid Visa Review
The NexsCard Prepaid Visa, formerly known as “NexisCard”, has fees for every occasion. Purchases, cash loads, ATM access–they’ll all cost you.
NexsCard Prepaid Visa Overview
If you’re looking for a card with high fees, look no further. You’ve found it with the NexsCard Prepaid Visa.
It starts with an activation fee of $4.95. It continues with fees for every purchases–$1 for credit purchases; $1.50 for debit/PIN purchase. Then it adds its own fees for cash reloads from $1 – $2 in addition to the charges by the cash reload networks. ATM withdrawals will cost you $2.50. And there are a number of “junk fees”–like fees for customer service and cancellation.
The main feature touted by the NexsCard is early access to government benefits. It purports to provide access to Social Security, SSI and other benefits up to 6 days early. According to NexsCard, it makes the benefit amounts available on the card “as soon as the Government sends notice that it intends on making a payment.” Then it tacks on another fee of $3 for the service.
The NexCard Prepaid Visa can be used anywhere Visa debit cards are accepted.
The main benefit offered by the NexsCard is providing early access to federal government benefit checks. The service comes with a fee of $3 and is subject to qualifications not disclosed in the cardholder agreement.
The card offers a mobile app for access to account history and balances.
The NexCard has high limits. It offers a card balance limit of $20,000–higher than the vast majority of cards. And a daily spending limit of $10,000, also higher than most other cards.
ATM withdrawal limits are $800.
The fees are high and plentiful.
The NexsCard Prepaid Visa charges an activation fee of $4.95.
The card charges for all purchase transactions–$1.00 for credit (signature) transactions, $1.50 for debit (PIN) transactions. While not that unusual, what is rare is that the NexsCard doesn’t offer a monthly-fee based plan with unlimited transactions as an option.
Another unusual fee is its cash reload fee. Cash reloads come with some kind of cost for most prepaid cards. But the cost is generally limited to the fee charged by the reload service–like Green Dot MoneyPak, MoneyGram, or Western Union. The NexsCard tacks on its own fee for cash reloads in addition to the fee charged by the reload network.
You can add cash to the NexsCard at MoneyGram, Western Union, and Visa ReadyLink agents. The NexsCard charges a $1 fee for MoneyGram and Western Union loads and $2 for cash loads through Visa ReadyLink. The fees charged by the cash reload service run $3.74 – $4.95.
ATM withdrawals run $2.50 in addition to the fees charged by the ATM operator. Balance inquiries at an ATM cost $.75. And there’s something called an “ATM Balance Inquiry Decline Fee” which we’ve never heard of. But, if you’re lucky enough to get it, it’ll cost $.50.
If the card is inactive for 90 days, you’ll be charged an inactivity fee of $4.95.
How to Load Money on the NexsCard Prepaid Visa
Direct Deposit: Paychecks and government benefits checks can be loaded on the card via direct deposit without a fee. But if you want to take advantage of their “early access” feature for government benefits, it costs $3.
Online Bank Transfer: If you have a bank account, you can transfer funds to the NexsCard online with a fee.
Cash Reload: Cash can be loaded on the card through Western Union, Visa ReadyLink, and MoneyGram. NexsCard charge $1 – $2 per cash load; the reload services charge $3.74 – $4.95.
You can use your NexsCard to get cash at ATMs. The fee is $2.50 plus any charge by the ATM operator.
Like other prepaid cards, you can also get cash at many retailers when making a debit purchase using your PIN. But, there’s a fee of $1.50 for each PIN transaction.
Where to Get the NexsCard
The NexsCard Prepaid Visa is available at retailers and online. The activation fee for either is $4.95.
The Bottom Line
The one benefit relied on by the NexsCard is early access to government benefits. But that will cost you, as will everything else.
In short, get a better prepaid card.