As soon as you think about the $7.95 monthly cost, any returns you will be making from money back have a huge cut. It might just simply simply take investing $397.50 every month on online or purchases that are mobile break also. Otherwise, you’ll invest $1,000 every month to waive the month-to-month cost and save yourself almost $8 of benefits. If you often invest not as much as $1,000 together with your debit card every month, you’ll be losing nearly $100 in benefits every year in month-to-month costs.

To choose if these benefits are worthwhile, you should think about your allowance and measure simply how much you may spend shopping on the net and via mobile every month.

Prices and fees

The Green Dot Unlimited money back card holds a quantity of costs, lots of which are normal, but avoidable using the product that is right.

• Month-to-month cost: $7.95 (waived after investing $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*
• Substitution card: $5
• International deal cost: 3 percent*
• Paper check cost: $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 spot restrictions from the amount of checks or perhaps the buck quantity that you could deposit (outside the direct deposit). With respect to the store you deposit money at, they might also provide their limits that are own could charge as much as a $5.95 deposit cost.

How a Green Dot Unlimited money back card even compares to other debit benefits cards

The Green Dot Unlimited money back card offers a higher money back and APY price in comparison to other benefits debit cards and cost savings reports at its degree. In reality, we’ve found the cash that is unlimited Account’s 2 % APY is significantly more than the 0.09 per cent average cost savings account APY (at the time of Sept. 23, 2020) and several other high-yield savings accounts we’ve evaluated.

But, other benefits checking records can earn much more versatile cash return across a wider pool of acquisitions. The Discover Bank bank checking 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 monthly cost.

If perhaps you were dead-set on unlimited debit money back, the “fee-free” Radius Bank Rewards bank account provides limitless one percent money back on signature-based debit acquisitions, plus 1.5 % straight back on choose groups.

In many situations, you’re better off with a cash return credit card in terms of benefits. Numerous money back cards carry additional advantages and earn much more benefits over a bigger variety of acquisitions. As an example, the Citi® Double money Card can make as much as limitless 2 % money back on all purchases—1 percent at purchase and another 1 % upon payment.

Card/Account name	Rewards rate	Annual/Monthly fee	Other details
Discover Bank Cashback Debit Account	one percent cash return on as much as $3,000 in debit card acquisitions every month	N/A	60,000+ fee-free ATMs across the U.S. No charge for check instructions No funds that are insufficient No minimum opening balance or deposit requirement
Radius Bank Rewards Bank Checking Account	Limitless 1.5 % cash return on specified groups for the restricted time Unlimited 1 per cent cash return on on the web and signature-based acquisitions each thirty days	N/A	$100 account opening requirement $25 fee that is overdraft High-yield 0.10 per cent APY bank account (on balances of $2,500 to $99,999.99 with 0.15 % APY on balance of $100,000+ No in-network ATM charges and ATM that is unlimited fee for away from system ATMs
Citi® Double Money Card	Unlimited up to 2 per cent cash return on all acquisitions: one percent upon purchase and extra one percent upon re payment	$0 fee that is annual	18-month 0 % intro balance transfer APR (13.99 % to 23.99 % adjustable after) “Excellent” credit score typically needed (FICO get of 740 to 850) Charge cards provide extra security that debit cards don’t, like the standard $0 liability for unauthorized fees, and additional federal protections

Bankrate’s Take—Is the Green Dot Unlimited Cash Back card worth every penny?

The Green Dot Bank Unlimited money back banking account Visa debit card’s 2 percent cash return on mobile and online acquisitions, plus 2 % high-yield family savings APY, really are a notch above contending accounts’ prices. Unfortuitously, the apparently broad bonus groups are narrowed a little by the issuer’s concept of a purchase that is qualifying. These limitations and a month-to-month charge make other rewards debit cards more profitable choices.

But much like other benefits checking reports, you need to see Green Dot’s debit card as an extra perk as opposed to a factor that is deciding in which you bank. Cash return charge cards are finally a much better utilization of your benefits spending.

Benefits

• Exceptional limitless money back price
• Extra 2 % APY high-yield checking account (on as much as balances of $100,000)
• Money may be deposited at 1000s of major store areas, including Walmart

Cons

• $7.95 month-to-month cost (waived by investing $1,000+ together with your debit card throughout the past thirty days)

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• Merchant category codes (MCCs) and Green Dot Bank’s qualifying purchase meaning exclude many reward-earning possibilities
• Charge card cash return programs generally offer better cash return and benefits

All information on the Green Dot Unlimited money back banking account VisaВ® Debit Card, Discover Bank account that is checking card and Radius Bank Rewards bank checking account debit card was gathered separately by Bankrate and contains maybe perhaps not been evaluated or authorized by the issuer.

Editorial Disclosure: views expressed right right here are the author’s alone, and also perhaps perhaps not been evaluated or authorized by any advertiser. The information and knowledge, including card prices and costs, is accurate as of the date that is publish. All services or products are presented without guarantee. Check the bank’s internet site for the many present information.