How To Get Your Money Back From Greendot
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Snapshot
3.2
Lesser line
The Greenish Dot Unlimited Cash Back Depository financial institution Account Visa Debit Card is a unique blend between a prepaid bill of fare and an online bank business relationship. It'southward a proficient pick for anyone wants to earn unlimited 2 percent cash dorsum on purchases. Plus, its separate savings account earns 2 percent almanac interest (APY) on balances up to $10,000, offering users a nice boost of up to $200 with involvement.
Unlimited Cash Dorsum Banking company Business relationship by Green Dot
Recommended Credit Score
Fair to Practiced (580 - 740)
Green Dot Unlimited Cash Back Bank Account Visa® Debit Card overview
Debit bill of fare and checking account rewards are pretty rare nowadays, merely they tin can be a user-friendly mode to earn some extra cash back. Just don't expect to rake in every bit much as you would with a solid rewards credit menu.
The Green Dot Bank Unlimited Greenbacks Back Banking concern Account Visa® Debit Carte du jour earns an impressive 2 per centum cash dorsum on online and mobile purchases, plus it throws in a 2 percent APY savings account (on up to a $10,000). These are fantastic rates compared to checking accounts and high-yield savings accounts nosotros've seen, but continue reading our Dark-green Unlimited Greenbacks Back Card review to see how the fine print affects your rewards potential.
What are the advantages and disadvantages?
Pros
- Fantabulous unlimited greenbacks back rate
- Additional two pct APY loftier-yield savings business relationship (on upward to balances of $100,000)
- Cash can exist deposited at thousands of major retailer locations, including Walmart
Cons
- $7.95 monthly fee (waived by spending $1,000+ with your debit card during the previous month)
- Merchant category codes (MCCs) and Green Dot Depository financial institution's qualifying buy definition exclude many reward-earning opportunities
- Credit card greenbacks back programs generally offer better greenbacks back and benefits
A deeper look into the current card offering
Quick highlights
- Rewards rate: Unlimited 2 per centum cash back on online and mobile purchases
- Monthly fee: $7.95 (waived past spending at to the lowest degree $1,000 in the previous monthly menstruation)
- Initial eolith: $20 to $500
- Early direct deposit? Yeah ("ASAP Direct Deposit," upwardly to two days earlier payday)
- Out of network ATM withdrawal fee: $3 per transaction (l cents for ATM balance research)
- Overdraft fee: N/A
- Early on straight deposit? Yes ("ASAP Direct Deposit," upwardly to two days earlier payday)
- Additional savings account included? Yes (two percent APY on upwards to a $10,000 remainder)
Rewards rate
Unlimited 2 per centum greenbacks back is excellent, even for greenbacks back credit cards. But cash dorsum-earning purchases in the online and mobile spending bonus categories are limited by merchant category codes (MCCs) and Greenish Dot's restrictive qualifying terms.
Earning cash back
In order to receive the unlimited two percent cash dorsum on online and mobile purchases, the merchant category code—a iv-digit number used to classify businesses based on their primary products/services—must describe it as a strictly online or mobile purchase.
The event hither is that there aren't many specific MCCs in Visa's entire list specifically outlining goods and services that fit the clarification for online and mobile purchases. The card agreement says that depending on the retailer's MCC, "some online and in-app purchases appear to usa as non-qualifying purchases." If the merchant's code doesn't categorize itself equally an online or mobile merchant, and so you won't earn cash back.
For case, if you gild from a brick-and-mortar bookstore online, its MCC doesn't indicate it was an online merchant and the Green Dot app doesn't notify you that information technology was online buy either, your purchase won't earn rewards.
Your other reward opportunities are further limited by Dark-green Dot'southward sprawling list of which online purchases don't qualify:
- Airline purchases
- Person-to-person transactions (services such as PayPal and Venmo), digital wallets (such as Apple Pay and Google Pay), digital and gambling currencies (such every bit casino chips, lottery tickets and in-game currency purchases for mobile and online video games) and traveler's checks
- Prepaid cards, such every bit souvenir cards
- Pecker payments
- greendot.com and Light-green Dot mobile app transactions
That means that even if you lot shop on Amazon.com or make in-app purchases, you can't earn greenbacks back while guarding your card with a digital wallet or some other third-party P2P payment service. This strips away a strong layer of identity theft protection when you're shopping online—which is especially concerning since debit cards don't have the aforementioned protections as credit cards.
Redeeming cash dorsum
Cash back can only be added to your business relationship afterward 12 months of employ, significant upon your account ceremony each yr. You then have one year to redeem the rewards before they expire.
This is remarkably less flexible than how many rewards credit cards operate. Usually, y'all receive your new rewards and can redeem them before long later each calendar month'due south billing statement.
How much are rewards worth?
Once you lot consider the $7.95 monthly fee, whatever returns you brand from cash back accept a huge cutting. It would take spending $397.50 each calendar month on online or mobile purchases to break even. Otherwise, you can spend $ane,000 each month to waive the monthly fee and save most $eight of rewards. If y'all normally spend less than $i,000 with your debit card each month, you'll exist losing nigh $100 in rewards each twelvemonth in monthly fees.
To decide if these rewards are worthwhile, you should evaluate your budget and gauge how much y'all spend shopping online and via mobile each month.
Rates and fees
The Dark-green Dot Unlimited Cash Back card carries a number of fees, many of which are common, but avoidable with the right product.
- Monthly fee: $vii.95 (waived later spending $one,000+ in the previous monthly catamenia)
- Out of network ATM withdrawal: $3 per transaction ($0.50 for ATM rest inquiry)*
- Teller cash withdrawal fee: $3 per transaction*
- Replacement card: $5
- Foreign transaction fee: 3 percent*
- Paper check fee: $5.95 for 12 checks (No bounced cheque fee)
- Overdraft fee: N/A
- Minimum balance requirement: N/A
*On top of other ATM and merchant fees, etc.
Green Dot may also place limits on the number of checks or the dollar amount that yous tin eolith (outside the direct deposit). Depending on the retailer you eolith cash at, they may also have their own limits and could charge upwardly to a $5.95 eolith fee.
How the Green Dot Unlimited Cash Back card compares to other cash back debit and credit cards
The Green Dot Unlimited Cash Back card offers a loftier cash back and APY rate compared to other rewards debit cards and savings accounts at its level. In fact, we've plant the Unlimited Cash Back Account's ii percent APY is much higher than the 0.09 pct boilerplate savings account APY (as of Sept. 23, 2020) and many other loftier-yield savings accounts we've reviewed.
Unlimited Greenbacks Back Depository financial institution Account by Green Dot
3.ii
Recommended credit
Fair to Good(580 - 740)
Wells Fargo Agile Cash® Card
Intro offer
$200 cash rewards
Recommended credit
Expert to Fantabulous(670 - 850)
Capital letter I Quicksilver Secured Cash Rewards Credit Bill of fare
Recommended credit
No Credit History
Unlimited Greenbacks Back Banking company Account by Light-green Dot vs. Detect Bank Checking Account
Yet, other rewards checking accounts tin earn more versatile greenbacks back beyond a wider pool of purchases. The Notice Banking company checking business relationship earns ane percentage cash back on upward to $3,000 debit card purchases each month—not just online or mobile purchases—with no monthly fee.
If you lot were dead-set on unlimited debit cash back, the "fee-costless" Radius Banking company Rewards Checking account offers unlimited 1 percent cash back on signature-based debit purchases, plus 1.5 percent back on select categories.
Unlimited Cash Back Bank Account by Green Dot vs. Wells Fargo Active Greenbacks® Carte du jour
In nigh cases, you're better off with a cash back credit card when it comes to rewards. Many cash dorsum cards comport extra benefits and earn more rewards over a larger range of purchases. For example, the Wells Fargo Active Cash® Card can earn up to unlimited 2 percent cash rewards on purchases.
The Capital One Quicksilver Secured Greenbacks Rewards Credit Bill of fare is a solid culling choice (earns unlimited 1.five percent back on all purchases) if you haven't built up a prime credit score merely yet.
Bankrate's Take: Is the Dark-green Dot Unlimited Cash Dorsum card worth it?
The Green Dot Bank Unlimited Greenbacks Back Bank Account Visa debit carte du jour'south 2 percent cash dorsum on mobile and online purchases, plus ii percent high-yield savings account APY, are a notch above competing accounts' rates. Unfortunately, the seemingly broad bonus categories are narrowed a flake past the issuer's definition of a qualifying buy. These restrictions and a monthly fee brand other rewards debit cards more lucrative options.
Merely as with other rewards checking accounts, you should view Greenish Dot's debit bill of fare every bit an added perk rather than a deciding cistron in where you banking concern. Cash back credit cards are ultimately a better use of your rewards spending.
All information about the Green Dot Unlimited Greenbacks Back Banking concern Business relationship Visa® Debit Carte du jour, Notice Bank checking business relationship debit card and Radius Bank Rewards Checking account debit carte has been nerveless independently by Bankrate and has not been reviewed or approved by the issuer.
Frequently Asked Questions
Source: https://www.bankrate.com/finance/credit-cards/reviews/green-dot-unlimited-cash-back-bank-account-visa-debit-card/
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