Do Prepaid Cards Have Statements?

Do Prepaid Cards Have Statements?

January 4, 2021         Written By Tracy Farnsworth

Have you ever wondered how a prepaid card works? How does the money get onto the card? How do you keep track of your spending or know if your deposit goes through? They have statements, right? Few prepaid cards have monthly statements, so you need to know how to find out how much money you have on your card.

Funding and Using a Prepaid Card

With a prepaid card, you add funds to the card with money from your bank, a paycheck, tax refund, or a credit card. Much of it depends on the type of prepaid credit card and what options they allow. The money you add becomes the money you can spend on purchases. You can also use most prepaid cards to pay bills.

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Once the funds are there, how do you use the card? Prepaid cards usually have a Visa or Mastercard logo so they can be used almost everywhere. They work exactly like a credit card. Enter the card number, your name, the expiration, and the three-digit security code from the back. The charge is approved if you have enough funds or denied if you don’t. Instead of having a credit limit like you do on a credit card, you add funds to the prepaid card. The amount you add becomes how much you’re able to spend.

That’s how you fund and use prepaid cards, but what about the other angle? How do you know what’s left in your balance? Do prepaid cards have statements you can check to prevent overspending? If you do overspend, what happens?

It’s rare for a company to issue monthly statements on a prepaid card, so don’t expect to have this service. Most companies offer a couple of options for accessing your transactions and balance. You may have to call, or you might be able to access information online or through a mobile banking app.

How to Check Online for Your Charges

Some prepaid cards do allow you to access your balance and transactions online. Go to the website and see if you need to create an account. You typically do not have to pay any fees to check your transactions online or print a list of your transactions from the bank or prepaid card company’s website.

Some have free mobile banking apps that allow you to quickly check transactions when you’re on the go. The installation for a mobile app is usually on the bank’s website or in the Google Play or Apple App stores.

What information is offered when you look online? The PayPal Prepaid Mastercard allows you to check a month of transactions. View them online and print out a statement on your own if you want. To do it, you go into your “Activity” and find “Statements.” From there, you can view or print the statement out. It can take up to a week for transactions to clear, so it’s best to keep your receipts until you see the charge clear.

Another popular prepaid card is the NetSpend® Visa® Prepaid Card. To access your statement, go into Netspend Online Banking services to check your balance, set spending limits, or see your transactions. You can also sign up for balance alerts that tell you when you’re getting close to your limit. Netspend also has a mobile app that allows you to do this.

No matter which prepaid card you hold, there are ways to quickly check your balance and look for transactions. When you get the card, read the paperwork and see what’s listed for options. At the very least, you will have a toll-free number you can call to check your balance. You can often check transactions via phone, too. When you call to get your balance or look at your transactions, you need the card number. You may also be required to enter the card’s PIN from the scratch-off box on the back of the card.

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Why is it Important to Check Your Balance and Charges?

Checking your balance on an app or website lets you know when you’re running low on funds. If the card is nearing $0, charges for more than your remaining balance are often denied. You don’t want to be in a store buying an essential item and have your charge denied. Some prepaid cards offer protection against these denied purchases, but it depends on the bank.

When you know you’re nearing $0, you can use the app or website to add additional funds. If you have a prepaid card that allows direct deposits, have some or all of your paycheck go directly into the card’s balance each pay period. If you have a tax refund coming, you can also opt to have that deposited onto your card instead of having it electronically deposited to your savings or checking account.

If you have set up direct deposits, you want to access your activity to make sure your deposit goes through. Check that it is the right amount. If there are discrepancies, contact the card’s customer service department to find out what happened.

There’s another reason to check your activity. Fraudulent purchases can happen with any credit or debit card. The same is true of prepaid cards. It’s best to check your transactions daily and make sure the charges applied to the card were your charges. If you do spot transactions you don’t recognize, call the fraud department and get the fraud report started. If a new prepaid card number needs to be issued, you want to have the new card as quickly as possible.

What happens if you have to dispute a charge? The bank will start an investigation that requires the retailer or company to provide proof that you made the charge. Ideally, the store wants to have a signed receipt. If you live in California and haven’t traveled in months and a charge was made in a convenience store in New York, you’d have an easy time proving you didn’t make the purchase. If an online purchase was made and items were sent to your address, that’s going to be harder to fight.

Choosing the Best Prepaid Card for Your Needs

Choosing a prepaid card depends on your preferences and needs. Since the cards are prepaid, you usually do not need excellent credit. You can’t spend more than you deposit, so there’s little risk to the card issuer. You do need to have a way to add funds. That has to be verified. If you’re using a checking account, the account will be tested to make sure the routing and account numbers were entered correctly. If you’re setting up paycheck direct deposits, make sure your payroll department has your prepaid card number correctly entered.

If you want a card that offers monthly cash back rewards or other bonus offers, look for rewards cards. See how you access your balance. If you hate sitting on a phone, look for a card that offers a mobile app or online banking. You should also compare ATM fees and limits if you’ll be using the card for regular cash withdrawals at an ATM. Finally, read reviews and see what people have to say about the card’s customer service. You don’t want to have a prepaid card with a company that is hard to reach if there’s a problem.

Find the best prepaid cards on LowCards.com. Sign up in minutes and quickly have a prepaid card you can use to pay bills, shop safely online, or help you limit how much you spend when you go shopping. There are plenty of options.

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The information contained within this article was accurate as of January 4, 2021. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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tracy

About Tracy Farnsworth

Tracy Farnsworth went straight from a business track in high school to a full-time job in mortgage banking in Burlington, Vermont. After having children, she built a freelance career in content writing and took online classes as time allowed. She completed Social Media Marketing and Digital Marketing certificate programs with Ireland's online Shaw Academy and completed several courses in SEO and analytics. In her free time, she's the “mom” to a very clingy rat terrier, and the pair walk at least a mile every day. She's also a novice baker who is trying to master the art of sourdough bread.