The maximum daily Spending limit for a Netspend Card is $4,999.99 every 24 hours and ATM Cash Withdrawal of $325.00 per withdrawal, $940.00 per day, up to 6 withdrawals per 24 hours. For example, you can use your Netspend Card to purchase items both online and in-store within the daily limit of $4,999.99.
The daily spending limit is important when looking for the best-prepaid debit card. Find out what is the daily spending limit on a NetSpend card.
In 2020 debit cards were the second most popular payment method of credit cards and just above cash. If you don’t have access to traditional banking, you may get a prepaid card to manage your finances. These debit cards can help you make online purchases where cash payments are declined.
NetSpend is one of the popular prepaid debit cards that allows you to make purchases worldwide using pre-funded money deposited into the account.
Before choosing to get a NetSpend card, understand its spending limit compared to other prepaid cards. One of the important factors to consider when looking for a prepaid debit card is the daily spending limit. Some prepaid cards severely limit how much you can spend using your card each day.
If they automatically add your paycheck to the Prepaid card and you’re good at saving money, you may not have a problem with the spending limit.
However, some people may have additional needs that require higher spending, which can be a problem. Hence, you should know the limit on spending and the balance you can carry on your prepaid debit card.
This article discusses the daily spending limit on NetSpend debit cards and how it can help your money management strategy.
What is the daily spending limit on a NetSpend card?
If you get a Netspend prepaid Visa card, you will be subject to a daily spending limit of $4,999. This is the maximum you can go and the total amount you can exist in a 24-hour period. It means you can make purchases online and offline with your prepaid card, provided it does not exceed the daily $4,999 Netspend spending limit.
You can use the Netspend card for shopping, refilling your gas tank, or paying online bills and ensure it remains within this spending limit.
Sometimes, your spending limit depends on your customer’s time and the balance you keep in your account. This explains why new members under 30 days and teen checking accounts have a lower spending limit.
Every financial institution and credit card issuer has different spending and withdrawal limits for debit cards and credit cards. These limits are put in place to comply with federal regulations and affect how much money you can load, withdraw, or spend. The maximum amount you can spend at a time depends on the type of transaction.
Sometimes a financial institution sets different spending limits based on the type of debit card transaction.
What is the total limit on a NetSpend card?
With a Netspend card, you can load up to $7500 in cash in a day. This is the total daily limit, with the monthly limit capped at $15,000. This total limit is an anti-fraud measure in case someone steals your card.
For example, the thief can only charge a certain amount every day until the theft is reported.
Any bank or credit union that issues your debit card will set the daily spending maximum.
If you spend more than the maximum allowed, they will decline even your debit card even if you have enough money in your checking account.
Is there a way to increase your Netspend daily limit?
Credit and debit cards have a lower daily spending limit than your card’s overall credit limit. You have the credit card transaction limit per day as a fraud prevention measure.
If you plan to increase your daily limit to facilitate a large purchase or more transactions in a day than usual, talk to your credit card issuer and inform them in advance. You can increase your daily limit by talking to the NetSpend customer service representatives.
All banks and credit card companies operate under similar rules to the Prepaid card industry.
The federal government limits how much money you can put in or take out of some accounts on a daily, monthly basis to prevent mismanagement and money laundering.
However, credit card issuers may have different spending and withdrawal limits for credit and debit cards.
What is the maximum amount you can withdraw with Netspend Card?
The daily over-the-counter cash withdrawal limit for the NetSpend prepaid visa is $4999, and the daily ATM withdrawal limit is $940. It does not allow you to go over the amount for the rest on the card.
If you are a NetSpend cardholder, you can overdraw your account only if you have previously enrolled in the overdraft protection service. Once you enroll in this overdraft service, you get free purchase cushions or an overdraft buffer of $10. This means you won’t incur a typical overdraft charge of $20 if you go over the amount on this card.
Similar to spending limits, debit and credit cards have cash withdrawal limits. The daily ATM limit for Netspend is $940, which is the maximum amount you can withdraw and spend. The company sets your daily ATM withdrawal limit, so the machine doesn’t run out of money so quickly.
In most cases, ATM fees count towards your total daily withdrawal. Therefore, if you try to withdraw $940 at an out-of-network ATM charging a $3 fee using a Netspend card, they could decline your transaction limit.
Netspend has a fairly high monthly fee of $9.95 on withdrawals that count towards the limit. It also provides cashback rewards in the high-yield savings account as part of the deal.
The company also has a cash advance limit, the maximum amount of cash you can advance against a credit card’s balance. Your cash advance limit is much lower than the overall line of credit.
They include a $1 transaction fee whenever used as a credit card and an even higher $50 when used as a debit card.
A high spending and deposit limit is an important aspect to consider when selecting the Prepaid card best for you. Some prepaid cards may have a low limit and come with high fees that can eat into your savings.
Netspend Visa prepaid card allows cardholders to spend up to $4999 each day using the balance. Also, you can load up to $7500 in cash in a day when using Netspend cards.
However, your spending limit could reduce for a short period during times of processing outages. The Netspend daily spending limits are not necessarily bad.
With the best daily spending limit, you can build your nest egg savings and make larger purchases.