A Netspend reload pack is a product that allows the user to load money onto a Netspend debit card, also known as a general purpose reloadable (GPR) card. Netspend Corporation is based in Austin, Texas, and it provides processing and marketing services for Mastercard and Visa prepaid debit cards. Netspend account holders can directly deposit or use a reload location to fund their accounts. The card allows for debit, credit and ATM withdrawals, and Netspend also offers online account access and a payback rewards program.
Reloadable prepaid cards are often confused with gift cards, also called open-loop gift cards. There are different rules and regulations that apply to gift cards. Gift cards will typically have the word "gift" printed on it while the words "reloadable" or "prepaid card" will appear on a GPR card.
How Does a Netspend Debit Card Work?
A Netspend debit card or GPR is similar to a debit card except that the funds are pre-loaded onto the card at the time of purchase and are not taken out of a bank checking account. The user is often charged a monthly fee against the card balance, just like a credit card. The Netspend reload pack is used to add funds to the balance on the card.
Why Use a Netspend Prepaid Card?
For individuals who cannot qualify for a bank account or a credit card, a reloadable card is an option. The user can bypass the bank and its fees and use a prepaid card to pay for daily expenses including bills. Another advantage of using a GPR is that because the balance on the card is already paid for and there is no credit, the user will not rack up debt that they cannot pay. However, there is a disadvantage where credit is concerned, which is that using this type of card will not boost your credit rating no matter how sensible your spending habits.
Carrying a GPR is safer than carrying cash. If it is lost or stolen the balance can be restored. Using a GPR can help with budgeting and saving. A set amount can be added to the card each month to be used later. For example, an individual might use the card to save for a holiday, for example. Although not gift cards, some use a GPR as a way to give someone an allowance such as a college student who needs to buy groceries and books.
GPRs are typically free of late fees, hidden interest charges and overdraft charges.
How Do Netspend Reload Packs Work?
Reload packs for GPRs must be purchased, and the same retailers that sell the GPRs typically sell the associated reload packs. The reload pack must be the same brand as the GPR. When buying the reload pack, the cashier will load the desired amount onto the pack. Each reload pack has a set minimum and maximum reload amount, for example, at least $20 but no more than $500. The cashier will activate the reload pack once it has been purchased.
Once the cashier has activated the pack, the user scratches the back to find the pack's reload number. The funds can be loaded onto the prepaid card either online or by calling the customer service. The user will provide the pack's reload number to load the funds onto the existing prepaid card, which will be credited to the prepaid account immediately.
Using the Netspend Reload Pack
A reload pack can only be used once. To add more money to a prepaid card, another pack must be purchased or money added through direct deposit or income. The user of a reload pack may be charged a fee if the funds are not loaded onto the prepaid card after a certain number of days. A reload pack typically costs between $2 and $3.95.