The SmartyPig Prepaid Cash Rewards Card Review

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In terms of finding a bank account with a high interest rate, SmartyPig continues to be your best bet at 1.75% APY. Their online savings account has always been on top in terms of interest but with rules on how much you can deposit to earn that interest rate ($50,000 max) and restrictions on how to deposit and withdraw your money SmartyPig isn’t for everyone. To allure an even greater clientele, SmartyPig has just launched a Prepaid Debit Card, which believe it or not is at the top of it’s class.

The SmartyPig Prepaid Cash Rewards Card is designed for use in conjunction with your SmartyPig savings account.  In order to be approved for this card, you must first sign-up for a SmartyPig savings account, then create a savings goal.  Your SmartyPig Prepaid Cash Rewards Card can then be used while the money is withdrawal from your SmartyPig savings account.

Even though it might be convenient to use your SmartyPig Prepaid Cash Rewards Card, this card is only recommended for people in need of a payment method who cannot use a credit card.  It wouldn’t make sense to use money that you have stored in your 1.75% APY savings account, simply to make day-to-day purchases when you have a credit card designed for that sort of thing. Plus, the security and rewards program that a good cash back credit card can provide implores you to use that as your standard payment method.  Still however, the SmartyPig Prepaid Cash Rewards Card offers rewards for your day to day purchases.  Depending on your location, the SmartyPig Prepaid Cash Rewards Card can offer up to 10% cash back on your purchases.  While you won’t find a national retailers on their list, they do offer more than a thousand different merchants right now.  For a complete list of retailers, visit SmartyPig for more information.

One of the best things the SmartyPig® Prepaid Cash Rewards Card has going for it is it’s lack of fees.  Most prepaid cards include monthly maintenance fees, activations fees, transaction fees and almost any other fee you can think of however the SmartyPig Prepaid Cash Rewards Card is free to use in almost every circumstance, minus the $4.95 initial card fee.  For your convenience, a complete list of SmartyPig® Prepaid Cash Rewards Card fees are listed below.

Fee Description
Amount
Monthly Maintenance Fee
Free
Load Funds
Free
POS and PIN Transactions
Free
Customer Service
Free
Email Alerts
Free
Initial Card Fee
$4.95
Domestic ATM Fee
$1.95
International ATM Fee
$4.95
Domestic Balance Inquiry Fee
$0.50
International Balance Inquiry Fee
$0.95
Exchange Rate Adjustment
2% of each transaction
OTC Fee
$10.00
Lost/Stolen Replacement Fee
$9.95
Expedited Shipping Fee
$15.00
Check Issuance Fee
$15.00

If you haven’t heard of SmartyPig, don’t worry, you’re not alone.  But now that you have and you know they offer the highest interest rate available today and one of the best free prepaid cards around, consider using them to house your savings account OR by taking advantage of the SmartyPig Prepaid Cash Rewards Card.

Published or Updated: December 13, 2011

Comments

  1. mackenzie financial says:

    Hello, I’m finding some tips for Cash Rewards Card . I came across your blog and find it very informative.

  2. Briana @ GBR says:

    I have a SmartyPig savings account and decided to not get this card and got a PerkStreet debit account instead. I didn’t like the fact that SmartyPig didn’t have a bunch of national chains, so I couldn’t really get the perks I was looking for. Could definitely work for someone else though.

  3. Pete @ PDL says:

    Bummer. Only one place in my city offers a discount, only 2%, and I don’t know the store. I’m jealous of anyone who lives near a 10%-off store that they shop at regularly.

  4. Janet says:

    Isn’t the jury still out on prepaid debit cards? There tend to be a lot of fees associated with them.

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