What Is NetSpend Balance and How Can One Set It Up?

A NetSpend balance is the amount of money you have on deposit with the prepaid debit card issuer NetSpend. The company allows those who want a NetSpend account to sign up online at netspend.com, and the prepaid card arrives within seven to 10 days of the initial request.

NetSpend issues prepaid debit cards upon requests that cardholders can use anywhere that accepts Visa. These cards require no credit check, activation fee or minimum balance, as of February 2015. Cardholders can also use these debit cards at ATMs to withdraw cash from their balance as needed using a PIN number. Cardholders can have pay checks or government checks direct deposited to their accounts, which can give them faster access to funds than depositing a paper check. Tax refunds can also be direct deposited to the card, and cardholders can also purchase refills for a fee at a variety of retailers.

Though the company doesn't charge cardholders fees for having a debit card, use of its Pay-As-You-Go plan incurs fees of $1 for signature purchases and $2 for PIN purchases. The company's Fee Advantage plan costs $9.95 monthly with no additional charges for signature or PIN purchases, while the NetSpend Premier Fee Advantage plan costs just $5 per month when users have direct deposits to their cards of at least $500 per month. All plans charge 3.5 percent for foreign transactions.