In order to better understand the difference between a debit card and a prepaid, let us compare the Chime Visa Debit Card and Bluebird American Express Prepaid Card. Chime is an example of a modern online bank account that offers all the functions of a traditional bank, including a free Visa Debit Card. Bluebird is a prepaid card service with some online card management features. It can be accessed online or at Walmart store locations.
Let’s take a closer look at how the two compare.
Fees
Chime has no hidden banking fees that will add up in the long run. It has no minimum balance fees, monthly maintenance fees, foreign transaction fees, and no overdraft fees. It only charges when money is withdrawn from an out-of-network ATM.
Bluebird has no monthly fees or inactivity fees. There are also no ATM fees as long as transactions are made in the MoneyPass network. If withdrawing money from other ATMs, there is a $2.50 fee. The Bluebird Card can be purchased for free if registered online or by buying a starter kit with a temporary card for $5 at a Walmart store.
Direct deposit
Chime offers early direct deposit in which members can get paid up to two days early straight to their checking or savings account.
Bluebird does offer an option to enroll for early direct deposit to receive pay earlier.
Savings account
With Chime, the Automatic Savings features allow members to save when spending and save when getting paid.
- For every transaction, it will round up to the nearest dollar and transfer it from the Checking Account to the Automatic Savings Account app.
- For every paycheck deposited, it will automatically transfer a percentage to the Savings Account
Bluebird has the SetAside Accounts feature that allows the user to put money away for future needs.
Mobile app
Chime has an award-winning app that allows members to keep track of their balance and spending, bill payments, send and receive checks, and send money to family and friends.
The Bluebird app allows users to view balance, transaction history, and cash checks.
Security
Chime offers security features that protect the user’s money.
- Deposits up to $250,000 are insured through Chime’s partner, The Bancorp Bank, Member FDIC
- Instant notifications for every transaction
- Debit card is protected by the Visa Zero Liability Policy
- Mobile app requires two-factor authentication and fingerprint authentication
Since Bluebird operates under American Express, it provides Purchase Protection and Fraud Protection to its members.
