Chime vs Brinks Prepaid Card

In this day and age, people can now do almost anything on their smartphones. Technology has come a long way and effectively makes the lives of people easier and manageable. One example of the benefits of modern technology is banking. Today, there is absolutely no need to go to a bank just to manage personal finances. Online banking has become a useful tool for those who just don’t have time because of work or other reasons. This option has allowed people to have a faster and easier way of accessing their bank accounts.

Debit and Prepaid Cards

Another perk of banking online is the use of a debit or prepaid card. There are several ways to acquire and use one of these cards. Traditional brick and mortar banks and modern online bank accounts will typically issue a debit card to all checking account holders. Prepaid cards can be independently purchased. 

What is the difference between a debit card and a prepaid card?

To put it simply, a debit card is tied to a bank account while a prepaid card is not. Any transactions made with a debit card will be deducted from the associated bank account. On the other hand, all transactions made with a prepaid card are deducted from the balance loaded into it. For prepaid cards, money needs to be added to the card before one is able to use it. 

Comparing Chime Visa Debit Card to Brink’s Prepaid Mastercard

To get a better understanding between the two options, we will compare Chime Debit Card and Brink’s Prepaid Mastercard in five different categories: fees, direct deposit, mobile access, savings account, and security. Chime is an example of a modern online bank account that offers all the functions of a traditional bank. Brink’s Prepaid Mastercard is a prepaid card service with some online card management features. 

Let’s take a closer look at how the two compare.

Fees

There are no hidden banking fees associated with the Chime Debit Card such as monthly maintenance fees, ATM withdrawal fees, minimum balance fees, or foreign transaction fees. 

Brinks offers three prepaid plans, some of which have monthly fees: 

  • Pay-As-You-Go Plan- $0
  • Monthly Plan – $9.95
  • Reduced Monthly Plan – $5.00 

These plans also charge transaction fees, ATM fees, foreign transaction fees, replacement fees, and others.

Direct Deposit

With Chime, members can get paid up to two days early with direct deposit and have the option to save a percentage for every paycheck.

Brinks also offers direct deposit and clients with a $500 direct deposit are eligible for the Reduced Monthly Plan. They do not have an option to get paid early. 

Mobile Access

Chime mobile app allows the members to check account balance, transfer money, pay bills, and send and deposit checks.

Brink’s mobile app only allows user to check the balance, transfer money, and find the nearest reload location.

Savings Account

Chime offers members a savings account where they can grow their savings with debit card transactions and direct deposits.

This feature is only available for Brink’s users who are eligible for the Reduced Monthly Plan. Brink’s Savings Account allows clients to save and grow money.

Security

Chime has bank-level security features which ensure the protection of the member’s account:

  • Deposits up to $250,000 are insured through Chime’s partner, The Bancorp Bank, Member FDIC
  • Instant notifications for every transaction made
  • Chime Debit Card is protected by Visa Zero Liability Policy
  • Instantly block the debit card through the mobile app in case it gets lost or stolen

Brink’s Prepaid Mastercard users can put personal photos on their cards for an added layer of security. 

Final Thoughts

Although the two have similar features, the Chime Debit Card comes out on top because it provides more seamless financial management. The greatest thing about Chime and its accompanying debit card is the absence of hidden fees and charges. Brink’s Prepaid Mastercard does, in fact, impose fees. Another significant benefit is that the money deposited in Chime is FDIC-insured. So, Chime account holders have an added level of security and greater peace of mind when spending and managing their money.

Chime is the better choice

Overall, Chime has more perks and benefits for its clients, especially those who are looking to save and grow their money. Since the debit card is tied to an online checking account, it makes it easier to keep track of all transactions using the mobile app. Chime is the overall better choice when it comes to managing personal finances. 

Banking Services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

The Bancorp Bank and Stride Bank, neither endorse nor guarantee any of the information, recommendations, optional programs, products, or services advertised, offered by, or made available through the external website ("Products and Services") and disclaim any liability for any failure of the Products and Services.

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