The NetSpend Refer-A-Friend Card can be a lifesaver for anyone who can use a few extra bucks free. By the way, I chose the pink card design in the photo on the left. I wanted to make absolutely sure that I would not use this card by mistake...it's way different from any other one in my wallet. However, please keep these cautionary notes in mind.
The whole purpose of getting into this card program is to make a little extra money, right? So the last thing you want to do is start off with this program with a $4.95 deficit. For the purpose of, basically, referring friends to get both of you $20.00, a regular card design is just fine.
This is really the main key to making this program work for you with minimal cost. Always remember, the goal of NetSpend is to make a ton of money from fees charged to you! So the key is to read and re-read the fee schedule to make sure you know how much any action with this card will cost you.
Card fees are not necessarily a bad thing; it allows NetSpend to pay pretty good referral fees out to you and me and all our friends and contacts. But, it's really profitable for you to keep those fees in mind.
--- It can cost you a fee to load money onto your new card (in my research, up to $3.95).
--- You will incur some kind of fee with almost any buying transaction.
--- If you call the company to check your card balance, you'll pay a fee.
--- If you withdraw money at an ATM or over the counter, you'll pay a fee.
I think you get the idea. NetSpend is a for profit service which makes money from its cardholders. Our goal - in this program - is to get as much money as we can while keeping any fees or expenses to a minimum. Right? I'll show you the best ways I've figured out to keep your money in your own pocket. Here's a link to the fee schedule.
You can load money onto your card in a number of ways. All of them cost something except this one: Open a PayPal account here or just click on the logo to the right. (I don't make any money on this.) If you're not familiar with this company, it's one of the most popular, basic financial service companies used for online transactions. Most of my payments come to me through PayPal.
Then you can connect your bank account to PayPal just like a normal debit card (which I did years ago...but I may rethink that now and do this next step). If you're extra cautious, open a brand new account just for this purpose which is not a bad idea. Now, this is all to insure that you keep as much of your money in your bank account and not in NetSpend's account. Your transfers from PayPal to your card will cost you zero! Nada. Not a penny. Smooth, huh?
I haven't figured out or found a totally free way to get cash off the card into my hot little hands. Here's a link to a NetSpend post explaining how to limit the fees.
The best I can tell is it will cost $2 - $3 in NetSpend fees to get cash back during a retail transaction (grocery store, Wal-Mart, etc.).
So, I figure this is a cost of doing business. So, I'd wait until I had about $100 in referral fees to draw down the cash. I once had to do it with my PayPal debit card. I went to Wal-Mart, bought a $2.00 item (a candy bar) and pulled $100 off the card.
My research has uncovered a few potential hiccups with this program, but not enough to overcome the easy profit potential.
Occasionally, a referral payment just gets lost (reviews suggest about 1/10th of 1%). Still, worth noting.
The reviews on the web about NetSpend's customer service are generally awful. So, I plan to avoid having to deal with them. Here's how this can pan out:
1. Get the card, activate it, and use PayPal to load $40 dollars on it (zero cost).
2. Refer people through a website like this so everybody goes into this profit opportunity with eyes wide open. Each of your referrals gets a free $20.00 as do you.
3. When I accumulate $100.00 in referral payments, I'll withdraw the $100.00 using the cash back option at a retail location. That should keep the cost of doing business on this deal between $2-$3 per hundred (2%-3% is not really a bad overhead cost).
4. I'll never use this card for anything else.
I recommend you jump on board and get some free money in your hands.
If you want, you can make up your own site just like this one on www.webs.com for free. You can use all the images here and all the copy on these pages. If you don't know anything about how to do this, contact me at [email protected]. Or just have people read all the details on this site and register here with your referral number. Let me know how I can help you.