Prepaid Debit Card FAQs

Prepaid debit cards can be a great solution if you’re looking for a daily payment alternative to cash or a traditional bank account. But how do prepaid debit cards work, and how do you know if it’s right for you? Speedy Cash has answers to some common questions about prepaid debit cards.

Prepaid Debit Card Basics

A: A prepaid debit card is a card that is loaded and reloaded with funding in the same way deposits are made into a bank account. You can also avoid bank minimums and fees by using prepaid debit cards. Prepaid debit cards are great for people that don't have bank accounts. It's a more secure way to keep your money – you don't have to worry about carrying around cash that can get lost or stolen.
A: A prepaid card is not linked to a checking account. Generally speaking, when you use a prepaid card, you are spending money that you have already loaded onto the card. In most cases, you can't spend more money than you have already loaded onto your prepaid card.
A: Prepaid debit cards work similarly to regular debit cards. You load cash onto a prepaid debit card and when the card is out of money, it is declined. This is beneficial to you because with regular debit cards, you can overdraw on your card, usually incurring a fee.
A: Prepaid cards can be used at ATMs or anywhere debit cards are accepted.

Getting a Prepaid Card

A: Speedy Cash is the exclusive provider of the Opt+® Visa® Prepaid Debit Card. You can pick up an Opt+ Prepaid Card at most Speedy Cash locations.
A: To get your Opt+ card, you will need:

Valid ID (showing that you’re 18 or older)

Mailing Address

Social Security Number

Opt+ Prepaid Cards

A: Opt+ features three different card options, each with different fee structures. Each card option is different so you can decide which one makes sense for you.
Direct Deposit Card

Direct Deposit Card

The direct deposit card gives you quick access to your paycheck and offers free PIN and signature purchases for a basic monthly fee of $5.95. Plus, your monthly fee will be waived if you have direct deposits exceeding $1,000 monthly. If your employer or benefits office offers direct deposit, and you plan to use your card several times within the month, this is good option for you.

Monthly Card

Monthly Card

With a monthly fee of $8.95, this option also offers free signature purchases and PIN purchases. If you plan to use your card more than 4 times on a monthly basis but don't have direct deposit, then this is the best card for you!

Pay as You Go Card

Pay as You Go Card

With the Pay As You Go card, you will only have to pay when you use your card. By default, if you are a new Opt+ cardholder, then you will automatically be enrolled in the Pay As You Go plan when you're first issued your card. If you only plan to use your card less than 4-8 times per month, then this is the card for you!

Subject to state regulations, eligibility, credit check, underwriting and approval. Rates, terms and conditions apply. Installment title loans subject to minimum auto value requirements. See associate for details. Lending decisions and funding times subject to system limitations. Same day funding only available for Opt+ cardholders and in-store pickup. Minimum age to apply in Alabama is 19. A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions. Customers with credit difficulties should seek consumer credit counseling.

In Texas, Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party. Speedy Cash engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter 151 of the Texas Finance Code. Speedy Cash engages in the money transmission and/or currency exchange business as an authorized delegate of MoneyGram Payment Systems, Inc. and Western Union Financial Services under Chapter 151 of the Texas Finance Code.

In Ohio, SCIL, Inc. dba Speedy Cash, is a registered Ohio Credit Services Organization (CS.900174.000) operating pursuant to the Ohio Credit Services Organization Act. The actual lender is an unaffiliated third party.

CA: Licensed by the California Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law. California loans other than deferred deposit loans are issued pursuant to the California Financing Law. Installment Title Loans subject to minimum auto value requirements.

Nevada: The use of check-cashing services, deferred deposit loan services, high-interest loan services or title loan services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

Tennessee: The State of Tennessee requires a minimum principal reduction. In order to comply with the minimum state-required principal reduction, Speedy Cash requires that minimum payments include a principal reduction of 2% or $2.50 for Customers who get paid bi-weekly/twice-a-month, or 4% or $5 for Customers who get paid monthly, whichever is greater.

Opt+: This card is issued by Axiom Bank or Metropolitan Commercial Bank, Member FDIC, pursuant to a license from Visa. Visa is a registered trademark of Visa USA Inc. All trademarks and service marks are property of their respective owners. ATM: Free withdrawals at any Speedy Cash or Rapid Cash location. Transaction fees will apply for all other ATMs. No charge loads/unloads at Speedy Cash and Rapid Cash locations only.

Google Play is a trademark of Google Inc. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Data rates may apply.