Green Dot MoneyPaks vs. Vanilla Reloads
In Part 1 of his series on Green Dot MoneyPaks, TPG contributor Jason Steele introduced us to Green Dot and covered the basics of prepaid reloadable cards. In today’s post, he compares Green Dot to the other popular product in this class, Vanilla Reloads.
Why Green Dot MoneyPak over Vanilla Reloads?
Vanilla Reloads were an incredibly easy way to generate credit card spending…until they became hard to purchase using a points-earning credit card.
Office Depot stopped carrying these products last year and CVS drugstores typically limit customers to $1,000 of Vanilla Reload purchases in a transaction or a day…when they have Vanilla Reloads in stock at all, that is.
So at this point, there are several reasons to consider purchasing the Green Dot MoneyPaks over the Vanilla Reloads including:
1. Green Dots are available nearly everywhere. Green Dot boasts over 50,000 locations. Check their store locator for specifics, but you can find them at Walmart, CVS, Walgreens, 7 Eleven, Kmart and Rite Aid nationwide in addition to retailers like Radioshack, Ralphs and Circle K among others depending on your location.
By contrast, Vanilla Reloads can only be purchased at a limited number of chains, many of which will not accept credit cards for their purchase. CVS seems to be the most popular place to purchase Vanilla Reloads with a credit card, but stocks of them have become scarce, and CVS has imposed limits on them that vary from location to location but might include only being able to use cash or a debit card, or only being able to purchase $1,000 worth of them per day. There are actually no CVS stores in Denver where I live, which means I can’t get Vanilla Reloads at all with a points-earning credit card.
Instead, I have found Rite Aid stores will nearly always sell me Green Dot MoneyPaks when I am using a credit card. But with so many retailers offering Green Dot MoneyPaks, it is just a question of trial and error to find a store near you that will accept your credit card.
2. There are at least 20 times more reloadable/prepaid cards that take Green Dot MoneyPaks than Vanilla Reloads. Depending on how you count them, there are 5-10 cards that accept Vanilla Reloads, and Bluebird is the only one that features bill pay.
With Green Dot MoneyPaks, there are nearly 200 compatible prepaid cards, and many offer free, online bill pay services such as AccountNow, RushCard and the 247 cards.
Bluebird has a daily load limit of $1,000 and a monthly load limit of $5,000. In contrast, each Green Dot compatible prepaid card has its own load limit, and people can have several different prepaid cards. So with Green Dot, there is no need to depend on the daily or monthly load limits for Bluebird.
3. The existence of a no fee reload. Some Rite Aids have sold special MoneyPaks with no fees. They were common at Rite Aid stores in the Denver area up until a few weeks ago, and they may still be available near you. The normal cards have a fee of $4.95 with a maximum load of $500. That is still only one dollar more than Vanilla Reloads, so it doesn’t change the value equation of “purchasing” points at a rate of $3.95/$4.95 per 500 that much. But if you can find some no-fee cards, it could be your ticket to earning points and miles on any credit card with no costs.
Sometimes the account access and bill pay interfaces are not as refined as Bluebird, but they are usually very functional and more than acceptable.
Choosing Compatible Reloadable Cards
With so many Green Dot-compatible reloadable cards available, what you should look for in one of these products? I’ll get into the specific cards I use and why in my post tomorrow, but here are my criteria for choosing them:
1. Free electronic bill pay. Obviously, this is the easiest way to cash out Green Dot purchases. Most cards feature this, but always check their fee schedule since some charge you for this feature.
2. No monthly fees. You could still make this system work with a small monthly fee, but there are enough products available without a monthly fee that it is not necessary to pay it.
3. High load limits. Each card has different load limits that can vary per day, week, and month. The more you can load at once, the easier it will be and the less you’ll be paying per point you “buy.”
4. Referral bonus. Many cards offer a referral bonus of $10 to $20 when another person signs up using a code that you generate. This can come in handy when you recommend this product to a family member or a friend.
Tomorrow, I fill you in on my favorite prepaid cards that are part of the Green Dot network, reloading strategies to make the most of your points (and your time) as well as pitfalls to avoid.
[card card-name='Ink Plus® Business Credit Card' card-id='22129636' type='javascript' bullet-id='1']
TPG featured card
Rewards
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.