Don’t have a bank account, but you still want to have a debit card for expenses? JP Morgan Chase just came out with a new product recently that might come in handy for a price. Their card is like a debit card, but you don’t need a bank account to get one. You just go to the bank, pay the $4.95 fee and load up the card with your own money. Then you can use it for a month anywhere you would use a Visa card in much the same way – stores, ATM’s, etc.
Many people don’t have enough money to open a no-fee bank account, so this might be a convenient alternative to carrying cash. If you want to use it for a second month, you pay the $4.95 fee again. You pay the fee every month as long as you have the card.
If you are in a situation where you need a debit card, this is an alternative as long as you have cash with which to “load” the card. All this comes at a price – $4.95 a month, and that fee adds up. Personally, I would rather save the $4.95.
My suggestion? Use something like this if you have to, but only for a month or two. Then, open up a savings account and get a regular debit card without the fee. Better yet? Don’t use a card at all. It is just too easy to spend money with one. Use cash instead, and when the cash is gone, stop spending.