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Chase Liquid is a prepaid debit card that almost anyone can apply for. You don't need good credit to qualify for the card and you don't need a lot of money to get started. All you need is a $25 deposit to set up your account. Featuring minimal monthly fees and convenient deposit options, this is considered one of the most user-friendly prepaid cards on the market. The question is whether or not it will work for you.
In this Chase Liquid review, we will go over the pros and cons of this prepaid card so you can figure out if it fits your lifestyle. Read on to see if it can hydrate your wallet.
Chase Liquid Card Features
Here is an overview of some of the basic features for Chase Liquid:
- No annual fees
- No processing fees
- No deposit fees
- No ATM fees (at Chase ATMS – $2 for non-branch machines)
- $4.95 monthly fee
- No minimum balance requirement
- Usable everywhere Visa is accepted
- Online account monitoring
- Easy approval at all Chase branches
- 24/7 customer support from Chase
The Benefits of Chase Liquid
The best part about Chase Liquid is the lack of fees associated with the card. Most prepaid cards require an annual fee, a deposit fee or something else along those lines. The carrying costs for Liquid are minimal though. All you have to pay is $4.95 a month to use the card, and you can complete as many transactions as you want. If you use a Chase ATM, you can withdraw your money for free. There is a $2 charge for all non-branch ATM withdrawals, but Chase has over 19,000 ATMs to choose from. Chances are you will find one in your area.
Chase Liquid also offers direct deposit, mobile check deposits, online account monitoring, and 24/7 customer support. You can use your card to pay bills, make purchases or do anything else you would do with a standard credit card. Chase offers Zero Liability Protection on the card for any unauthorized charges made to it. You will receive a full reimbursement for any charges or withdrawals made without your approval.
Above all that, Chase Liquid is FDIC insured. Prepaid cards are not required to carry FDIC deposit insurance by law, so many issuers will not pay for it. This insurance covers funds in the event that a company goes bankrupt. Chase has put forth the funds necessary to protect its prepaid customers in the future.
The Disadvantages of Chase Liquid
The main disadvantage of using Chase Liquid is the fact that it is focused on Chase Bank. You have to deposit money through a branch or through a mobile app issued by the bank. You can't just transfer money from a PayPal account like you could with some other prepaid cards. If you're a Chase customer, you can move money from your bank account to your card. Not every prepaid cardholder is a Chase customer though.
Approval is simple, but you have to apply at a Chase branch. You also can't build any credit from a card like this because it is just used for spending. If you're not looking to build credit, this is not an issue. Chase will still allow you to put as much or as little money as you want onto the card.
Do We Recommend Chase Liquid?
Chase Liquid is an affordable prepaid card to carry, especially if you are an existing Chase customer. It isn't convenient for those without Chase branches in their area, but it can provide a secure option for storing your money. Compare Chase Liquid to other prepaid cards on the market and decide if this is right for you. If so, you could have your card in no time.