Walmart doesn’t just offer low prices on TVs, clothing or groceries. They also provide a great set of financial services products. One of their products is the Wal-Mart MoneyCard. The Walmart MoneyCard is a prepaid Visa debit card that combines the power of Walmart’s ubiquitous retail distribution network with the convenience of a prepaid debit card. The combination makes it easy to load funds onto the card (you can load funds with cash or a payroll or benefits check at any Walmart cashier location). There are a number of other benefits as well.
Review of the Walmart MoneyCard Visa Prepaid Card
The Walmart MoneyCard prepaid Visa is brought to you by the folks at Walmart in conjunction with prepaid debit card innovator, Green Dot Corp. (GE Money Bank gets props as the bank behind the card). The result is a simple, yet affordable prepaid debit card program. Here’s what’s great about the card:
- No issuance fee online
- No credit check or bank account required
- No overdraft fees
- No minimum balance required
- Free Direct Deposit
- $10 bonus with qualifying Direct Deposit (for a limited time only)
- Use everywhere MasterCard debit is accepted, including shop online, pay bills, get cash at ATMs
How We Rated the Walmart MoneyCard Visa Prepaid Card
Walmart MoneyCard Visa Prepaid Card Fee Examples
Want to know how much the Walmart MoneyCard Visa Prepaid Card might cost you to use in a typical month? We have crunched the numbers for you! We also show how Walmart MoneyCard Visa Prepaid Cardstacks up against some common alternatives so you can see if you would save money using this card. Please remember -- cost should NOT be the only reason why you pick a card -- make sure to consider the card's features (some cards have more features than a typical bank account).
To see different scenarios, change the following variables.
Note: * Based on a U.S. Average check cashing rate of 4.54% (per the Brookings Institution),
**Using the Money Order fees from the U.S. Post Office (Some of the lowest available),
*** We assume that 1/2 of your in-store purchases will be made using your PIN,
****A LARGE portion of Americans experience at least 1 overdraft each Month. Also note that the Check Casher CANNOT buy items online, and must use cash for all purchases.
Fees Associated With The Walmart MoneyCard Visa Prepaid Card*
||ATM Balance Inquiry:||$1.00
The Walmart MoneyCard is perfect for people who use the card frequently to purchase merchandise in stores or online, but don't have many ATM transactions. If you want a no frills, easy to load card with a low monthly fee and free purchase transactions, then this is the card for you! Also, the already low monthly maintenance fee can be eliminated completely with a recurring direct deposit. As with other bank accounts and prepaid cards, there are additional fees for certain non-typical transactions (like international ATM withdrawals, balance inquiries, replacement cards, teller cash transactions, etc). Always check the fees included in the Terms and Conditions link on the company's website.
* Fees verified as of 03/14/2011. Check the Current Terms & Conditions for a list of all the fees.
** Some ATM operators may charge a fee for use of their ATMs in addition to this fee.
*** To use your Walmart MoneyCard Visa Prepaid Card in a "signature" transaction, select "Credit" when checking out at a brick and mortar merchant. Most internet transactions are automatically processed as "signature" transactions.
Walmart MoneyCard Visa Prepaid Card Card Options
For a $6.00 Temporary Card Issuance Fee (vs. only $3.00 for the Standard Card), a Student Edition Walmart MoneyCard can be purchased at Walmart stores. Additional Student cards are FREE! Parents can load on one card and students can use on another.
Here are GetDebit’s “Low Fee Tips” for this Card
Many prepaid cards including the WalMart Money Card Prepaid Visa have fees that can be avoided if carefully used. Here are a few tips to minimize fees when using this card.
Tips for Using The Walmart MoneyCard Visa Prepaid Card