Walmart MoneyCard Prepaid Debit Card Review
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Walmart MoneyCard Prepaid Debit Card Review
Just a few short years ago, prepaid debit cards were only offered by a handful of financial institutions besides local check cashing centers. Nowadays, because of the recent financial legislation, most banks have had to find a way to make up for the revenue they stand to lose from other financial products. That is why even American Express has a prepaid debit card. But it looks like it’s a lucrative product, because even Walmart got into the act with its very own prepaid debit card, which is the subject of this review.
The card is issued through GE Money Bank and Walmart has partnered with the Green Dot Corporation to provide additional services. Like most prepaid debit cards, this card is designed for (and marketed to) people who, because of past financial mistakes, can’t open a traditional bank account. This includes people who may have filed for bankruptcy, have been reported to Chexsystems, or who have bad credit. Those people will be happy to know that there is no credit check to qualify, and you don’t need a bank account either. All that is required is for you to be 18 or older, and to be able to give ID so they can comply with financial regulations. Minors between 16 and 18 need parental authorization. Once that is taken care of, you will be eligible for a reloadable Visa debit card. There is a $3.00 issuance fee.
Since the card carries the Visa logo, you can use it anywhere Visa is accepted, which means tens of millions of locations worldwide. So you can use your card for everything: pay bills, buy groceries, shop online, you name it. Once you receive you Walmart MoneyCard, you can log on to their website with your information and be able to access your prepaid card information, including balance, transaction history, etc. You can also access your account via phone and keep track of your balance via text alerts. Your money is FDIC insured and it is protected under Visa’s zero liability policy. This means if your card is lost or stolen, your money is still protected.
Whenever you use your Walmart MoneyCard to pump gas you will get 1% back in cash! This is a great option not offered by any other prepaid debit cards.
Ways to reload
- With cash at Walmart (any amount from $20 to $1,100; $3.00 reload fee)
- By check at Walmart (any amount from $20 to $1,500; no reload fee, $3.00 check cashing fee) – not available in NJ, NY, and RI
- Direct Deposit (no fee)
- With a MoneyPak ($4.95)
- With an online bank transfer (no fee)
- With Walmart Moneycenter Express ($3.00 reload fee)
Besides that, here are the other fees associated with the card: a $2.00 fee for cash transactions at an ATM, a $1.00 ATM balance inquiry fee, a $3.00 monthly maintenance fee (waived if you load at least $1,000 during the month onto your card), a $3.00 lost/stolen card fee, a $20.00 fee for rush delivery, and a 2% fee on foreign transactions. If you would like a monthly statement, they will charge you $3 per month.
Although there are many different cards available on the market, Walmart MoneyCard Visa offers some of the best values due to how simple it is to use and the unique features it offers. It is a pretty basic Visa prepaid card, and although it does have some fees associated with it they are not outlandish or too numerous: they offer ways to use the card for free depending on how much you load on the card each month. There is no credit check so it is a good card for those with poor or no credit, and it is accepted worldwide.