According to Walmart, the company saw an impressive $485.9 billion in revenue during the fiscal year ending Jan. 31, 2017. With a host of services all in one location, it isn’t hard to see how Walmart has been able to attract so many customers. Shoppers can buy groceries, pick up a prescription, order glasses, have their photos printed and, in some locations, even get their tires rotated. As an added convenience, Walmart also has an onsite MoneyCenter where you can apply for a prepaid MoneyCard and hold a balance of up to $10,000 or get a Walmart credit card.
What Is the Walmart MoneyCard?
The Walmart MoneyCard is a prepaid debit card that can be reloaded as needed. It is available as a prepaid MasterCard or prepaid Visa card. You can use the card the same way you would use a bank debit card but you don’t need a bank account to get one. It is issued by Green Dot Bank but is not linked to a bank account the way a traditional bank debit card is.
The MoneyCard is also designed to reward loyal Walmart shoppers by giving them cash back on their purchases. Customers can earn up to $75 each calendar year just by shopping at Walmart and earning the following rewards:
- Earn 3 percent back when you shop online through Walmart.com.
- Earn 2 percent back when you buy gas at Walmart or Murphy USA.
- Earn 1 percent back when you shop at any Walmart location.
Related: 15 Best Debit Card Rewards Programs
Pros of the Walmart MoneyCard
After viewing the advantages of the Walmart MoneyCard, you can see why it is among the best prepaid debit cards and why it might be a good option for you. When compared with other cards, the Walmart MoneyCard has a generous cash-back program, a mobile app that even allows customers to purchase checks, and the convenience of obtaining assistance from any Walmart MoneyCenter. These are some of the perks you can expect from using the prepaid Walmart MoneyCard for debit card purchases:
- You can download the Walmart MoneyCard app to keep track of your account 24 hours a day. The app is available on the App Store for iPhone users and Google Play for Android users.
- The mobile banking app allows you to sign up for direct deposit, which gives you access to your funds up to two days earlier than other cards or depositing a paycheck by other means, for example. You can even have your tax refund deposited to the card.
- If you register your Walmart MoneyCard with the Prize Savings program, you can win one of the 500 cash prizes given out each month.
- The MoneyCard online bill pay service is free.
- You can transfer money to another person with a Walmart MoneyCard or other Green Dot bank card or to a PayPal account. The maximum amount you can send is $2,000 in one day or $5,000 in one month.
- Prepaid card users are protected against fraudulent charges.
- You can use the card everywhere that accepts MasterCard or Visa.
- You must be at least 18 years of age to apply for a Walmart MoneyCard, but there are no credit checks to get approved for this card.
- You can sign up for account alerts at no additional charge. Get notified when funds post to your account, when your funds drop to $25 or less, and when an ATM purchase is made above your preset limit.
- You won’t pay an additional fee for cash back with a purchase.
- There’s no extra charge when withdrawing cash from Walmart card cashing.
- There are no fees for direct deposits that come from either a paycheck or government benefits.
Cons of the Walmart MoneyCard
Before signing up for the Walmart MoneyCard, you’ll want to be aware of these fees:
- Customers pay a $5 monthly fee unless they reload their card monthly with $1,000.
- There is a $3 reload fee if you opt to add funds at your local Walmart store or a $4.95 fee through your Green Dot Network.
- You’ll have to pay $2.50 each time you withdraw money from an ATM and $0.50 when you use an ATM to check your account balance.
- The Walmart MoneyCard will not help you build credit, as it is prepaid debit card and not a traditional credit card.
Related: 30 Items to Avoid at Walmart
How to Get a Walmart Prepaid MoneyCard
You can get a prepaid debit card from Walmart in one of two ways, and no matter which method you go with, you’ll have your card delivered to your home within two weeks of completing the application:
- Visit your local Walmart MoneyCenter and fill out an application. If you aren’t sure where the nearest MoneyCenter is, you can use the Walmart MoneyCard store locator. Either type in your ZIP code or your city and state and then click the orange “Search” button.
- Fill out an application online. Enter your name, mailing address, phone number, email address, Social Security number, and birth date, and create a four-digit PIN to be used for purchases and to get cash at ATMs.
If you require assistance at any time with your prepaid card, you can call Walmart MoneyCard customer service at 877-937-4098. The representatives are available to answer any additional questions, help you get a replacement for a damaged or lost card, and report a stolen MoneyCard.
This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Walmart.