Walmart MoneyCard Prepaid Card Review: Earn Cash Back on What You Buy

GOBankingRates Score

4.6
Quick Take: The Walmart MoneyCard is an option for people who don't want, or don't qualify for, a traditional bank account. 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. After all, shoppers also can pick up their prescriptions, see the eye doctor and order glasses, have their photos printed and, in some locations, even get their tires rotated. As an added convenience, Walmart also has an onsite to assist customers with a host of financial services, including obtaining the Walmart MoneyCard and the Walmart credit card.
  • Features
    4.8
  • Availibility
    5.0
  • Ease of Use
    4.5
  • Fees
    4.0
How did we calculate this?

About Walmart

Walmart posted an impressive $559.2 billion in revenue during the 2021 fiscal year, capping it off with a $152.1 billion fourth quarter, which ended Jan. 31.

During the COVID-19 pandemic, consumers turned to Walmart and other big retailers to obtain their groceries to fuel their new eat-at-home lives and to purchase supplies for working from home, crafting, making home improvements and doing other activities during the pandemic.

Pros and Cons

Weigh some of the benefits and drawbacks of the account.

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 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 gaining the following rewards:

  • Earn 3% back when you shop online through Walmart.com.
  • Earn 2% back when you buy gas at Walmart fuel stations.
  • Earn 1% back when you shop at any Walmart location.

How Does the Walmart Prepaid MoneyCard Work?

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:

How To Apply

  1. 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 on the retailer’s website. Either type in your ZIP code or your city and state and then click the orange “Search” button.
  2. 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.

Who Is the Walmart MoneyCard Best For?

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. That’s an advantage for someone who has a spotty credit or bank record and might not qualify for a traditional account.

It’s also ideal for parents who want to teach their kids how to use a debit card or watch how they spend their money. Walmart MoneyCard offers a family account. You can add up to four family members who are 13 or older to your account. It also caters to frequent Walmart shoppers. You won’t pay an additional fee for cash back at Walmart with a purchase.

Prepaid Cards Help Limit Spending

With a prepaid debit card, you add money in advance and spend only what you have. You can use it where major credit cards are accepted, but you are not incurring any debt.

The Differences Between a Prepaid Debit Card, Debit Card and Credit Card

A prepaid money card is ideal for people who don’t want to open a bank account or don’t qualify for one. You a set amount onto the card, and that is what you have to spend until your next deposit, making it ideal for people who live on a tight budget.

A traditional debit card is linked to your checking account, and as you make a purchase or withdraw cash, the money is deducted. If you haven’t written down a transaction in your checkbook or accounted for it on your online budgeting app, you could overdraw your account and incur fees.

A credit card and debit card might look alike, but they function differently. When you pay with your credit card, you are borrowing money and agreeing to repay it. If you don’t pay the credit card bill by the due date, you will be charged interest and could incur late fees. There are neither of those with the Walmart MoneyCard.

Is the Walmart MoneyCard FDIC insured?

You must register your Walmart MoneyCard before your funds are insured by the Federal Deposit Insurance Corp., up to $250,000. The holder of your money is Green Dot Bank, and it is FDIC insured.

Final Take

The Walmart MoneyCard is a solid option for people who want to handle their financial needs through a prepaid card. Issuers of prepaid cards must disclose fees at the time you buy the card, so be sure to review the fees and other terms before you sign up.

Alicia Bodine contributed to the reporting for this article.

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.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

About the Author

Jami Farkas holds a communications degree from California State University, Fullerton, and has worked as a reporter or editor at daily newspapers in all four corners of the United States. She brings to GOBankingRates experience as a sports editor, business editor, religion editor, digital editor — and more. With a passion for real estate, she passed the real estate licensing exam in her state and is still weighing whether to take the plunge into selling homes — or just writing about selling homes.

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