Walmart MoneyCard

Since the Walmart MoneyCard is a prepaid card it can be obtained by anyone who applies. And with its 100% approval rate, everyone who applies is approved. It does not matter what the person's credit history or past spending, there is no credit check required to even apply for this card. This makes it a popular choice for people who:

• have no credit
• have bad credit
• don't qualify for a tradition credit card
• want to manage their spending
• want to avoid debt
• do not have a bank account

People who are struggling to be approved for a credit card often turn to Walmart's reloadable prepaid card to help them begin managing their finances more wisely. With the convenience of purchasing this card at any Walmart location as well as being able to reload it in the store, even people who do not have access to the internet can utilize the MoneyCard.

This card has also been a popular choice as a gift for teenagers or new college students. The card can be purchased in a store and preloaded with cash and then used by the recipient to purchase whatever they need or want. It can then be personalized with their name and reloaded by parents as another gift or when students need more money for books without having to just send cash. Unlike a credit card, parents can then limit spending or, at the very least, track where their child's money is being spent.

Benefits – There are many benefits that make the Walmart MoneyCard an attractive prepaid card option. From its outward appearance to the easy to manage inner workings of the card all of these benefits make it a top choice for first time prepaid card users. Consider some of these great advantages before deciding on your first card:

• 6 options for reloading
• Free direct deposit
• 4 design choices – 2 MasterCard, 2 Visa
• Online budget management tools
• No purchase transaction fees
• Insured by the FDIC
• MasterCard and Visa Zero Liability Policy

The Zero Liability Policy on this card protects you against fraud, theft, and unauthorized purchases. If your card is lost or stolen and it accrues charges not made by you as long as it is reported right away you will not be responsible for those purchases.

Rewards – In the past this card has periodically offered a reward program of earning 1% cash back on purchases of gas. While this program is not currently in effect you should check their site often for current rewards programs.

Unique Features – Along with being one of the few cards that offers a choice between a Visa or MasterCard there are many other features that make the MoneyCard stand out from other prepaid cards.

• Get $10 back when you sign up for direct deposit
• Automatically pay recurring bills online
• Balance alerts sent via e-mail and SMS text message
• Reload fees are waived if you cash your paycheck or government check at a Walmart store
• Temporary Card is available for instant use when purchasing in stores
• No activation fee if applying online

While it does not have an annual percentage rate or overdraft charges, there are a few fees associated with the Walmart MoneyCard. In comparing this card's fees to many other cards on the market you will find that it in many areas it is a much cheaper card to use making it an excellent alternative to a traditional credit card and safer than carrying large amounts of cash. See the table below for a summary of its fees.

Fee Schedule

* The monthly fee is waived if you reload at least $1,000 into your account each month

Your card can be set up to automatically pay certain recurring monthly bills as long as the payments are the same amount each month. Since there are no overdraft charges associated with this card, if your funds are insufficient to pay the bill the transaction will not take place. If this occurs your service will either be cancelled or you will be charged interest by the company receiving the payment.

One of the features that make the Walmart MoneyCard a popular prepaid card choice is its numerous options for reloading funds onto the card. While some of these options have extra fees associated with them, the fees are minimal and there are several other options that are completely free. No matter which reloading option you choose each one is convenient and easy to do.

• Direct Deposit – By filling out an enrollment form with your card's account number you can have all or part of your monthly paycheck deposited directly into your MoneyCard account. Your employer needs to approve and provide this service to you. This service is free and first time users get a $10 cash back bonus.
• Green Dot MoneyPak – You can purchase a MoneyPak at Walmart or other participating retail stores. Simply pay cash to load the MoneyPak then go online or call their customer service to transfer the funds to your Walmart card.
• Bank Transfer – If you have a bank account that can be managed online you can easily transfer money electronically from that account to your card's account by entering your account number in your bank's website. This service is free.
• Cash – Anytime you go to a Walmart store you can reload your card with cash by simply swiping your card at any cash register and giving the cash to the store clerk. There is a $3 reloading fee and you have to make at least a $20 deposit. The limit per day is $1,100.
• Check cashing – Walmart already offers a check cashing service and when you take your paycheck or government issued check to any store you can have it cashed and deposited directly to your MoneyCard account. You can load anywhere from $20 - $2,999 without paying a fee.
• Walmart MoneyCenter Express – It looks like an ATM machine and it typically located near customer service in any Walmart store. While you can withdraw cash from your account here you can also check your balance and add cash to your card using this machine. It does charge a $3 reloading fee.