News & Advice
How the Walmart MoneyCard Compares to Other Prepaid Cards
Comparing prepaid cards is the first thing you do when you’re planning to get one or replace your current card. But do you know what to look for? Forget the stylish designs – they’re good only if they come with features that save you money. Colors don’t matter either; unless you’re always looking at your prepaid card, any color will do – gold, silver, black, pink or blue. These are superficial elements that may come with a steep price – or not, so be sure to check that out.
Comparing the Walmart MoneyCard with other prepaid cards is a smart move. Why Walmart? Because it’s a name that is reliable and respected, synonymous to savings, and trustworthiness plus value are things worth looking for. Take into account the following:
Fees and Charges
Prepaid card companies need to sell their products and earn profits. They make money through fees and charges. But in the ads they create, they often don’t disclose everything and the hapless cardholders belatedly realize that for every action they make on the card, there is a corresponding fee. Added up, they can take a big chunk out of the balance in the card.
A temporary Walmart MoneyCard can be purchased at Walmart stores across the country for only $3.00. Compare the amount with other cards and you’ll find that they charge from $5 to $9.95 for their cards. Activation of the Walmart MoneyCard through a phone call is free and the personalized card comes in the mail 5-10 days after verification of your identity. The monthly service fee of the Walmart MoneyCard is $3.00; other prepaid cards charge $5 - $9.95. Almost all cards waive the monthly fee if you sign up for direct deposit but Walmart MoneyCard goes one step better. A $1000 reload on a calendar month waives the monthly fee for the next month. While ATM transactions always carry a fee, with Walmart prepaid card, you can check your balance inquiry for free online instead of using an ATM, saving you $2.00 each time. Sign up for online bill payment with your Walmart MoneyCard and your bills are paid every month. This is a free service that you don’t get from other prepaid cards.
Features and Reloading Options
A card with many features adds convenience for the cardholder and the Walmart MoneyCard is at par with other prepaid cards in features such as bill payment, free direct deposit, online accounts, and text and SMS alerts. A downside (if you can call it that) to the Walmart prepaid card is its reloading options. It has direct deposit, check cashing, cash reload, Walmart Money Express Center and the GreenDot MoneyPak. You can’t reload through Western Union, MoneyGram or PayPal, like other prepaid cards. But with a Walmart store near you wherever you are, reloading funds shouldn’t be a problem.
The key to finding the prepaid card that will serve your needs and give you the most value for your money is to compare as many cards as you can. When you comprehend how the Walmart MoneyCard compares to other prepaid cards, you won’t have second thoughts about getting it.