The Walmart MoneyCard is a reloadable debit card offering cashback rewards, overdraft protection, and a user-friendly mobile app for Walmart customers. Earn up to $75 per year with 3% cashback at Walmart.com, 2% at fuel stations, and 1% at stores. The card also provides free online services like direct deposit, bill pay, and money transfers, making it a convenient alternative for those with low credit scores or no banking access.
- Cashback rewards
- No credit check required
- 2% APY savings account
- Possible monthly fees
- Most benefits only for Walmart
- Inconsistent customer service
Walmart MoneyCard Features
- Cashback rewards: One of the primary draws of the Walmart MoneyCard is its cashback rewards program. Cardholders can earn 3% on purchases from Walmart.com, 2% at Walmart fuel stations, and a 1% cashback at Walmart stores, with the rewards capped at $75 per year. This is a decent return, especially for regular Walmart patrons.
- Overdraft protection: For those moments when your account might be running a bit low, there's an overdraft protection feature that covers up to $200, provided you opt-in and have an eligible direct deposit.
- Fee Structure: The card has a monthly fee of $5.94, which is waived if you have direct deposits totaling $500 or more in the previous monthly period. This incentivizes users to route their paycheck or other consistent deposits through the card.
- Early Direct Deposit: An added advantage is the free early direct deposit feature, which allows users to get their paychecks up to 2 days earlier than their official payday and benefits up to 4 days before the scheduled benefits day. For those living paycheck to paycheck, this can be a game-changer.
- Mobile App: With the digital age in full swing, the mobile app that comes with the MoneyCard is incredibly convenient. It allows users to track their purchases, deposit funds, and manage their money on the go.
- Family Accounts: The card can also function as a family account, allowing up to 4 additional approved family members (13 years and older) to be added with no additional monthly fee. This can be a great way to introduce financial management to younger members of the family.
- Savings Account with Interest: To sweeten the deal further, there’s an option to earn 2% interest on balances up to $1,000 in the linked savings account.
Pros & Cons
Walmart MoneyCard Pros & Cons
- Cashback rewards: Earn up to $75 per year with 3% cashback at Walmart.com, 2% at Walmart fuel stations, and 1% at Walmart stores.
- No credit check required: Easy to obtain for those with poor credit or no credit history.
- Free online services: Free direct deposit, bill pay, and money transfers between friends and family
- Overdraft protection: Optional overdraft protection up to $200 with opt-in and eligible direct deposit.
- Savings account: Earn 2% interest rate on up to $1,000 balance in the savings account.
- Monthly fee: $5.94 monthly service fee, waived if direct deposits totaling $500 or more in the previous monthly period.
- Limited benefits for non-Walmart shoppers: The card's main benefits are tailored for frequent Walmart shoppers, offering less value for those who don't shop at Walmart regularly
- Customer service issues: Some users have reported difficulties with customer service and account activation
Walmart MoneyCard Fees
- Card Purchase Fee: Acquiring the card at a Walmart store comes with a one-time fee of $1.00.
- Monthly Fee: As mentioned, there’s a monthly fee of $5.94, waived with qualifying direct deposits.
- It's crucial to note that other fees might come into play, so prospective users should refer to the Deposit Account Agreement for a comprehensive understanding.
Is The Walmart MoneyCard For You?
The Walmart MoneyCard presents itself as an appealing choice, especially for those who regularly shop at Walmart. With its cashback rewards on Walmart purchases, overdraft protection, and a convenient mobile app, it promises easy money management. However, some users have voiced concerns about the customer service and hurdles in account activation. Although there's a monthly fee of $5.94, this can be easily sidestepped with direct deposits totaling $500 or more in the prior monthly period. While certain criticisms exist, a significant number of users applaud the card for its convenience and lucrative cashback rewards system. Potential users should weigh the pros and cons to determine if the MoneyCard aligns with their needs.
Walmart MoneyCard FAQ
What is the Walmart MoneyCard?
How do I purchase and activate a Walmart MoneyCard?
What are the fees associated with the Walmart MoneyCard?
The card has a $5.94 monthly service fee, which is waived if you had direct deposits totaling $500 or more in the previous monthly period. Other fees may apply, such as ATM balance inquiry fees ($0.50 plus any bank or ATM operator fees).
How do I close my Walmart MoneyCard account?
You can close your account by logging into your account using the Walmart MoneyCard app and selecting Settings, Manage Card, Close your Account. Alternatively, log into your account at WalmartMoneyCard.com and select Account Management > My Card > Close your Account.