Walmart MoneyCard Full review
Check out our review on the Walmart MoneyCard if you want to find a card that can enhance your benefits as a Walmart buyer.
Discover More: Introducing the Walmart MoneyCard
Looking for a convenient way to manage your finances without the need for a bank account or a credit check? The Walmart MoneyCard provides a solution. This prepaid debit card allows you to make electronic transactions without worrying about overdraft costs. Whether you’re unable to open a regular bank account or simply want to avoid checking account fees, the MoneyCard can be a valuable financial tool. Read on to learn more about its features and benefits!
How Does the Walmart MoneyCard Work?
The Walmart MoneyCard works just like a regular debit card, allowing you to make electronic transactions wherever Mastercard or Visa debit cards are accepted. As a prepaid card, you can only spend the funds loaded onto the card, helping you stay within your budget. Unlike credit cards, prepaid cards do not help build credit as they don’t involve borrowing money. However, they offer convenience and safety compared to cash. Most prepaid cards come with a mobile app for easy money transfers and check deposits. Additionally, the Walmart MoneyCard provides the peace of mind of FDIC insurance, protecting your savings even if the card issuer goes out of business.
This card is especially beneficial for individuals with bad credit, as it doesn’t require a credit check to qualify. It can be used anywhere that accepts Visa or Mastercard. Other features include the ability to pay bills in person at Walmart locations or online for a fee. To enjoy the safeguards of FDIC insurance, you’ll need to register your prepaid debit card with your name and identification.
Benefits of the Walmart MoneyCard
Cashback Rewards
One of the standout features of the Walmart MoneyCard is its cashback rewards program. Unlike many other prepaid cards that charge fees, the MoneyCard lets you earn cashback based on your transactions. You can earn 3% cashback on purchases made at Walmart.com, 2% cashback at Walmart and Murphy USA gas stations, and 1% cashback at Walmart retail locations. At the end of the reward year, your account can be awarded a maximum of $75 in cashback. To be eligible for the rewards, you must have paid your monthly charge within a 12-month period or received a waiver.
Family Account Access
The Walmart MoneyCard allows you to provide debit card accounts for up to four additional approved family members aged 13 and older. With their activated, personalized cards, they can manage their finances and add money to their accounts using the MoneyCard app. This feature is ideal for teenagers or other family members who need help managing their money. Family accounts come with no additional monthly fees.
Additional Benefits
- Early direct deposit: Receive your salary up to two days before payday and your benefits up to four days in advance.
- Savings account: Safely store cash in the app’s savings account for unexpected expenses or future purchases. Earn 2% APY on your savings account balance up to $1,000.
- Free early direct deposit: Get paid on Wednesday instead of waiting for Friday.
- Convenient money management: Use the MoneyCard app to easily manage your finances without visiting the bank.
- No monthly fee: Avoid the monthly fee by making a direct deposit of $500 or more in the previous month. Otherwise, the fee is $5.94 per month.
How to Apply for a Walmart MoneyCard
If you frequently shop at Walmart and want to enjoy the benefits of the Walmart MoneyCard, applying for the card is easy. Check out our comprehensive guide on how to apply for the Walmart MoneyCard to get started. With this card, you can enhance your financial management and take advantage of the various features and perks it offers.
