Walmart offers one of the lowest priced prepaid cards on the market. Plus it offers cash-back rewards on gasoline through the end of the year.
Who the Walmart MoneyCard Is For
- People who want a Visa card without a credit check.
- People who want to avoid higher priced bank checking accounts.
- People who want a cheaper alternative to a secured credit card.
Credit Rating Required
- No credit check required
About the Walmart MoneyCard
Pros
- Low fees.
- No credit check required.
- Free direct deposit.
- Free reload with check cashing ($3.00 check cashing fee applies).
- Online bill payment.
- Rewards program.
Cons
- Doesn't build your credit history.
Reload Limit
- $1,500 for any single load, $3,000 daily maximum; $20 minimum load.
- No limit on load from direct deposit.
- No more than $3,000 on the card at one time.
Rewards
- One percent credit on gasoline purchases through the end of 2010.
Fees
- Issuance fee: Free online, $3.00 in Walmart stores.
- Monthly fee: $3.00
- Reload fee at Walmart: $3.00
- Reload fee at other retailers: Varies by store.
- Reload fee from electronic bank transfer: Free.
- ATM fee: $2.00 for cash transactions, $1.00 for balance inquiries, plus any fee the ATM charges.
- Check cashing fee: $3.00.
Website: https://www.walmartmoneycard.com
Walmart MoneyCard Review
The Walmart MoneyCard offers one of the best values in the prepaid card arena. The card is free if you get it online, $3.00 if you get it at a Walmart store. Other prepaid cards charge as much as $10 to activate the card.
There's a $3.00 monthly fee, also one of the lowest around, $3.00 to reload your card at Walmart. Direct deposit of your paycheck is free, and there's no reload fee if you deposit your paycheck onto the card at a Walmart store. However, there is a $3.00 check-cashing fee. The $2.00 ATM fee is reasonable compared to other cards.
Walmart even offers a cash-back rewards program. Through December 31, you get one percent back on gasoline purchases paid for with the MoneyCard; the reward is credited to your account.
Recommendation
This is one of the best prepaid card values available. Plus, with the omnipresence of Walmart stores, it's also one of the most convenient, which will help you cut down on fees.