If you’re a frequent Walmart shopper, you should check out the Walmart MoneyCard prepaid debit card. It offers cash back rewards for Walmart purchases and free online services.
Not only that, you card lets you access to features as a checking account would, so you can manage your money more better!
- Up to $75 in cash-back rewards a year.
- Access to cash withdrawals at over 5,000 Walmart locations.
- Free direct deposit of payroll or government benefits, up to 2 or 4 days early.
- Free online bill pay.
- $1,000 required to waive monthly fee
- $2.50 fee for bank and ATM withdrawals + any third-party fee charged by a bank or ATM operator
- $3 fee to reload cash at Walmart checkout; up to $4.95 to reload cash at retailers in the Green Dot reload network.
Continue reading below to learn more about the prepaid cards.
(Visit the link above to learn more about Walmart Money Card)
Prepaid Debit Cards Overview
What is a prepaid debit card?
A prepaid debit card is pre-loaded with a certain amount of cash, which can be used the same way that a credit card is use. Because you’re only spending the money you load onto the card, this won’t help you build credit.
Similarly to a debit card, a prepaid card works at any merchant that accepts Visa, Mastercard or American Express. This is a safer option and more convenient than using a cash. Most prepaid card usually has a mobile app available to deposit checks and transfer money.
And unlike checking accounts, prepaid cards doesn’t have same features as you would when you own a checking account. This includes services like free ATM or branch networks and checks! If you’re needing these services, make sure you check out best checking account or you can also see how to open a second chance checking account, if you’ve struggled with banks.
Prepaid debit card vs. debit card vs. credit card
|Prepaid Debit Cards
|Load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions.||Use money directly from a checking account when paying for purchases or withdrawing money from an ATM.||Borrow money from a bank when you use the card and pay the money back later.|
How does FDIC insurance on prepaid cards work?
It’s good to know that prepaid debit cards nearly always have FDIC insurance, so your funds are protected in case the issuer goes bankrupt. Please note that only financial institutions can have FDIC insurance, so if a prepaid card is managed by a bank or by a prepaid card company that is partnered with a bank offers that insurance.
Make sure you register your prepaid debit card with your name and other identification information in order to be eligible for FDIC insurance and other protections.
Walmart MoneyCard is a option for those who are looking to earn cash back rewards on Walmart purchases without needing a credit account.
This card is best for people:
- That frequent Walmart customers
- Who want free bill pay and money transfers between friends and family
- Have had trouble with managing a bank account in the past