Things You Should Know about Walmart MoneyCard

It is possible to avoid overdraft fees by using the Walmart MoneyCard, which needs no bank accounts or credit checks and does not require a credit check. Prepaid debit cards, such as the MoneyCard, have been more popular in recent years as an alternative to regular bank accounts for persons unable or unable to open standard bank accounts. The card, offered in either Visa or MasterCard variants, may be used not just at Walmart but also at any merchant that accepts Visa or MasterCard as a payment method. Continue reading to know walmart moneycard review.

Worth

If you are eligible for a credit card, westrongly advise you to take advantage of that opportunity. It's a letdown on every level when it comes to collecting points with this card – you can only earn them at Walmart, there's a very low rewards threshold, and you only get rewards once a year. Furthermore, since it is a prepaid card, you will not be able to use it to establish credit because your activity will not be recorded to any credit agencies. Its advantages include its ease of use, adaptability for individuals who do not have a traditional bank account, and the ASAP Direct Deposit program, which enables you to get wages and government aid a few days earlier than with a traditional bank account.

How to Add Money

You may add money onto your card for free by utilizing mobile check deposits in the smartphone app or by connecting your direct paycheck deposits to your account. Mobile check deposits are available in the app and on the website. Deposits from a current bank account are treated in the same way. The MoneyCard app may be reloaded for free at Walmartlocations when it comes to cash. Cash reload costs at different reload stations vary, but they may be as high as $5.95. Checks cashed at Walmart shops are automatically credited to your account without incurring any fees; however, this service is not accessible at all locations. Your account has a maximum balance of $10,000, which may be withdrawn at any time.

Fees

There is a one-time cost of $1 to create a Walmart MoneyCardaccount and a monthly fee of $5.94 to maintain the account. If you deposit $1,000 or more each month, excepting person-to-person transactions, you will not be charged a monthly service fee. The card will charge you a 3 percent fee on the total dollar amount of each transaction if you use it outside the United States. The card costs a $2.50 ATM withdrawal fee and a $0.50 ATM balance inquiry fee for each withdrawal made using the card. When utilizing eligible banks, there is additionally a $2.50 withdrawal charge that must be paid. Users may withdraw cash from Walmart MoneyCenters and Customer Service desks without incurring any additional fees. There are no overdraft fees associated with this card. If you purchase a pack of 12 checks, you will be charged a $5.95 processing fee.

Benefit

Many of the features present on all Visa and MasterCard debit cards, including fraud prevention, are also available on the MoneyCard. In addition, a free online bill-paying service is provided. You may send money orders, receive paper checks, or set up regular monthly payments for expenses such as vehicle insurance, amongst other things. These cards also enable you to transfer money to friends and family members anywhere in the United States using your debit card.

You may also earn cash-back rewards by buying at Walmart.com and through the Walmart app (3 percent cashback), Walmart fuel stations (2 percent cashback), and Walmart retail locations. Buying stuff at Walmart.com and via the Walmart app will earn you 3 percent cashback. The maximum amount of cash-back incentives that may be earned is $75 per year.

Cons

Unfortunately, there are just too many drawbacks to the Moneycard to justify its use. Aside from the capacity to make purchases and pay payments, there are no further perks associated with the card.The only option to load money onto your card for free is via direct deposit, which must be set up through your job for your paychecks to be automatically deposited into your account each week. Also prohibitively costly, particularly when compared to the American Express Serve card, are the fees associated with the card. AmEx Serve is a prepaid card; however, it does not impose a monthly fee, processing fees, or fees to reload your card, unlike many prepaid cards. Finally, since your account activity will never be reported to credit agencies, you will be unable to utilize this card to repair your credit history.