The Walmart MoneyCard is a reloadable prepaid card that allows people without a traditional checking account to spend and manage their money. Available as Visa or Mastercard, it’s easy to use anywhere. MoneyCard also gives you cashback on certain purchases.
So how do you load funds onto your Walmart Money Card? There are several ways to do it. Here’s what you need to know:
What is the Walmart Money Card?
Walmart MoneyCard is a prepaid debit card issued by Walmart in partnership with Green Dot, a banking and financial technology company. It is designed to provide an alternative to traditional checking accounts.
Since it is a prepaid card, you will need to charge it before using it. Once funded, the card can be used for online shopping and in-store purchases, not just at Walmart, but anywhere debit Mastercard or Visa cards are accepted. Still, you can earn up to $75 in cash back annually on select purchases at Walmart.
- 3% at Walmart.com.
- 2% at Walmart gas stations.
- 1% at Walmart stores.
The cashback you earn will be credited to your account at the end of the year.
Load Walmart Money Card
You must be 18 years or older to purchase a Walmart MoneyCard. When you first get your card, you’ll need to register, activate it, and set up an account. Activation requires online access and identity verification, including entering your social security number. You also need the mobile app to access all account features.
Once your account is set up, deposit funds to your card. This can be done in various ways.
- rapid reload. You can load cash onto your MoneyCard at any Walmart store using the Rapid Reload option. Just go to a customer service desk or MoneyCenter, present your card, and a cashier will help you add funds. You can add anywhere from $20 to $1,000 to your card. Note that this service costs $3, but you can also reload funds for free using the Walmart MoneyCard app at Walmart stores.
- direct deposit. Many cardholders choose to set up direct deposit. This allows her to have her paycheck and government benefits deposited directly into her Walmart MoneyCard on a regular basis. If you have at least $500 in direct deposits each month, your card will have no monthly fee. Additionally, you may be able to receive your paycheck up to two days early and your government benefits up to four days early.
- check deposit. You can deposit checks into your account using the MoneyCard app. Please note that mobile check deposit is available to cardholders with an active account who deposit their paychecks directly in person on a regular basis for at least two months.
- Reload at other retailers. Some participating retailers other than Walmart offer a service to recharge your Money Card with money. These include 7-Eleven, Walgreens, Dollar Tree, CVS, and more. If you reload at these stores, a $3 fee will apply.
- Online bank transfer. If you have a bank account, you can use it to fund your MoneyCard by transferring funds online. Simply log into your MoneyCard account, link your bank account, and enter the amount you want to transfer. Funds should be available within his 3 business days.
Walmart Money Card Frequently Asked Questions
How do I get a Walmart Money Card?
The Walmart MoneyCard can be purchased at any Walmart store for $1. You can also order your card online through the Walmart MoneyCard website. If the card is sent by mail, it will take approximately 2 weeks to arrive.
What are the fees associated with the Walmart MoneyCard?
You may incur some fees when using your Walmart MoneyCard. Some of the most common charges include:
- Monthly usage fee: $5.94. This fee will be waived if he has received one or more direct deposits totaling $500 or more into his primary savings account in the previous month.
- Cash deposit fee: $3 with Walmart registration, free with Walmart app. Other locations may charge up to $5.95 in fees.
- ATM withdrawal fee: $2.50. You may also be charged a fee by your ATM operator.
- Over-the-counter cash withdrawal fees: $2.50.
- ATM balance inquiry: 50 cents.
- Overdraft fees: $15.
- Foreign transaction fees: 3%.
- Paper check: $5.95 for 12 pieces.
- Card exchange fee: Standard shipping is $3, and expedited shipping is $15.
Obviously, these fees can really add up. However, there are ways to avoid them. For example, always use the app when adding cash at a Walmart store to avoid fees, says Diana Howard, a financial expert at consumer savings site Her Couponbirds. “To avoid ATM balance inquiries, add your mobile phone number to your Walmart MoneyCard and check your balance by texting ‘BAL Last4’ (Last4 is the last 4 digits of your card number) to 96411. ā she added.
What are the pros and cons of the Walmart Money Card?
MoneyCard has some advantages as well as some disadvantages. It’s important to weigh all of these pros and cons before deciding whether to open a MoneyCard account.
- No credit check required. Unlike traditional credit cards, you don’t need to have good credit to qualify for the Walmart Money Card. In fact, credit checks have nothing to do with it at all.
- No bank account required. Traditional debit cards are linked to a checking account at a bank or credit union. However, there are times when you may not be able to open a bank account because it has been flagged by ChexSystems, or you may not want to open a bank account for any reason. MoneyCard is designed to help people who don’t have a checking account manage their daily spending and make purchases using a card.
- Earn cashback: If you’re a regular Walmart customer, you can use your card to earn cash back on your in-store and online spending. “The Walmart MoneyCard is perfect for families who want to increase their savings and do most of their shopping at Walmart, especially gas and groceries,” says CFO and Senior Lead Planner at virtual financial services company Facet. says Ed Williams. Planning platform.
- Cashback opportunities are minimal. āThe maximum annual reward is $75, but this is limited to certain products and the card must maintain a positive balance,ā Howard says. āCashback benefits can only be earned by him after 12 months of usage and no further cashback benefits can be earned until the end of the 12-month ābonus yearā. ā
- There are many fees. Like most prepaid cards, MoneyCards come with a lot of fees and can be expensive to use. āIn many cases, these fees can exceed the cash compensation you are earning,ā Williams says.
- Your credit will not improve. When you use your credit card responsibly, your actions will be reported to the credit bureaus and your credit score will improve over time. MoneyCard, on the other hand, is not a credit card, so payment activity is not reported. Using this card will not improve your credit score.
How do I use my Walmart MoneyCard?
Using the Walmart MoneyCard is similar to using any other prepaid debit card. Once you get and activate your card, you can use it to make in-store and online purchases, ATM withdrawals, and transfers between accounts.