Update: Some of the offers mentioned below are no longer available. See Current offers here.
Walmart MoneyCard overview
The Walmart MoneyCard is a prepaid debit card for cash back rewards. While this certainly isn’t the right card for those looking to maximize rewards or build credit, it’s an option for those who don’t want a credit card but still want to earn cash back on purchases row. Card Rating*: ⭐⭐½
*Card ratings are based on the opinions of TPG editorial staff and are not influenced by card issuers.
At TPG, we’re big fans credit. Building credit is important to your overall financial health and the right credit card is paired with responsible spending habits can help you reach your financial goals, take (mostly) free trips, and more. But while we recommend using a credit card to who may qualify and take advantage of the benefits that credit cards offer, they are not always the best option.
If you are looking to earn the above cashback rewards Shop Walmart no credit account required, Walmart MoneyCard could be a potential option.
Information about Walmart MoneyCard has been independently collected by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
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Who is this card for?
The Walmart MoneyCard is a prepaid debit card best suited for people who can’t apply for (or don’t want to) a credit card. There are many reasons why someone might not want or need a credit card – for example, a teenager wants to practice money management and earn rewards but can’t. ask for a card yet, or a person does not trust himself (or himself) about the credit line or person Pay off a lot of debt and would not qualify for one Credit cards earn rewards.
This card is also an option if you don’t have a standard bank account. Because you can reload your card with direct deposit or reload your card with personal checks, payroll checks, insurance agent checks, money orders, cashier’s checks, government checks and more , it acts as a type of checking account if you can’t get a standard account at a bank for some reason.
In those cases, Walmart MoneyCard is an option. You have the opportunity to earn up to $75 in cash per year (this isn’t something to write home about, but it’s definitely better than nothing).
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Related reading: What is a prepaid card?
Sign up bonus
This is a prepaid debit card, so you won’t receive a sign-up bonus when you receive the card.
Main benefits
This prepaid debit card — which can be used anywhere Mastercard or Visa is accepted — offers refined functionality, so you won’t get the benefits of a credit card. And there’s a feature that could help people who need early access to their paychecks to pay bills, buy groceries or make ends meet.
With Walmart MoneyCard, you can get your paycheck up to two days in advance or your government benefits up to four days in advance. Once you set up direct deposit with your card, you may qualify for this benefit. In that case, Walmart will credit your card when they receive payment instructions from your employer or benefits provider rather than on payday.
How soon you can get your pay or benefits depends on when your payment instructions are sent to Walmart, but it can be a great benefit for those who qualify and get paid by their employer or employer. Provides benefits sending instructions early.
Another feature is 2% Savings account with annual interest which you can get as a free feature with the card. When you transfer money into that account, it won’t be immediately available to spend with your card, but you can transfer money in and out of your savings account as often as you like, depending on your gender. confidentiality term.
There are some fees Regarding card usage:
- Monthly card retention fee is $5.94*
- $2.50 per ATM withdrawal
- $5.95 per cash deposit**
- 50 cents for an ATM balance inquiry
*There is no monthly fee if you have deposited 1,000 USD or more in the previous monthly period.
**This fee may be lower depending on how and where this card is used.
You can avoid cash reload fees by using the MoneyCard app at Walmart stores.
Related reading: Best checking account
Earn rewards
The Walmart MoneyCard offers a way for eligible cardholders to earn rewards on purchases. You’ll earn 3% cash back on qualifying purchases made at Walmart.com; 2% back at Murphy USA gas stations and 1% back on purchases at Walmart stores. For those who regularly shop online at Walmart, this isn’t a bad thing Cashback rewards structure. But there’s a big catch – you can only earn up to $75 in total rewards per year.
Related reading: Best cash back credit cards for 2020
Redeem rewards
Your redemption options with this card are also very limited. You’ll get rewards credited to your account once a year, similar to Citi’s Costco Anywhere Visa® Card. The refund amount will be credited to your account, so you can use it like any deposit.
Is the Walmart MoneyCard worth it?
If you can qualify for a credit card, I highly recommend going that route. From a rewards earning standpoint, this card is disappointing in every way — you can only earn rewards at Walmart, has very low reward limits and you only receive rewards once per year. And because it’s a prepaid card, you can’t use it to credit buildingBecause your activity doesn’t Report to any agency. Its power lies in its easy availability, flexibility for those without a standard bank account, and its ASAP Direct Deposit program that allows you to receive your paycheck and government support days early .
This card can be a valuable tool for saving money and Set up a personal financial budget for some people, but it won’t be worth it cards earn rewards for the vast majority of people. If you’re looking for a card to use exclusively at Walmart, you can get it Walmart rewards card to earn 5x on Walmart.com and 2x in stores and at Walmart gas stations (including Murphy USA locations). For more general purchases at the grocery store, there are also plenty of cards that offer grocery store rewards — especially right now.
Card alternatives
Other options that earn rewards on additional purchases and offer more redemption flexibility include the fee-based Citi® Double Cash Card no annual fee and offers flat-rate rewards on purchases (up to 2%; 1% when you buy, plus 1% when you check out).
Related reading: Citi Double Cash card review
You can also redeem those rewards for cash or convert them to more valuable bonuses if you have them Credit cards can be paired.
Related reading: Power of Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited
Bottom line
For travelers, points and miles enthusiasts, and those who don’t need the card’s specific benefits, this card isn’t a great choice. But because of the savings account feature, bonus capabilities (a rarity on prepaid cards), and direct deposit feature for early paychecks and government assistance, this is a valuable option in the category its own. If you fall into the first category, you’ll want to look elsewhere. If you’re looking for a debit card that can help you manage your finances and make ends meet, this is a solid choice.
Featured photo by John Gribben for The Points Guy
