The Walmart Money Card is a prepaid debit card you can use to make purchases wherever Visa or Master debit cards are accepted. There are plenty of options when it comes to these types of cards, so is this really the best one?
Prepaid debit cards have surged in popularity over the years as more and more people look for ways to avoid the high overdraft fees from their banks. It’s not surprising to run into trouble with a checking account because the bank will let your card go through even if there isn’t money to cover the transaction, just so they can collect their NSF fee. It’s how they make money.
The claim of the Wal-Mart Money Card is that you won’t have to worry about overdrawing your account because if there aren’t sufficient funds to cover the sale they won’t let it go through. That means you don’t have t o live in fear of having your account go in the red.
The hype is that the card is offered by Wal-Mart, one of the biggest corporations in the United States. This means that they don’t really have to do much in order to get people to use their cards other than have the cards available for purchase at each register in their stores.
One of the biggest considerations when looking at the different prepaid debit cards available is how much it costs to use the card. Since they won’t charge you NSF fees, they’ve got to make their money somewhere, and each card is a little different in this regard. The Walmart Money Card has many free ways to load money onto it, including having your paycheck directly deposited onto it. There are also many ATM machines you can use to take out cash without a fee. There are certain transactions that you can do that incur fees, and we’ll break them down for you now:
It’s $4.95 to initially get the card, and it costs $3 to put cash on the card if you do so at a Wal-Mart location. There’s a $3 monthly fee that occurs regardless of your balance or how many transactions you make. It’s $2 if you withdraw money from an ATM that is not in their network, and it’s $1 if you want to check up on your balance. There’s also a $3 fee assessed in the event that you lose your card and need a replacement issued.
The nice thing about a prepaid card is that you don’t have to do much in order to buy it,or use it. You don’t have to keep a minimum balance, you don’t have to make a certain number of transactions each month, and you don’t need to reorder checks since it’s all done online.
The Wal-Mart Money Card is a good choice for most, especially if you’re looking for a new place to have your paycheck direct deposited. If you go that route you won’t be paying much of anything to access your money, and you won’t have to pay check cashing fees anymore. As long as you’re making purchases online or using one of the free ATMs that are available it’s virtually free to manage your money.
There are very few instances where you need to have an actual credit card these days. Renting a car is one of those times where a real credit card is preferred if you want to avoid a credit check or a large hold on your debit card. There are also other times when a credit card is needed, but the vast majority of transactions and locations will take your debit card. It’s important to note that you can still sign for you purchases by opting for the Credit option at merchants. The Debit option should be chosen when you want cash back or you otherwise would prefer to enter your PIN number to complete the transaction without a signature.
One of the top competitors out there is the AccountNow card, and this has many similar features to the Wal-Mart card, they both allow you to direct deposit funds onto the card, they both have a network of ATMs where you can access your money for free, and they both allow you to manage your account online. The only difference is in the fees, and it seems that the Wal-Mart card has a more consumer-friendly fee structure.
Final Walmart Money Card Review
The Wal-Mart Money Card is getting our Thumbs Up rating based on user reviews, the fee structure, the fact that you can load the card with a direct deposit or a Green Dot pack, and the convenience of having it through Wal-Mart, that has locations all across the country. At $36 a year in monthly fees you’d need to overdraw your account just one time at most banks to cover that. This makes it an attractive option for those that just want to keep things straight up.
With the right prepaid card in your hands you can virtually take away the need of a traditional checking account. Almost every transaction you can imagine can be handled wither with a debit card or with cash. If you’re tired of paying overdraft fees, or even just tired about worrying about overdrawing your account, a prepaid card is the way to go, and this Wal-Mart offering is one of the better ones out there.