Is the Walmart Money Card Really a Good Deal?

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Does the Walmart Money Card work?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
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
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.

The Cost
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 Commitment
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.

Our Recommendation
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.

What do you think? Does the Walmart Money Card work or not?

30 Customer Reviews on “Is the Walmart Money Card Really a Good Deal?

  1. You can use Walmart gift card to purchase other cards I did. It was a 25.00gift card an I purchased a goggle play store card for 15.00.

  2. I’m really worried to use this card. I have to raise my credit to get a checking account. I have finally got a job and I’m scared to use this money card thing. Does anyone think I should go this route or does anyone know of a better prepaid service for me to hold my money?

  3. I think the Walmart money card sounds like a good deal. The advise I have seen on here today has helped to make up my mind in going ahead and getting one. Thanks for that. What I really want to use it for is to make online purchases and purchases at places where I`m not sure how protected my money really is. I`m just going to put an amount on the card that I need for these purchases and maybe just a little more. I always worry when I use my regular bank card for online purchases. This will give me piece of mind about security and that is well worth their fees.

  4. I’ve seen various cards like these and wondered how effective they really were and what the catch was. I can understand using it for budgeting reasons but is it really that much safer than having debit card with a bank? I agree with you that it’s a waste of money especially if they charge you additional fees to just pay a bill. I agree with you Rhonda, you’re better off just having a savings account and informing the bank that you don’t want overdraft protection.

  5. The Walmart money card cost a lot of money. You can get a free checking account instead of paying hefty fees that he Walmart card comes with. The Walmart card cost you almost five dollars to purchase the card, then another three dollars to put your cash on the card. If you want to check your balance, then this cost a dollar each time. If you decide to draw your money off the card using an ATM, then this cost you two dollars and sometimes more. What would be the benefit of this card? I personally don’t see one. I bought the card to pay a phone bill as all I had was cash and my bank was closed. It ended up costing me close to ten dollars to pay a sixty dollar phone bill. Don’t waste your money. Get a savings account with a bank. Ask the bank for no overdrawing on the account. You won’t pay for all the expenses to use your ATM card with a savings account.

  6. I agree with you Claude. I was brought up knowing that if I choose to use a credit card then I need to be able to pay it off in full when the bill comes. The idea of paying fees upfront with the assurance that you won’t be charged overdraft charges doesn’t set well with me. Each of us needs to know how much money we have and we need to stick to a budget. Sorry WalMart, but this just seems like a convenient way for you too make money off of your customers. I will pass on this “deal”.

  7. In all of my years of having bank accounts, I have never once opted for overdraft protection. I find it ridiculous in terms of the fees that they charge. I also am an advocate of always knowing what one’s balance is, and thus never attempting to purchase something when you know you don’t have the funds in your account. Having said that, I much prefer banks over prepaid debit cards and being able to go to a bank teller if I need one (a service usually not provided by prepaid debit cards). While the Walmart card may have excellent customer service, nothing beats being able to speak with a teller who can help you with all of your services at once.

  8. I like the idea of the Wal-Mart Money card, although monthly fees make me cringe! However, the fact that it adds up to a $36 a year fee, that doesn’t make it as bad when if you overdraft your fee for each overdrafted transaction would be $35 or more! I think having a prepaid card helps most people live within their spending means! I think it makes them more conscious of the money they have to work with. I don’t think I will full transition to a money card. I love my fee-free debit card! The occasional overdraft I just suck it up or call my bank and have it removed.

  9. I have seen debit card after debit and it’s safe to say that the Wal-Mart version is no better or worse than any others. One of the main purposes of providing a debit card independent from a bank would be to avoid any large, overdraft fees or to compensate someone without writing a check. Bank fees can be astronomical and generally you may or may not find yourself slapped with a “Decline” depending on whether or not you have opted in to the Overdraft Protection with your bank. Personally, I have been given these cards as gifts but I would never seek the card on my own. My debit card is free where I bank and I find that I would prefer to be denied a purchase rather than pay the overdraft fee. (Believe it or not!)

  10. I use a walmart money card and I do not see that it is any different from the rest of the prepaid cards out there. There is the monthly fees just like the rest, the same way to reload and they offer direct deposit like the others. What I do like about this MoneyCard that differs from the rest is the customer service. I never thought I would say this about Wal-Mart, but all of the prepaid card reps that I have ever spoken with have been knowledgeable and seemed genuinely concerned with helping me with whatever it is that I may need. This alone makes this money card worthwhile to me.

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