The Walmart MoneyCard is a pay as you go debit card that earns cash-back rewards. Though it is actually not the appropriate card for anybody trying to maximize rewards or construct credit score, it’s an choice for many who are not looking for a bank card however nonetheless wish to earn money again on purchases. Card Score*: ⭐⭐½
*Card rating relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
At TPG, we’re huge followers of credit cards. Constructing credit score is necessary to your general monetary well being, and the appropriate bank cards paired with responsible spending habits will help you attain monetary objectives, take (largely) free journeys and extra.
However whereas we suggest bank cards to those who can qualify and benefit from the advantages they provide, they are not at all times the only option.
If you’d like a solution to earn cash-back rewards on Walmart purchases with no need a credit score account, the Walmart MoneyCard is a possible choice.
The data for the Walmart MoneyCard has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
Walmart MoneyCard execs and cons
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Walmart MoneyCard welcome supply
It is a pay as you go debit card, so sadly, you will not earn a sign-up bonus whenever you get the cardboard.
Walmart MoneyCard advantages
This pay as you go debit card — which can be utilized anyplace Mastercard or Visa is accepted — offers perform over aptitude, so you do not get advantages such as you would with bank cards.
Nonetheless, there may be one function that might assist those that want early entry to their paychecks to pay payments, purchase groceries or make ends meet.
With the Walmart MoneyCard, you may get your paycheck as much as two days prematurely or your authorities advantages as much as 4 days prematurely. In case you’re eligible for this profit, you’ll be able to entry it by establishing direct deposit together with your card. Then, Walmart will credit score the quantity to your card after they obtain cost directions out of your employer or the advantages supplier slightly than on payday.
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How early you may get your paycheck or advantages will depend on when cost directions are despatched to Walmart, however it may be a pleasant perk for many who qualify and have employers or advantages suppliers who ship directions early.
One other perk is you can open a 2% annual curiosity financial savings account totally free with the cardboard. Cash into this financial savings account is not obtainable for instant spending together with your card, however you’ll be able to transfer cash out and in of your financial savings account as typically as you want, topic to safety limits.
Moreover, you’ll be able to stand up to $200 in overdraft safety with this card.
Nevertheless, observe that some charges are related to utilizing the cardboard:
- $1 to buy the cardboard
- $5.94 month-to-month price to carry the cardboard*
- $2.50 per ATM withdrawal (along with the ATM price)
- $5.95 per money reload**
- 50 cents for an ATM steadiness inquiry
*No month-to-month price when you loaded $500 or extra in earlier month-to-month interval.
**This price will be decrease relying on how and the place this card is used.
Whereas none of those charges are large, they will add up rapidly. You may wish to calculate how a lot you will be charged in charges and make sure you’ll earn sufficient rewards to justify paying them. If not, you will be higher off with a standard debit or bank card.
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Incomes rewards with the Walmart MoneyCard
The Walmart MoneyCard permits eligible cardholders to earn rewards on purchases. You may earn 3% money again on qualifying purchases made at Walmart.com, 2% again at Murphy USA gasoline stations and 1% on Walmart in-store purchases.
This is not a nasty cash-back rewards construction for many who store on-line at Walmart continuously. However there’s a huge draw back — you’ll be able to solely earn as much as $75 in complete yearly rewards.
That large cap means this card will get blown out of the water by just about any cash-back bank card. However once more, when you’re vehemently in opposition to bank cards and are on the lookout for rewards of some kind, this card may make sense.
Associated: The best cash-back credit cards
Redeeming rewards with the Walmart MoneyCard
Just like the incomes construction, your redemption choices with this card will not be nice. You may get your rewards credited to your account as soon as per yr on the finish of your account yr. As soon as it hits your account, you need to use it like several deposit.
And once more, you’ll be able to solely earn $75 in rewards every year. For individuals who really spend so much at Walmart, you will possible find yourself spending cash that will not earn any rewards.
Is the Walmart MoneyCard price it?
In case you can qualify for a bank card, we extremely suggest going that route. From a rewards-earning standpoint, this card is disappointing on each entrance — you’ll be able to solely earn rewards at Walmart, there’s a very low rewards cap, and also you solely obtain rewards as soon as per yr. That is solely an honest choice for many who wish to earn rewards on a pay as you go debit card.
Which playing cards compete with the Walmart MoneyCard?
A number of cash-back bank cards simply outclass the Walmart MoneyCard relating to incomes rewards.
- If you’d like a card to make use of completely at Walmart: The Capital One Walmart Rewards® Credit score Card earns 5% again on Walmart.com purchases and a pair of% again on in-store and at Walmart gasoline stations (together with Murphy USA places). For extra data, learn our full review of the Walmart Rewards.
- If you’d like easy and versatile money again: The Citi Double Cash® Card (see rates and fees) prices no annual price and provides flat-rate rewards throughout purchases (as much as 2%; 1% whenever you purchase, plus 1% as you pay). For extra data, learn our full review of the Citi Double Cash.
- If you’d like extra rewards classes: The Chase Freedom Unlimited® provides 5% again on journey booked by means of Chase Journey℠l, 3% again on eating (together with takeout and eligible supply providers) and at drugstores and 1.5% again on all different purchases, plus the flexibility to pair the cardboard with one other Chase providing to transform your money again into Chase factors. For extra data, learn our full review of the Freedom Unlimited.
For added choices, take a look at our record of the best cash-back cards.
The data for the The Walmart Rewards bank card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
Associated: Store vs. cash-back credit cards
Backside line
This card is just not choice for vacationers, points-and-miles fans, and those that do not want the cardboard’s particular advantages. However due to its financial savings account function, rewards functionality (which is uncommon on a pay as you go card) and direct deposit function for early payday and authorities help, it’s a invaluable choice inside its personal class.
You may wish to look elsewhere when you fall into the primary class. However when you’re trying to find a debit card that will help you handle your funds, this may very well be an honest choice.
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