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This article was last updated Jul 11, 2012, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
It was 50 years ago on July 2nd that Sam Walton first opened his first Walmart Discount City store in Rogers, Arkansas.? Since, Walmart has grown to be the largest grocery retailer in the United States, the 18th largest public corporation, and the largest when ranked by revenue.? Walmart truly is a cash cow, employing 2.2 billion people in 15 different countries.
They've expanded to offering a pre-paid debit card with the Walmart MoneyCard Visa.? It offers a nice bonus for applying for the card and offers plenty of places to re-load your card for free.? But, how does it stack up against a market flooded with pre-paid debit cards both good and bad?
$10 Walmart Bonus
Lots of pre-paid cards on the market charge for having a direct deposit feature set up on your card.? Many more offer the perk for freefree.? Very few pay you to add a direct deposit account.? The Walmart MoneyCard Visa does everything.? Just by connecting your paycheck or subsidy check to your account, you'll get a cool $10.
Walmart Prepaid Fee Schedule
The Walmart MoneyCard Visa also has one of the lowest monthly fees around.? At only $3, you can use the Walmart card and save big time from your traditional bank checking account that could have fees that approach $12 per month for "maintenance".? The Walmart MoneyCard Visa would be a runaway winner if not for the other fees on the schedule.? A look at some of the other fees to look out for with this card are:
- $3 per re-load of funds at a Walmart store.
- $2 ATM Withdrawal + applicable ATM fees that the ATM company will charge you
- $1 for a balance inquiry at an ATM
As you can see, what starts to get a little murky, as reported by many users, is Walmart's schedule of fees.? Often with pre-paid cards, (the Walmart MoneyCard Visa?being no exception), trouble ensues ?when you start loading funds on your card which don't come from direct deposit. ?In store loads can be quite pricey and if you find yourself always having to load your prepaid card with cash … why not just use cash?!
If you are the average American, the fees incurred on an account could reach double digit percentages just to maintain the account.? Sure, there is no credit check or overdraft fees (because your card will be rejected if you try to make a purchase that would overdraw your account) but these cards can become money pits if you sign up for the wrong one.
Overall, the Walmart MoneyCard Visa?is a moderately decent card in a market full of bad deals.? The consumer criticisms of potentially very high fees just to use the card for everyday use make this card a non-recommendation.? There are many other cards out there that even have a lower monthly fee than the Walmart MoneyCard Visa and give you plenty of other perks and better fees schedule.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.