The Ultimate Guide to Credit Cards
Monday, June 17, 2024

Walmart MoneyCard® Review

Eric Bank

By: Eric Bank

Eric Bank
Eric Bank

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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Editor: Jon McDonald

Jon McDonald
Jon McDonald

Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.

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Reviewer: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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Walmart MoneyCard® Review

Rated 4.2 /5.0 ★★★★

I recently moved to a small town where everyone shops at the nearby Walmart. Shopping on Saturday afternoon reveals the store’s popularity, with clogged aisles and checkout lines five customers deep. The store stocks plenty of tempting impulse buys, but the Walmart MoneyCard® is among its most intriguing options.

This reloadable debit card is an excellent financial tool for Walmart shoppers, especially those without credit cards or checking accounts. In this article, I’ll review it and three competing debit cards that deliver outstanding value and convenience. One or more of these may deserve a spot in your wallet.

Main Points and Observations

    • The Walmart MoneyCard® is a reloadable debit card that does not require you to have a credit card or checking account.

    • It pays tiered cash back rewards, but only on Walmart purchases.

    • The account earns a 2% annual percentage yield on your average daily balance for the prior 365 days, up to a maximum average daily balance of $1,000.

The Walmart MoneyCard® is the best prepaid card for shopping at Walmart. I like the fact that the card helps you save even more money on the store’s already low-priced items and even pays interest on your unused balances. Walmart shoppers should consider getting this card even if they already have another debit card for shopping elsewhere.

How to Get the Card

You can sign up for a Walmart MoneyCard® for $1 at a Walmart MoneyCenter located inside the store. Even more conveniently, you can obtain the card online for free by navigating to Walmart.com. Click the Apply Now button below to be redirected to the application:

Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

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Walmart MoneyCard® Review

at the issuer'ssecure website

BEST OVERALL RATING

★★★★

4.2

OVERALL RATING

  • Waive your monthly fee when you direct deposit $500+ in previous monthly period. Otherwise, $5.94 a month.*
  • Earn 3% cash back at Walmart.com, 2% cash back at Walmart fuel stations, & 1% cash back at Walmart stores, up to $75 each year.*
  • Earn 2% interest rate on up to $1,000 balance in your savings account. Plus, get chances to win cash prizes each month!*
  • Get peace of mind with three coverage levels, up to $200, for purchase transactions with opt-in & eligible direct deposit.*
    *Please see site for full terms and conditions.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

Additional Disclosure: Walmart MoneyCard® is a debit card offer.

To be eligible for the card, you must be a US citizen or permanent resident, at least 18 years old, and have proof of identity. You cannot get the card if you are subject to tax backup withholding. The application collects basic information about yourself, including your name, address, date of birth, email address, Social Security number, and mobile phone number.

After completing the purchase, you can expect the permanent card to arrive in one to two weeks. You must download the Walmart MoneyCard app and complete a mobile or email activation process, in which you verify your card number, expiration date, and card verification value (CVV) to access all the card’s features. You can then fund the account and start shopping.

Benefits & Drawbacks to Consider

It’s crucial to understand the benefits and drawbacks of the Walmart MoneyCard® before applying for one. Only by doing so can you make an informed decision on whether it supports your financial needs.

Benefits

    • Convenience: You can use the card everywhere that accepts Mastercard® or Visa® debit cards and at ATMs to withdraw cash. You’ll find this particularly beneficial if you prefer not to carry cash.

    • Cashback Rewards: You can earn cashback rewards on purchases made at Walmart, including 3% on online purchases, 2% at Walmart fuel stations, and 1% at Walmart stores, up to a $75 annual limit.

    • Easy acceptance: Since it’s a prepaid card, it doesn’t require a credit check or bank account to apply. You can get the card even if you have bad or no credit.

    • Budgeting tools: The card comes with an app that offers budgeting tools to help you track your spending and manage your finances.

    • Savings interest: The card lets you earn a 2% annual percentage yield, paid annually, on your unused daily card balances —up to a set limit.

    • Fast direct deposits: Access your paycheck or government benefits earlier than traditional bank posting times. These deposits may help you avoid the card’s monthly plan fee.

    • Optional overdraft protection: Offers you peace of mind by preventing declined transactions due to insufficient funds of up to $200.

Drawbacks

    • Fees: The card comes with various fees, including a monthly plan fee (which Walmart may waive), reload fees, and ATM withdrawal fees. These costs can add up if you frequently use the card.

    • Cash back reward limitations: The card’s cash back rewards apply only to Walmart purchases and can’t exceed $75 per year.

    • Reliance on Walmart: The card is Walmart-branded, so its benefits require shopping at Walmart. You won’t benefit from the card’s rewards when you shop elsewhere.

On balance, the Walmart MoneyCard® is clearly worthwhile for shoppers who want to save money on Walmart purchases without worrying about running up credit card debt or bank account charges.

Other Cards Worth a Look

Plenty of good debit cards are available to consumers, but we rank the following three highest because of their features and reasonable costs. Moreover, they all complement the Walmart MoneyCard® with rewards for your non-Walmart purchases.

Discover® Cashback Debit Review

at the issuer'ssecure website

BEST OVERALL RATING

★★★★★
4.6

OVERALL RATING

  • Cashback – Earn 1% cash back on up to $3,000 in debit card purchases each month
  • No. Fees. Period. That means you won’t be charged an account fee on our Cashback Debit account.
  • Early Pay – Get your paycheck up to two days early with no charge
  • No Credit Impact - You can apply without affecting your credit score.
  • Fraud Protection - You’re never responsible for unauthorized debit card purchases. If you suspect someone else has used your debit card without your permission, let us know.
  • Member FDIC
  • Fee-free overdraft protection
  • No minimum opening deposit and no minimum balance
  • Add cash into your account at Walmart stores nationwide
  • Cash access at over 60,000 no-fee ATMs nationwide
  • 100% US-based customer service available 24/7
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
$0
No Credit Needed

The Discover® Cashback Debit card rewards users with 1% cash back on all eligible debit purchases up to $3,000 monthly, dwarfing the rewards from the Walmart MoneyCard®. It operates as a true online checking account with check writing and bill pay.

The Discover® Cashback Debit has no monthly fees or minimum balance requirements. Cardholders enjoy access to an extensive network of more than 60,000 no-fee ATMs. In contrast, the smaller Walmart ATM network charges a sizeable flat fee per withdrawal.

GO2bank Review

at the issuer'ssecure website

BEST OVERALL RATING

★★★★
4.1

OVERALL RATING

  • Overdraft protection up to $200 with opt-in and eligible direct deposit*
  • No monthly fees with eligible direct deposit, otherwise $5 per month
  • Earn up to 7% cash back when you buy eGift Cards in the app
  • Get your pay up to 2 days early - Get your government benefits up to 4 days early.*
  • High-yield savings account, 4.50% APY paid quarterly on savings up to $5,000.*
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
All Credit Types Considered

The GO2bank debit card offers a unique feature: Up to 7% cash back on eGift Card purchases you make through the app from select merchants. In contrast, the Walmart MoneyCard®’s cash back benefits apply only to Walmart purchases. In addition, GO2bank offers a high-yield savings account with a competitive interest rate.

You can also opt for up to $200 of overdraft protection. If you’re interested in building a higher credit score, GO2bank offers a Secured Visa® Credit Card with no annual fee, no credit check, and no impact on your credit when you apply.

Netspend® All-Access® Account

This card is currently not available.

Best Overall Rating

★★★★★
N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

The Netspend® All-Access® Account is a mobile bank account with an attached debit card, offering a $0 minimum balance requirement and a more extensive suite of financial services. The card provides Payback Rewards, optional overdraft protection, and a savings account with a high interest rate.

The Netspend® All-Access® Account enables direct deposit of paychecks or government benefits up to two days faster. The two cards have similar fee schedules.

Cardholder Reviews Around the Web

There’s nothing like actual cardholder reviews to get a real-world feel for a product. I’ve selected a couple from around the web to illustrate the wide differences of opinion about the Walmart MoneyCard®.

Ronald seems to have a conflicted opinion:

I have had my card for about three months now. I do like the rewards program and the ease of adding funds to my card. However, that is where my likes end and my detest begins. I could very well have done without the three business day delay in bank transfers when they hit my bank account within two hours. Come on, guys, this is 2024. Anything over 24 hours is beyond ridiculous. Then, after making me wait, they had the audacity to charge me a monthly fee. This card has some good attributes, but some of it seems like a scam in a way.”

westerntomed is confident that the card is legitimate:

“I’ve had a Walmart MoneyCard for at least a decade and never had a problem. It’s $3 a month and $3 a load at Walmart. Flip it over, and it says Green Dot Bank, Member FDIC. When I log in to check my balance or view transactions, my card does have a Green Dot routing and direct deposit checking account number.”

FAQs: How Do I Add Money to the Card?

You can add money to your Walmart MoneyCard® in several ways, including cash, a bank transfer, direct deposit, and mobile check deposit. Here is a list explaining how you can load money (or a cashed check) onto your card:

    • Mobile app: To deposit money at any Walmart store, use the mobile app to create a secure deposit code and show it to the cashier.

    • Walmart Rapid Reload: Inform the Walmart cashier that you want to deposit cash to your card, then touch your card to the register screen. The fee is $3, and reload limits may apply.

    • MoneyPak: Buy a MoneyPak at a store near you and visit MoneyPak.com to reload your Walmart MoneyCard®. First, you’ll have to verify your mobile phone number. You then enter your MoneyPak number and the MoneyCard account number to reload the cash.

    • Load check proceeds at Walmart: Walmart check cashing lets you cash a preprinted check (such as a payroll or government check) at the Walmart checkout register and then deposit the money via Walmart Rapid Reload. Fees may apply.

    • Payroll and benefits direct deposits: You can load money to your Walmart MoneyCard® via a qualifying direct deposit of payroll or government checks. You will have to provide the Green Dot Corporation bank routing number (124303120) and your card account number to your payroll department or federal benefits agency to set up direct deposits.

    • Tax refund direct deposits: You can use Form 8888 to have the IRS deposit your refund directly to your Walmart MoneyCard®. Fill in your card account number and the Green Dot bank routing number (124303120). Make sure to select the “Checking” box.

    • Mobile check deposit: You can deposit checks made out to you by using the Walmart MoneyCard® app at no charge. You must sign the check and write “for mobile deposit only” on it. You photograph both sides of the check through the app and transmit them to MoneyCard. You can also deposit commercial preprinted checks from a US business, including cashier’s checks, insurance agency checks, money orders, payroll checks, rebate checks, and stock dividend checks. Additionally, you can load government-issued checks, tax refunds, and federal, state, and municipal government checks.

    • Transfer money in: You can transfer money from your financial services account online or through the mobile app.

    • Recurring payments: You can also set up free recurring payments from your checking account to your Walmart MoneyCard®.

In What Ways Can I Use the Card?

You can use the card in several ways once you load money into the account. Its functionality is similar to a checking account’s but without the bank fees and hassles.

    • Pay for purchases: Use your card to pay for goods and services at retailers, both in-store and online. This flexibility makes it easy to manage your spending without carrying cash.

    • Pay bills: The card allows you to pay your utility, rent, or other bills online, eliminating the need for checks or payment center visits.

    • View account history: Access your transaction history through the mobile app or website to monitor spending, track purchases, and manage your account.

    • Instantly lock and unlock your card: If you misplace your card or suspect unauthorized use, you can instantly lock it through the app to prevent new purchases and unlock it once you’re ready to use it again.

    • Transfer money: Send money to friends and family or between your own accounts at different banks.

    • Make individual or recurring digital payments: Set up one-time or automatic payments for your recurring bills, subscriptions, or transfers, ensuring you never miss a payment due date.

    • Receive text alerts to keep track of your account: Sign up for text notifications to get real-time alerts on transactions, balance updates, and other important account activities.

    • Withdraw cash: Draw money from your card at an ATM (fees may apply), a Walmart MoneyCenter, or participating financial institutions.

The card’s functionality is similar to that of a credit card. The most significant difference is that you spend only the money you deposit rather than relying on credit from a card issuer.

What Are the Card’s Fees?

The Walmart MoneyCard®’s fees are about average for cards of this type. Depending on how you use the card, you may find it less expensive than a checking account or credit card. Walmart provides an online fee schedule to cardholders. Walmart may change its fees at any time, so always check the MoneyCard website for the latest figures.

Can I Withdraw Money from the Card?

Yes, you can withdraw money from the Walmart MoneyCard®. Here are the primary ways to access your cash:

    • ATM withdrawals: You can use your card to withdraw cash at ATMs. A withdrawal fee may apply in addition to any ATM operator fees.

    • Walmart Stores: You can also withdraw cash for free at Walmart MoneyCenters or customer service desks inside Walmart stores.

    • Bank Teller Withdrawal: You can often withdraw cash at a bank or financial institution that accepts Visa® or Mastercard®. Present your card to the teller, and they can process the withdrawal, although a fee may apply.

As with most debit and prepaid cards, this card has daily limits on cash withdrawals. Check the Walmart MoneyCard Holder Agreement for the most current limits and plan your cash withdrawals accordingly.

Is the Walmart MoneyCard® Legit?

The Walmart MoneyCard® is indeed a legitimate prepaid debit card product. Its issuer, Green Dot Bank, Member FDIC, is a reputable institution. The Federal Deposit Insurance Corporation (FDIC) insures the bank, which adds a level of security and trustworthiness to the card.

Walmart is a leading retailer with hundreds of stores nationwide. It is financially sound and co-brands legitimate financial products, including debit and credit cards.

Is the Walmart MoneyCard® Secure?

The card boasts numerous features to keep your card as safe as possible. Unlike the a credit card, a thief can only steal money you’ve already deposited from the Walmart MoneyCard® as it has no credit line to magnify your exposure to theft.

SECURITY FEATURE DESCRIPTION
FDIC Insurance Funds receive coverage up to the maximum limit by the Federal Deposit Insurance Corporation (FDIC) for protection against bank failure.
Fraud Protection Zero liability protection in case of unauthorized purchases, ensuring you’re not responsible for fraudulent charges.
Secure PIN & Signature Transactions require a personal identification number (PIN) or signature for an extra layer of security for purchases and ATM withdrawals.
Instant Card Lock You can lock and unlock your card via the app, preventing new purchases, cash withdrawals, and other transactions on lost or stolen cards.
Account Alerts Set up email or text alerts for transactions, balance updates, and other important account activities to monitor and respond to suspicious activity quickly.
Secure Access The card features secure login to the online account management and Walmart MoneyCard App, with two-factor authentication to protect your information.
Encryption The website and mobile app encrypt data during transmission and storage to safeguard your personal and financial information against interception and unauthorized access.
EMV Chip Technology The card features an EMV chip that generates a unique transaction code for each purchase, significantly enhancing security compared to magnetic stripe cards and reducing the risk of counterfeit fraud.

Common sense dictates that you store your card in a safe location when not carrying it with you. Make sure to contact the issuer immediately regarding lost or stolen cards. Always register a new card upon receipt to ensure full security coverage.

This Card May Be For You If…

    • You’re looking for a convenient way to manage your daily spending without a traditional bank account or credit card.

    • You want to earn cash back rewards on your Walmart purchases, especially if you frequently shop at Walmart for groceries, gas, or other essentials.

    • You desire a prepaid debit card with robust security features and reasonable fees.

The Walmart MoneyCard® is an obvious choice for loyal Walmart shoppers, offering cash back rewards that maximize savings on the purchases you make at the retail giant. However, for broader shopping needs and maximizing rewards across various retailers, you may want to own additional debit cards, such as the three I reviewed earlier.

About the Author

Eric Bank
Eric Bank Finance Expert

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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Eric Bank