Walmart MoneyCard Review

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Updated Feb 17, 2021 · 2 min read

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Editor’s note, July 12, 2021: Walmart MoneyCard, issued by Green Dot Bank, has converted to a demand deposit account.

The Walmart MoneyCard prepaid debit card can be a good value for dedicated Walmart customers. The card, issued by Green Dot Bank, has cash-back rewards for Walmart purchases and free online services.

Best for:

Frequent Walmart customers.
People who want free bill pay and money transfers between friends and family.
Those who have had trouble with managing a bank account in the past.
People who can load $1,000 or more each month to avoid the higher-than-average monthly fee.

» See more options: Check our list of best prepaid debit cards

Walmart MoneyCard Pros:

Up to $75 in cash-back rewards a year: 3% from Walmart.com, 2% from Walmart gas stations and 1% at Walmart stores.
Free cash withdrawals at over 5,000 Walmart locations.
Free cash reloads at Walmart stores using the MoneyCard app.
Free direct deposit of payroll or government benefits, up to 2 or 4 days early.
Free online bill pay.

» Looking for a way to build credit instead? Learn about secured credit cards

Walmart MoneyCard Cons:

A steep load of $1,000 is required to waive the monthly fee.
$2.50 fee for bank teller and ATM withdrawals, plus any third-party fee charged by a bank or ATM operator.
$3 fee to reload cash at Walmart checkout, known as Walmart Rapid Reload; up to $5.95 to reload cash at retailers in the Green Dot reload network.

» Ready to open a traditional savings option instead? See the best high-yield savings accounts

Overview of prepaid debit cards

What is a prepaid debit card?

A prepaid debit card is a type of payment card that only lets you spend the money you load onto the card. They don’t help you build credit. Like a debit card, a prepaid card works at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It’s safer and more convenient than using cash. Usually the prepaid card has a mobile app to deposit checks and transfer money. Learn more on our guide to prepaid debit cards.

Unlike checking accounts, prepaid debit cards may lack some services such as free ATM or branch networks, checks, among others. If that doesn’t work for you, see our list of best checking accounts. Or, if you’ve struggled with banks before, check out second chance checking options.

Prepaid debit card vs. debit card vs. credit card

Prepaid debit cards — pay before: You load money onto the card via cash, checks, direct deposit or a bank account before paying for transactions.
Debit cards — pay now: You use money directly from a checking account when paying for purchases or withdrawing money from an ATM.
Credit cards — pay later: You borrow money from a bank when you use the card and pay the money back later.

How does FDIC insurance on prepaid cards work?

Prepaid debit cards nearly always have FDIC insurance, which keeps your funds protected in case the issuer goes bankrupt. Only financial institutions can have FDIC insurance, so a prepaid card is either managed by a bank or by a prepaid card company that partners with a bank to offer that insurance. You must register your prepaid debit card with your name and other identification information in order to be eligible for FDIC insurance and other protections.

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