The bottom line
- Reasonable monthly fee
- Free services including money transfers and a savings feature, but there’s a fee for buying checks
- Up to $75 in cash-back rewards a year
|General fees and features||
|Purchases and withdrawals||
Here are more details about the Walmart MoneyCard’s fees and services.
General fees and features
3.5 / 5.0
The Walmart MoneyCard charges a monthly fee, but it’s on the cheaper side. If you stop using your card, you still have to pay up to two extra monthly fees. There is no fee to close the account.
Purchases and withdrawals
4.5 / 5.0
The Walmart MoneyCard doesn’t charge fees for making purchases, but it does for ATM transactions. You can withdraw money for free at Walmart customer service desks as well as get cash back with purchases you make at certain retailers. The card can be issued as a Mastercard or Visa, so it’ll work with merchants that accept whichever payment network your card is in.
3.0 / 5.0
You can reload money onto the card several ways for free, but there’s no way to avoid fees for depositing cash at Walmart stores or elsewhere. For depositing a payroll or government check in a Walmart store, you pay a fee for cashing the check but nothing to load that money onto the card.
4.5 / 5.0
The card offers a mix of bill payment and savings features, so you can effectively use it as a checking account substitute in those respects — or even just a money management tool.
» Looking for a savings option? Some of the best high-yield online savings accounts cost nothing to open
Good for Walmart stores, limited elsewhere
The Walmart MoneyCard, unsurprisingly, provides the most perks to people who manage money and shop online, especially at Walmart. There are some free services, including online transfers, a savings feature and customer service support, in addition to annual cash-back rewards.
Updated June 7, 2017.
NerdWallet’s overall rating is a weighted average of these four categories: general fees and features (40%), purchases and withdrawals (35%), reloads (15%) and other services (10%). Factors we consider, depending on the category, include fees, ATM access, reload options, breadth of merchant acceptance, account features and limits, consumer-facing tech and customer service. Because prepaid debit cards help to manage money without using credit, any overdraft program gets penalized under the “purchases and withdrawals” category. Several Nerds contribute to prepaid debit card ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid