Walmart MoneyCard – Reloadable Prepaid Mastercard with $10 Bonus

December 15, 2011 No Comments »

In the past, Walmart has been known for providing some enticing bonus offers to consumers. Usually prepaid cards don’t come with cash bonuses, however, for a limited time the Walmart MoneyCard comes with a $10 bonus when you set up a direct deposit and deposit at least $250 into the account. These are pretty lax requirements to earn a $10 bonus when compared to other credit card cash bonuses.

As of right now, this deal is no longer available, however, there is a good chance that the retail chain will bring it back at some point in the future.

The Walmart MoneyCard is a fairly standard prepaid option. You can sign up in just 60 seconds and it requires no credit check. You can also open one of these without a bank account and they impose zero overdraft fees.

Here are three of the primary benefits of the card:

  • No credit check
  • No bank account required
  • No overdraft fees

Along with the above, there are four distinct color choices to choose from (hey, it’s important to some people). These include: black, gold, blue and silver.

If you’re looking to rebuild your credit with this card you may be tough out of luck though. The Walmart MoneyCard does not report to the three major credit bureaus like these rebuilding credit cards do.

It’s widely accepted (wherever MasterCard is accepted) and can be used to purchase items, pay bills and withdrawal cash. If you’d like to view your account balance or have any additional questions or concerns you may call them 24/7 or log-in to your account on their website.

Despite the many benefits of this prepaid Mastercard, it is important to note that there is a fee schedule. You can read more about the fees here.

Here is a brief rundown of what you can expect:

  • Monthly service fee – $3
  • Swipe reload at Walmart – $3
  • Get cash at non-MoneyPass ATM – $2
  • ATM balance inquiry – $1

While these fees are currently effective, Walmart offers alternatives that allow you to avoid the added cost. For example, you can avoid the $3 monthly service fee charge by reloading $1,000 or more in the prior calendar month.

Our Take:

Prepaid cards are a valuable tool for those who can’t obtain checking accounts or credit cards. They allow for a safe place to keep cash while providing easy access to it. They do not, however, provide any sort of perks that usually come with popular cash back or frequent flier credit cards – and even some checking accounts.

When the Walmart MoneyCard $10 bonus is in effect, this offer is truly unique. Even when you are not entitled to the bonus money, there are advantages – including the backing of the Walmart brand – that allow it to successfully compete with other industry offerings.

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