Walmart MoneyCard is a reloadable prepaid card sold by Walmart stores. It functions the same way as a CashApp card. In fact, it is a debit card with no bank account and overdraft fees. The only difference with Cashapp card, is there are cash back rewards for this one which you get from making purchases from Walmart stores or gas stations.
I will be discussing more about these rewards later in this article. Here are what else to know about Walmart MoneyCard.
How Does Walmart MoneyCard Work
To get the Walmart debit card, you need to go any Walmart location to apply for one. The Walmart money center can help you out with this quest. All you need is to take a couple of things with you.
What do you need to get a Walmart MoneyCard?
You are going to need two legal forms of identification to get a Walmart debit card. A driver’s license and a social security number will suffice. If you do not have a driver’s license, definitely take your social security because it is needed according to Federal laws.
In addition, you can get a Walmart Moneycard online. All that is needed from you is some private information like your name, date of birth, address, ssn and a few other necessary information needed to identify you.
The shipment of your card takes about two weeks. Once you get the card, you need to register it to be able to use it. You need to register your card to be eligible for the FDIC insurance for your money. In addition, registering your Walmart card allows Walmart to help you resolve issues associated with the card.
To activate your card, go to the Activate a Walmart MoneyCard page.
Finally, not anyone can get a Walmart MoneyCard. You have to be over the age of 18 to qualify for one. This is why they need a driver’s license to confirm date of birth.
What credit score do you need for a Walmart store card
You have to be in a fair or good credit score to apply for a Walmart Store Card. This is because the store card is the same as a credit card. To apply for a credit card, your credit score is quite important since it shows your financial responsibility.
Usually, the average credit score is within the fair to good credit scores. The fair credit score is within the 580 to 669 range, while a good credit score is within 670 to 739 range. As with any other debit or credit card institution, Walmart needs to make sure you are financially responsible.
The Cost Of A Walmart MoneyCard
So, how much does it cost to open a Walmart MoneyCard?
It costs $1 to open a Walmart MoneyCard. This is with respect to the card and account set up. In addition to this cost, there is a monthly fee of $5.00 on a Walmart MoneyCard. You will not be charged this monthly fee of $5.00, when you load $1000 in each month.
Here is what I mean.
A Walmart MoneyCard monthly balance of $1000 or more will have the monthly charge waived. Speaking of the costs of a Walmart debit card, there are other fees which may be associated with owning the store card. Here are some to be familiar with:
- ATM fee
- Bank transaction fee
- International fee
You will be charged a $2.50 fee for ATM withdrawals within the United States. In addition, inquiring about your balance from an ATM will cost you about $0.05. You cannot use the money card outside of the United States.
Finally, withdrawals from banks which are Walmart partners will cost you $2.50. To reload your Walmart debit card, you will be charged about $5.95. According to Walmart, this amount can be lower depending on the location of the transaction and the means of reload (store or money app).
How Much Can You Overdraft With Walmart MoneyCard
You only have an overdraft protection of up to $200. This coverage will come at a cost, when you do not pay back the overdraft balance within 24 hours. But firstly, you have to be eligible for this overdraft coverage by Walmart.
Here are other requirements to be eligible for Walmart MoneyCard overdraft protection.
You need to have an activated money card with chip. Then, opt in for the overdraft coverage. These two requirements are what get you qualified.
The Limit For Walmart MoneyCard
The Moneycard from Walmart has limits to it. These could be in terms of withdrawals, deposits or transfer limits. Here is what to know about the restrictions on a Walmart debit card.
Walmart Moneycard Withdrawal Limit
So, how much can you withdraw from Walmart prepaid visa debit card?
ATM maximum withdrawals is $500 daily. If you want more than this amount, then you need to go to Walmart store for cash register withdrawals. You will only get up to $1000 from Walmart money centers or cash registers.
Withdrawals from banks in partnership with Walmart has a maximum of $1000 per teller. If you want more than this amount, then you need to fill more than one teller. Otherwise, this is only what is allowed.
Walmart MoneyCard Deposit Limit
The maximum daily deposit on a Walmart MoneyCard is $3000. Whenever you reach this amount in a day, you will not be allowed to reload again. Also, Walmart debit card balance should not exceed $10,000. You cannot have more than this amount on your Walmart debit card.
Walmart MoneyCard Transfer Limit
What is Walmart MoneyCard daily transfer limit, good reader?
The Walmart MoneyCard daily transfer limit is $500 per day. However, you can only transfer up to a $1000 in a 30 day period. The transfer limit amounts to 20 transfers per day for anyone sending money.
And, 5 transfers per day for recipients.
Benefits Of Walmart Money Card
The benefits of a Walmart MoneyCard include:
- There is an overdraft protection of up to $250, unlike most bank debit cards.
- There is no bank account required to own one.
- There are cash back for store, walmart affiliated gas stations and online purchases. You will get 3% cash back for online purchases, 2% at gas stations and 1% at Walmart stores.
- The money in your Walmart Moneycard generates a 2% APY on savings.
- You can direct deposit a check into the account.
Speaking of cash back reward, the maximum cash back for Walmart MoneyCard is up to $75. This is a lot, when compared to other cash back programs. Would you not agree?
Where Can You Put Money On A Walmart Money Card
You can put money on your Walmart MoneyCard at Walmart stores. You can simply go to any store location and do it at the money center or cash register. A Cash or a check can be used to reload the money card.
On the whole, the Walmart Debit card can help you save a lot of money annually. This is through store, online or gas purchases. Rather than paying with your bank’s debit card, you just get the store’s money card and use it for transaction. You are already spending money at a Walmart anyways, so you might as well use the store’s debit card to save $75 annually on purchases.
It may not sound much, but it is better than nothing.
How Credit Card Companies Target College Students As Money Cows