By : 
Mr Credit Card
Mr Credit Card- 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.*
- Get $20 this season when you make two new direct deposits of $500+ by 2/28/22.*
- 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.
At A Glance
The Walmart MoneyCard has a savings account (called Vault) which has a 2% APY. You can earn interest for up to $1,000 in deposits. It does not have a partner ATM network but you can withdraw and deposit cash into your account at Walmart stores.
In this review, I will compare the Walmart MoneyCard with other similar products, in particular new fintech mobile online banks and see how it stacks up.
Cash Back Earnings
- 3% cash back at walmart.com
- 2% at Walmart Fuel
- 1% at Walmart stores
- Earn up to to a total of $75 in cash back a year
Direct Deposit Details - 2-4 Days Early
Payroll direct deposit up to 2 days early - You can schedule the whole or part of your payroll to be on direct deposit with the Walmart Moneycard. Your employer can inform the bank of the direct deposit 2 days before the official date so you can get it in your debit card 2 days sooner.
Benefits up to 4 days early - If you are receiving federal or state benefits, you can also get them up to 4 days early from the "official payment date".
IRS Tax Refund up to 4 days early - You can also get your IRS refund up to 4 days early. To enable that, you need to get your account number and routing number. You can get that information by logging into your account and going to the Direct Deposit information. Alternatively, you could text "DD" to 37267 and Walmart will text you the information. Incidentally, this is the information you need to set up all your direct deposit with the Walmart Moneycard.
Overdraft Protection
BASIC
Benefit: You’re covered if you overspend your account balance by $10 without fees
Eligibility: At least one direct deposit in any amount
Fees: $0
PREMIUM 100
Benefit: You’re covered if you overspend your account balance by $100
Eligibility: At least two direct deposits in previous 35 days totaling $200 or more
Fees: $15 fee per overdraft if account balance is not brought to at least $0 within 24 hours
PREMIUM 200
Benefit: You’re covered if you overspend your account balance by $200
Eligibility: At least two direct deposits in previous 35 days totaling $400 or more
Fees: $15 fee per overdraft if account balance is not brought to at least $0 within 24 hours
List of Fees
| Monthly Fee | $5.94 - waived if have $500 in direct deposit the previous month |
| ATM Withdrawal Fee | $2.50 |
| Withdrawal Fee at Walmart Stores | $0 |
| Cash Reload at Walmart Stores | $3 |
| Cash Reload at non-Walmart Stores | $5.95 |
| Foreign Transaction Fee | 3% |
| Balance Inquiry at ATM | $0.50 |
| 12 pack of checks | $5.95 |
How to Load Walmart Moneycard?
- Direct Deposit - You can direct deposit payroll checks or government benefits into your Walmart Moneycard. There is no fee for doing so. You can deposit all or part of your pay check. Employers may notify the bank of the direct deposit 2 days before the "official payroll date" and Walmart can transfer the funds.
- Walmart Rapid Reload - Walmart allows you to reload at Walmart store locations for a $3 fee. You can deposit cash through your app when you are at a Walmart store for free.
- Online Transfers from other banks - Money can be transferred to the Walmart Moneycard via other banks with no fees though it will take 3 days to clear.
- IRS Tax Refund - You can also get your IRS tax refund through this card with no fees. You simply have to send Walmart your card number and mobile number and you will get text instructions you need to fill your IRS tax refund form.
Competition
Compared to other GreenDotBank Products
MoneyCard vs GreenDot Unlimited Cash Back Account - GreenDot has 2 demand deposits under their GreenDot brand. But for this comparison, I am going to compare it to the GreenDot Unlimited Cash Back Account. It is similar to Walmart MoneyCard in many ways. For example, both offer early access to paycheck direct deposits (up to 2 days for payroll and up to 4 days for government benefits). Both also offer up to $200 in overdraft protection and both have also have cash back programs. The GreenDot Unlimited Cash Back Account allows you to earn 2% cash back for online and mobile purchases. As you know by now, the Walmart MoneyCard has a different bonus category type cash back program where you earn up to 3% cash back on different types of Walmart purchases.Though both the GreenDot Unlimited Cash Account and Walmart MoneyCard allow you to withdraw cash fee-free, you have to go to a Walmart store if you have the Walmart MoneyCard. In contrast, those with the GreenDot Unlimited Cash Account has access to a network of partner ATM machines where you can withdraw cash for free.
Both GreenDot and Walmart MoneyCard have high yield savings account which pay the same 2% APY. However, GreenDot will allow you to earn the 2% interest for up to $10,000 in deposits. The Walmart MoneyCard only pays you the interest for up to $1,000 in deposits.
As you can see, both products are very similar and you can argue that GreenDot is better in that you can earn interest in their high yield savings account for a much larger amount than the Walmart MoneyCard.
Walmart MoneyCard vs Go2Bank - Both the Go2Bank and Walmart MoneyCard share a lot of similarities. They both offer early pay, $200 overdraft protection for 24 hours and both also offer a high yield savings account. Like Walmart MoneyCard, Go2Bank charges a $5 monthly fee which is waived when you set up direct deposit.
However, unlike the Walmart MoneyCard, Go2Bank has in-network ATMs where you can withdraw cash for free. Their APY on their high yield savings account is 4.5% and you earn this rate for up to $5,000 in deposits. This is in contrast to the 2% APY that you can earn on the Walmart MoneyCard savings account for only up to $1,000.
Another big difference is that Go2Bank offers their account holders a no credit check secured credit card with no annual and only requiring a $100 security deposit.
The Go2Bank Bank Account is better than the Walmart MoneyCard if you want a higher savings rate and also get access to the Go2Bank Secured Visa to rebuild your credit.
Walmart MoneyCard vs Netspend
Both the Walmart MoneyCard and Netspend were one of the earliest players in the prepaid credit card and online mobile bank market. They both offer early pay access and up to $200 overdraft protection for up to $200. Both also do not have ATM network partners though with the Walmart MoneyCard, you can withdraw and deposit cash fee-free at Walmart. Both Netspend and the Walmart Money charge a monthly fee. But you can waive that with the Walmart MoneyCard by setting up a direct deposit of at least $500. Netspend charges a a $5/month fee which cannot be waived.Both the Walmart MoneyCard and Netpend have a high yield savings account, Netspend beats Walmart in this area. The Netspend savings account has a 6% APY for first $2,000 in deposits and has a 5% APY for deposits above the $2,000 amount. This is better than Walmart, which has a 2% APY for deposits up to only $1,000.
The Walmart MoneyCard is better than Netspend in the area of cash back rewards, which Netspend does not have.
Walmart MoneyCard vs Chime
Chime is one of the newer mobile banks that have recently emerged and became very popular. It offers a few more features than Walmart MoneyCard and is quite typical of Fintech Mobile Banks. Chime does not charge any monthly fees. They also offer overdraft protection of up to $200 but unlike the Walmart MoneyCard which requires you to pay back the overdraft within 24 hours, Chime will simply top up your account with your next direct deposit. Chime also offers paycheck advance loans of up to $500 which requires no credit checks or interest. Once again, Chime will simply be repaid automatically from your next payroll direct deposit.Like the Walmart MoneyCard, Chime also offers 2-day early access to paycheck and also offers a 2% high yield savings account. The Walmart MoneyCard limits you to earning the 2% APY up to $1,000 in deposits whereas Chime has no such limits.
Chime also has partnered with ATM Networks (over 60,000 in-network ATMs) and you can withdraw cash fee-free at these ATMs. In contrast, you can only deposit cash fee-free at Walmart stores for the Walmart MoneyCard.
Chime also has a Credit Builder Card which has no credit checks and no annual fee that any Chime account can apply for to build or rebuild their credit.
Pros: What We Like
- Earn Cash Back at Walmart - The Walmart MoneyCard is one of the rare prepaid debit card that allows you to earn cash back (3% at walmart.com, 2% at Walmart Fuel and 1% at Walmart stores)
- Receive Direct Deposit Early - You can receive direct deposit up to 2 days early and your benefits up to 4 days early
- Monthly Fee Waived with $500 Monthly Direct Deposit - The Walmart MoneyCard will waive the $5.95 monthly fee if you direct deposit $500 every month.
- Up to $200 Overdraft Protection - The Walmart MoneyCard offers up to $200 overdraft protection if you sign up for direct deposit.
- High Balance Limit - Walmart's balance limit of $7,000 is higher than other prepaid debit cards, which usually have limits of up to $3,000.
- Can Open Walmart Savings Account through App - You can open a Walmart Savings Account which at this moment has a 2% APY.
- Can deposit and withdraw cash fee-free at Walmart - Though the Walmart MoneyCard has no ATM partnerships, you can deposit and withdraw cash fee-free at Walmart.
Cons: What We Don't Like
- $2.50 ATM Fees - Walmart does not have a network of ATMs so you do have to pay a fee for ATM withdrawals.
- Loadign with cash GreenDot locations incurs a fee - Though you can load cash fee-free through your app at Walmart stores, loading cash GreenDot locations will incur a fee.
- No Paycheck Advance - Paycheck advance is now a more common feature with upcoming and more recent mobile banks which the Walmart MoneyCard does not offer.
- 2% APY not the highest - The 2% APY that Walmart gives on their high yield savings account is not the highest. There are other online mobile banks that pay 4% or higher on their savings account.
- $1,000 limit on high yield savings account - The Walmart MoneyCard will only pay 2% APY on deposits up to $1,000 in their high yield savings account. This is a rather low limit.
Our take: Walmart MoneyCard Is Great for Walmart Shoppers
However, new Fintech offerings have some features which the Walmart MoneyCard lacks. For example, the 2% APY on their savings account and $1,000 limit is rather low. If you intend to make use of the savings account and you have a large deposit, then there are other alternatives. For example, the Go2Bank Bank Account has a much higher APY (4.5% up to $5,000).
Newer Fintech mobile banks also offer better overdraft protections and payday advance checks at 0% interest. Some also offer credit builders that do not involve hard inquiries to enable you to rebuild your credit. If these features interest you, then mobile banks like Chime may be a better fit.
To sum up, based on our evaluations and review, we give the Walmart Moneycard a 3.7 star rating out of 5 for it's cash back rewards and the ability to get your direct deposit early by a couple of days and their high yield savings. Though it lacks an in-network ATM partner, you can withdraw and deposit cash fee-free at Walmart. It is not a perfect online bank because it limits the amount of deposit that you can earn interest on and also lacks features like interest free payday advance loans than more modern mobile banks offer. Still, it is a solid product and if you are a regular Walmart shopper looking for a mobile bank, then the Walmart MoneyCard is a decent choice.
Some Consumer Reviews
I love the Walmart Moneycard because I cannot overspend what I have in the account. I also use the direct deposit and I get paid 2 days before my co-workers
The best thing about Walmart Moneycard is taht I get paid on Tuesday midday rather than Thursday when my company pays everyone so I get my paycheck 2 days early than my colleagues. There is no monthly fee if you have at least $500 in direct deposits. I also like that I can withdraw and deposit cash for free at Walmart.
I got the Walmart Moneycard because my credit score was really low and most credit unions require you to have at least 650 FICO score to open an account. I also found out that you can get the Moneycard as long as you work in Walmart.
I have had the Walmart Moneycard for the last 10 years and never really had any issues. It allows me to stay on budget and I never go over the limit or used their overdraft protection services. My paycheck also arrives on time and for the most parts 2 days early. My kids have accounts with Walmart and I can transfer money to them easily as well.
I have the Walmart Money Card for the last 12 years and never had a problem. It is my main bank account and my checks are direct deposited in this account. I can even deposit a check from the mobile app and now they also have the overdraft protection which is great.
The only thing I do not like about the Walmart Moneycard is that I have to go to Walmart store to get cash.
Have the Walmart money card for 9 years and the only I wish it can be available on Apple Pay.
What I really like about the Walmart money card is that I can set up bill pay and pay my bills automatically without writing a check. I can also transfer money to other Walmart Moneycard holders. All my kids have one and I can transfer money over for Christmas or if they do their chores.
Have this card for 5 years and I would recommend it. It is great for online purchases and the early pay from direct deposit and on hand check deposit are great.
I have this card for a few years and I use it like a debit card which has a routing number and bank account number. I have my paycheck direct deposit into the account which saves me the monthly fee.