The Walmart MoneyCard is a prepaid debit card that offers a convenient way to manage your finances. It comes with features like cash back rewards, overdraft protection, and early direct deposit access. This guide breaks down the key aspects of the Walmart MoneyCard, including fees, features, and how to activate it.
Getting Started with the Walmart MoneyCard
To purchase a Walmart MoneyCard, you must be 18 years or older. Activating the card requires online access and identity verification, including your Social Security Number (SSN), to open an account. You’ll also need a mobile phone or email address for verification and access to the mobile app to utilize all the card’s features.
Earning Cash Back with the Walmart MoneyCard
The Walmart MoneyCard offers a cash back rewards program where you can earn up to $75 per year. You earn 3% cash back on qualifying purchases at Walmart.com and in the Walmart app, 2% at Walmart fuel stations, and 1% on qualifying purchases at Walmart stores in the U.S. Grocery delivery and pickup orders placed through Walmart.com or the Walmart app also earn 1% cash back.
Cash back is credited to your card balance at the end of the reward year, which consists of twelve monthly periods in which you’ve paid the monthly fee or had it waived. You can redeem rewards via the website or app. Specific eligibility requirements apply.
Overdraft Protection: A Safety Net for Your Finances
The Walmart MoneyCard offers optional overdraft protection for eligible debit card purchases. To qualify, you need to opt-in and meet specific criteria, including having eligible direct deposits and maintaining a good standing account with an activated chip-enabled card.
Overdraft protection is at Walmart’s discretion, and fees may apply. A $15 fee may be charged for each eligible purchase that overdraws your account. To avoid fees, ensure your balance is at least $0 within 24 hours of the first overdraft transaction.
Access Your Paycheck Early with Direct Deposit
With the Walmart MoneyCard, you may be able to access your paycheck early through direct deposit. The timing of early direct deposit depends on your payroll provider’s payment instructions and may vary. Fraud prevention restrictions may also apply. To ensure timely deposits, verify that your name and SSN on file with your employer match your Walmart MoneyCard account information exactly.
Earning Interest on Your Savings
The Walmart MoneyCard offers a savings feature that allows you to earn interest on your balance. Interest is paid annually based on the average daily balance of the previous 365 days, up to a maximum average daily balance of $1,000. The Annual Percentage Yield (APY) is subject to change. Account fees may reduce earnings. As of September 2024, the APY is 2.00%. Your account must be in good standing and have a positive balance to earn interest.
Conclusion
The Walmart MoneyCard provides a range of financial tools, from cash back rewards and overdraft protection to early direct deposit and a savings account with interest. While the card offers several benefits, understanding the fees, terms, and conditions is crucial. Refer to the Walmart MoneyCard Deposit Account Agreement for complete details before applying.
