Understanding the Walmart Money Card
If you are one of the many consumers with damaged credit, low credit scores or no credit at all, Walmart now offers another option called the Walmart Money Card. This card can be used anywhere a VISA card is accepted.
It is a prepaid card, available to you immediately by depositing funds directly into your account. There is no credit check needed, and you are able to use your card for any kind of purchase you want, as well as pay bills, buy groceries or airline tickets online.
Monitor your balance by checking your account online or by alerts on your cell phone. This can be done by transferring any funds from any account, direct deposit of your paycheck, or any other method you wish to reload your card.
The card does not allow you to build your rating, as you are not being extended any line of credit, and no reports are made to the major bureaus. Because of this, those who are eligible for a standard credit card should consider that option first.
It is easy to set up an account at any Walmart store. After paying an initial fee of $8.94, the monthly fee is reduced to only $4.94 per month. When you reload the account with more funds, you are charged $4.94.
You might want to think about signing up for direct deposit as well since it is free of charge. A check cashing fee is $3 but if you cash a check to reload the account, that is free as well.
You will also be charged $1.95 each time you visit an ATM for withdrawal, but free of you use one at a Walmart. If you check your balance at an ATM other than at Walmart, it will also cost $.75, so its smarter to check online. Monthly paper statements will cost $3 per month.
It is essential to take the time and do the proper research before you agree to apply for any credit card. Surprisingly many cards fees vary and dramatically.
Discover the truth about prepaid card fees and interest. Get the real truth about the walmart money card and the baby phat rush card here.
