Credit Scores and Reports

Walmart cuts its prepaid MoneyCard fees


In a move to capture a larger share of the prepaid card market, Walmart Stores Inc. announced it is cutting the price of its MoneyCard.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

In a move to capture a larger share of the prepaid card market, Wal-Mart Stores Inc. announced  it is cutting the price of its MoneyCard.

“Customers who use the Wal-Mart MoneyCard tell us that we’re making a difference in their lives and helping them get their finances under control. The reduced fees on the Wal-Mart MoneyCard will save our customers millions of dollars,” says Jane Thompson, president, Wal-Mart Financial Services. “We will continue to lower prices on the money services that we know our customers need.”

The cost-cutting retailer, which has enjoyed growth in the struggling economy, announced it would reduce the fees to set up, reload and maintain the card to $3 each. Previously, the MoneyCard setup fee was $8.94, the reloading fee $4.64, and the monthly maintenance fee $4.94.Plus, if a MoneyCard user loads the card with more than $1,000 via direct deposit or by cashing their paychecks at Wal-Mart, and gets cash back at the register versus using an ATM, then the card is virtually fee-free except for the one-time $3 setup fee.

The MoneyCard is issued by GE Money Bank. Wal-Mart had attempted to create its own bank, but failed in the face of protests from existing banks. The Arkansas-based retailer then began rolling out other financial services, of which the low-cost MoneyCard is the latest example.

Wal-Mart’s 1.4 million U.S. sales “associates” will be offered the cards at essentially no cost. They will receive a credit of the initial $3 purchase fee for the Walmart MoneyCard, no monthly fee, and their reloads of the cards will be free if they sign up for Wal-Mart direct deposit.

See related: 9 ways to budget with a prepaid card

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Credit Scores and Reports

9 ways to budget with a prepaid card

Living without plastic is hard, but switching to prepaid cards can help you avoid debt and teach you how to live within your means.

See more stories
Credit Card Rate Report
Cash Back

Questions or comments?

Contact us

Editorial corrections policies

Learn more