Product Review: Wal-Mart Prepaid Visa Debit Moneycard

There are a host of prepaid Visa cards available, but few are a popular as Wal-Mart's, perhaps given Wal-Mart's massive presence in the United States. This card is designed for individuals who have poor credit and cannot receive a standard debit/credit card, as well as for individuals who want a backup card, who want to use a temporary card for a trip, or for a college student who receives regular money from his parents.

No matter the reason you need the card, read on to find out what you can expect before signing up.

Fees

As with any card, Wal-Mart's Moneycard has fees. The original fee for the card was nearly $10 a month, but has been lowered to a low $3 per month. If you're strapped for cash, this $3 could get you shampoo and conditioner for the month at the Dollar Tree, so perhaps look for a different card if you're counting every penny. Other than the maintenance fee, the Moneycard also charges $3 to add money, with the exception of direct deposits of paychecks, which are free.

There are several ways to put money on the card, not including direct deposit. If you're near a Wal-Mart store, you can purchase a MoneyPak, which is similar to a phone-card. You purchase this card for a price range of $20 to $1000 (or higher, depending on the location you purchase from), then follow the instructions on the back of the card to have it applied to your Moneycard account.

You can also transfer money to the card via an ACH, also called a bank transfer, using the information Wal-Mart's Moneycard website provides. Though Wal-Mart doesn't charge you any fees from transferring money from your bank account to the card, you bank probably will. Be sure to check with this before you do, or else you might get a higher fee than expected.

Payroll and checks issued by the government can be cashed at Wal-Mart and applied directly to you Moneycard; there is no fee to have the money applied to the card, but be aware that Wal-Mart charges $3 to have the check processed, which is basically the same as being charged to have the money put on.

Conclusion

Overall, this card is better than some other cards on the market. The Moneycard only has a $3 activation fee, which is less than other cards like the Rushcard, which as a $20 activation fee. In addition, it is also FDIC insured, unlike the Green Dot card, and has a $3 monthly fee, which is lower than just about every prepaid Visa or Mastercard on the market.
Overall, if you can't get a bank card and or credit card, Wal-Mart's Moneycard is a good choice.