Netspend and Walmart are two different prepaid debit card issuers, and only one will suit you better depending upon your use cases.
This article discusses the similarities and differences between Netspend prepaid cards and Walmart Money Cards.
It’ll allow you to choose the correct option according to your unique needs.
RELATED READ: How to Add Money to Cash App Card at Walmart?
Why Choose a Prepaid Debit Card Anyway?
One of the best benefits of credit and debit cards is that they allow you to buy anything, anywhere. In addition, it makes them better alternatives to your traditional bank accounts.
Better yet, you can use these debit cards even if you don’t have a traditional bank account. Individuals who don’t have a bank account represent a big part of the prepaid debit card market.
READ: Can You Withdraw Money from a NetSpend Card at Walmart?
Netspend Vs. Walmart Money Card: Which One Offers the Best Prepaid Debit Cards?
If you want a payment card that doesn’t charge overdraft fees without any overdraft coverage and keeps you from going negative then Netspend prepaid debit cards will suit you better. On the other hand, if you shop at Walmart frequently, Walmart Money Card is the best prepaid debit card for you.
Netspend Prepaid Debit Cards
Netspend is a popular provider of reloadable prepaid cards based in the United States. Along with 70,000 distribution locations, it offers more than 130,000 places where you can reload cards.
Netspend offers both Mastercard and Visa prepaid debit cards, and other than their payment network, both are similar.
The prepaid debit cards that Netspend offers are a little more expensive than a traditional checking account. However, unlike prepaid cards, no credit check or banking history is required to apply for your Netspend debit card.
Netspend: Key Factors
- Monthly Fees: $5
- Foreign Transaction Fees: 4 percent
- ATM Fees: $2.95
- Online Bill Payments: Available with varying fees
READ: Can You Get A NetSpend Card At Walmart?
Netspend: Fee Structure
The Netspend fee depends upon your selected plan. For example, you can go with a monthly fee plan that costs $9.95, but it goes down if you deposit at least $500. You can also go with another option where you need to pay a fee of $1.50 on each purchase.
In both options, you’re more likely to pay more than you can earn through your linked savings account in a year. But still, it’s one of the best prepaid debit cards that you can use.
It’s also important to note that you need to pay an inactivity fee of $5.95 each month. However, this fee is only charged after three months of inactivity. Luckily, there’s no activation or start-up fee for the Netspend Visa prepaid card.
Netspend: Loading Options
While there is no fee on direct deposits, you can load money onto your card at a cash deposit point that costs $3.95. Another reason why Netspend prepaid master and Visa Cards are some of the best-prepaid debit cards is their capability of early direct deposits.
Netspend: Usability
Like most prepaid debit cards, you can also use a free mobile app to manage your Netspend account easily.
Netspend: Membership Benefits
The Netspend Visa prepaid card offers an array of cashback rewards to its subscribers. You can also refer a friend, and any of your family members or friend uses your referral link to deposit at least $40 in their account; you’ll both receive the credit of $20.
In terms of membership benefits, Netspend is one of the best prepaid debit cards out there.
Netspend: Pros
- Five percent APY savings account if you keep a $1,000 or lower balance. The percentage decreases to 0.50 for balances over that.
- Easy cash withdrawals and loading within a retailer network.
- Direct deposit option to get paycheck up to 2 days early.
- Optional draft coverage with overdraft courtesy cushion.
Netspend: Cons
- The basic plan comes with a steep monthly fee.
- No free option to load cash onto the card or withdraw money.
- Inactivity fee after three months, unlike Walmart money prepaid card.
Walmart Money Card
The Walmart Money Card is also a reloadable debit card that can be used in all the places where Visa or Mastercard prepaid cards are accepted. So it’s the best-prepaid debit card for frequent Walmart shoppers.
Walmart Money Card: Key Factors
- Monthly Fees: $5.94 (waivable if at least $1,000 are deposited)
- Foreign Transaction Fees: No
- ATM Fees: $2.50
- Online Bill Payments: Available
Walmart Money Card: Fee Structure
Walmart Money Card charges $1 on each purchase, which seems low, but if you make many everyday purchases, it can add up quickly. There’s also a $5.94 monthly maintenance fee if you don’t deposit at least $1,000 to your account.
You can make free balance inquiries and cash withdrawals on any MoneyPass ATM, making it one of the best-prepaid debit cards available in the market. However, using ATMs other than MoneyPass will cost you $2.50.
Walmart Money Card: Loading Options
Loading your card anywhere costs you $5.95, but you can do it on Walmart stores to pay a decreased fee of $3. The Green Dot MoneyPak can also be used to charge Walmart prepaid cards.
If you get the help of a clerk, you’ll need to pay an extra $3, but you can do it yourself by going online. In both cases, you must be paying $5.95 to Green Dot.
Walmart Money Card: Usability
The Walmart MoneyCard app allows you to transfer money and pay your bills quickly. It’s available on both Android and iOS.
Walmart Money Card: Membership Benefits
As mentioned, Walmart MoneyCard is one of the best-prepaid debit cards for frequent shoppers. In addition, you can earn 1 percent cash back rewards in physical Walmart stores, 2 percent at Walmart fuel stations, and 3 percent at Walmart.com.
The annual reward limit is $75, more than monthly fees, unlike many prepaid debit cards. The card also offers free online bill pay, mobile check deposit, free direct deposit, and an option to send money to family members and friends.
Walmart Money Card: Pros
- Offers cashback rewards.
- Free cash withdrawals on all Walmart locations.
- No cash reload fees using the MoneyCard app at Walmart stores.
- Free direct deposits up to 2-4 days early.
Walmart Money Card: Cons
- A $1,000 deposit is required to waive the monthly fee.
- $2.50 fee on ATM withdrawals, and you also need to pay third-party ATM operator fees.
- $3 Walmart Rapid Reload fee at Walmart locations.
- $5.95 cash reload fee if you choose Green Dot network.
