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Editor’s note: This is a recurring post, regularly updated with new information and offers.

The Walmart MoneyCard is a prepaid debit card that earns cash-back rewards. Although it’s certainly not the right card for anyone looking to maximize rewards or build credit, it is an option for those who do not want a credit card but still want to earn cash back on purchases.  Card Rating*: ⭐⭐½

*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

At TPG, we are big fans of credit cards. Building credit is important to your overall financial health, and the right credit cards paired with responsible spending habits can help you reach financial goals, take (mostly) free trips and more.

But while we recommend credit cards to those who can qualify and take advantage of the benefits they offer, they aren’t always the best choice.

If you want a way to earn cash-back rewards on Walmart purchases without needing a credit account, the Walmart MoneyCard is a potential option.

The information for the Walmart MoneyCard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Walmart MoneyCard pros and cons

Walmart MoneyCard welcome offer

This is a prepaid debit card, so unfortunately, you won’t earn a sign-up bonus when you get the card.

Walmart MoneyCard benefits

This prepaid debit card — which can be used anywhere Mastercard or Visa is accepted — provides function over flair, so you aren’t getting benefits like you would with credit cards.

Still, there is one feature that could help those who need early access to their paychecks to pay bills, buy groceries or make ends meet.

With the Walmart MoneyCard, you can get your paycheck up to two days in advance or your government benefits up to four days in advance. If you’re eligible for this benefit, you can access it by setting up direct deposit with your card. Then, Walmart will credit the amount to your card when they receive payment instructions from your employer or the benefits provider rather than on payday.

How early you can get your paycheck or benefits depends on when payment instructions are sent to Walmart, but it can be a nice perk for those who qualify and have employers or benefits providers who send instructions early.

Another perk is that you can open a 2% annual interest savings account for free with the card. Money into this savings account isn’t available for immediate spending with your card, but you can move money in and out of your savings account as often as you like, subject to security limits.

Additionally, you can get up to $200 in overdraft protection with this card.

However, note that some fees are associated with using the card:

• $1 to purchase the card
• $5.94 monthly fee to hold the card*
• $2.50 per ATM withdrawal (in addition to the ATM fee)
• $5.95 per cash reload**
• 50 cents for an ATM balance inquiry

*No monthly fee if you loaded $500 or more in previous monthly period.
**This fee can be lower depending on how and where this card is used.

While none of these fees are massive, they can add up quickly. You’ll want to calculate how much you’ll be charged in fees and ensure you’ll earn enough rewards to justify paying them. If not, you’ll be better off with a traditional debit or credit card.

Related: The best checking accounts

Earning rewards with the Walmart MoneyCard

The Walmart MoneyCard allows eligible cardholders to earn rewards on purchases. You’ll earn 3% cash back on qualifying purchases made at Walmart.com, 2% back at Murphy USA gas stations and 1% on Walmart in-store purchases.

This isn’t a bad cash-back rewards structure for those who shop online at Walmart frequently. But there is a big downside — you can only earn up to $75 in total yearly rewards.

That massive cap means this card will get blown out of the water by pretty much any cash-back credit card. But again, if you’re vehemently against credit cards and are looking for rewards of some sort, this card could make sense.

Related: The best cash-back credit cards

Redeeming rewards with the Walmart MoneyCard

Like the earning structure, your redemption options with this card are not great. You’ll get your rewards credited to your account once per year at the end of your account year. Once it hits your account, you can use it like any deposit.

And again, you can only earn $75 in rewards each year. For those who truly spend a lot at Walmart, you’ll likely end up spending money that won’t earn any rewards.

Is the Walmart MoneyCard worth it?

If you can qualify for a credit card, we highly recommend going that route. From a rewards-earning standpoint, this card is disappointing on every front — you can only earn rewards at Walmart, there is a very low rewards cap, and you only receive rewards once per year. This is only a decent option for those who want to earn rewards on a prepaid debit card.

Which cards compete with the Walmart MoneyCard?

Several cash-back credit cards easily outclass the Walmart MoneyCard when it comes to earning rewards.

• If you want a card to use exclusively at Walmart: The Capital One Walmart Rewards® Credit Card earns 5% back on Walmart.com purchases and 2% back on in-store and at Walmart gas stations (including Murphy USA locations). For more information, read our full review of the Walmart Rewards.
• If you want simple and flexible cash back: The Citi Double Cash® Card (see rates and fees) charges no annual fee and offers flat-rate rewards across purchases (up to 2%; 1% when you buy, plus 1% as you pay). For more information, read our full review of the Citi Double Cash.
• If you want more rewards categories: The Chase Freedom Unlimited® offers 5% back on travel booked through Chase Travel℠l, 3% back on dining (including takeout and eligible delivery services) and at drugstores and 1.5% back on all other purchases, plus the ability to pair the card with another Chase offering to convert your cash back into Chase points. For more information, read our full review of the Freedom Unlimited.

For additional options, check out our list of the best cash-back cards.

The information for the The Walmart Rewards credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: Store vs. cash-back credit cards 

Bottom line

This card is not a good option for travelers, points-and-miles enthusiasts, and those who don’t need the card’s specific benefits. But because of its savings account feature, rewards capability (which is rare on a prepaid card) and direct deposit feature for early payday and government assistance, it is a valuable option within its own category.

You’ll want to look elsewhere if you fall into the first category. But if you’re searching for a debit card to help you manage your finances, this could be a decent option.