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Walmart this week introduced the first cash-back incentive for consumers using a prepaid debit card. When shoppers use the Walmart MoneyCard to purchase gasoline, they’ll get 1 percent cash back on gas purchases nationwide through Dec. 31, 2010.
“We know our customers need to stretch their budgets wherever they can,” noted Jane Thompson, president, Walmart Financial Services of the offer, which rolled out in time for Memorial Day and summer vacations. “It’s one more way we can help families save money.”
The Walmart MoneyCard is a reloadable prepaid Visa debit card that costs $3 to purchase, doesn’t require a bank account or credit check, and has no overdraft fees. Customers buying new Walmart MoneyCards are automatically enrolled in the cash-back program, while customers who are already Walmart MoneyCard holders can easily enroll. The cash back will be added to a customer’s Walmart MoneyCard balance.
“The Walmart MoneyCard is a smart way to manage money,” said Thompson. “It’s safer than cash because you’re protected if it’s lost or stolen. For many of our customers, the Walmart MoneyCard replaces cash and helps them do everything they need to do, such as paying bills or shopping online.”
Issued by GE MoneyBank with additional services provided by Green Dot, Walmart MoneyCards are available at U.S. Walmart stores and can be used everywhere Visa debit cards are accepted. Among the ways the card can be used is to get cash from millions of ATMs worldwide, pay bills, purchase gas and groceries, make hotel reservations, buy airline tickets, and budget and track spending online with E-Mail/SMS Balance Alerts. Users can also direct deposit their paychecks to the card.