Secured Card to Build Credit

February 8th, 2010

Anybody knows about the fragile banking system in America right now and how tight banks have become with their lending practices.

In other words, if you want to borrow money, get a car, buy a house, or even get a credit card, you need to rebuild bad credit. There are a few techniques to build up bad credit.

One strategy is to get a credit card with a credit building feature. One of our members is debating between the Account Now Card and the Walmart Money Card. Here is his question:

I am very interested in this banking system but just a few questions.

Do they have some sort of secured credit card so I can build my
terrible credit score back up.

Is this a FDIC bank?

If so will this help me even if I do not have many monthly bills to pay?
and last but not least will this cause any problems on me trying yo
dispute with all three credit bureaus?

Thank you,
A.

Dear A,

Both the Account Now Card and the www.walmartmoneycard.com are FDIC insured.

However, the www.walmartmoneycard.com does NOT have a credit builder program. In other words, you can use the card for the next 100 years and it won’t do a thing to help your credit score.

However, the Account Now Card DOES have a credit builder program. Getting a Visa card is an excellent way to rebuild tarnished credit and Account Now is a fantastic place to start.

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How to Load Your Walmart Money Card

January 26th, 2010

Ok you’ve got your shiny new Walmart Money Card in your wallet. You’re feeling good about flashing your Visa Card to the pretty young cashier, but wait! You forgot to load cash onto your Walmart Money Card!

Here’s How to Load Money onto Your Walmart Money Card

  1. First Way: the easiest way to load money onto your card is to do it at your local Walmart. You simply hand your cash to the cashier along with your card. You can load any amount between $20 and $1,100. A $3 fee will apply.
  2. Second Way: you can also cash a check with the cashier at your local Walmart – like your regular paycheck from your job. You can load a portion of your paycheck onto the card this way.
  3. Third Way: Finally, you can purchase a MoneyPak from a Walmart store or other retailer who sells the MoneyPak.

Oh yeah, we almost forgot to mention that you can load your Walmart Money Card via Direct Deposit.

This is the most convenient since it does not require a trip to the local Walmart. However, there may be fees associated with this method so watch out!

If you want a Visa Card that comes with free activation (with direct deposit) and no fees for direct deposit, consider a www.walmartmoneycard.com alternative at www.walmartmoneycardreview.com.

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www.walmartmoneycard.com – A Closer Look at The Walmart Money Card

January 25th, 2010

Every time I shop at Walmart I am amazed at the variety of items you have at your fingertips. You can find everything from new tires to electric toothbrushes. Do you know that Walmart is now offering a prepaid card for those people who cannot get a traditional credit card? It’s called the Walmart Money Card, and you can find it in the check-out line or get one at www.walmartmoneycard.com.

What is The www.walmartmoneycard.com?

The www.walmartmoneycard.com is a “prepaid” or pre-loaded card. It is not like a regular credit card because you can only spend the money you “load” on the card in advance. Some people also refer to it as a debit card. The card can be used anywhere that Visa is accepted. Some people use it to buy groceries, gas, or pay bills.

Who the www.walmartmoneycard.com is NOT for?

The Walmart Money Card is probably not for people who already have a debit card with a Visa or Mastercard logo or for people who have excellent credit. Usually the type of people this card is for are those who have bad credit, or who have negative entries on their credit report which prevents them from getting a bank debit card or a regular credit card. You will find that Walmart does not perform a credit check so even people with bad credit can qualify to carry the card.

How Does www.walmartmoneycard.com Work?

You will find that getting and using the www.walmartmoneycard.com is slightly different than using a traditional Visa/Mastercard. Specifically, you need to purchase a card before you use it. There is a small purchase fee of $8.94 which they call an issuance fee. Before you can use the card you need to load it with money. There are several ways to do this. Most prepaid card companies give you some options on how to load the card such as: direct deposit from your paycheck; cash at specified locations; online via the web.

Some Things to Watch Out for With the Walmart Money Card

You should avoid the ticky-tack fees if possible. Sometimes you get charged for things you might normally not expect to pay for. For instance, checking your balance at an ATM will cost you 75 cents. These small fees can really add up and are not necessary. Walmart gives you the option to check your balance and activity at www.walmartmoneycard.com.

Also, if you need to withdraw money or add money to your card, try to do these activities at your local Walmart Store, as it is cheaper than if you do them elsewhere. Direct deposit is also a good option as it comes without a fee. Finally, a monthly statement is optional rather than a given benefit of the card. If possible, try to keep an organized tally of all your purchases. If you need the statement to keep track of your expenditures, www.walmartmoneycard.com will charge you $3 per month.

These fees may seem overwhelming. However, remember that you cannot overdraw your account like a regular credit card. Before the recent legislation that President Obama passed, credit card companies could allow you to overdraw your account and then hit you with a $39 over-the-limit fee. Some companies are already finding loopholes around the legislation so they can continue charging these ridiculous fees. In any event, you can be sure that you will avoid any over-the-limit fees with your www.walmartmoneycard.com.

Is the www.walmartmoneycard.com for Me?

If you are somebody who cannot get a regular Visa or Mastercard because of a low credit score, then you should definitely consider a prepaid card. There is no denying that the www.walmartmoneycard.com has a whole host of small fees for its card holders. I find it hard to stomach paying the $8.94 just to get the card and don’t like to have an “issuance fee.” You may consider other alternatives to the www.walmartmoneycard.com like Account Now if you would rather not pay a start up fee, which is what you can enjoy if you have direct deposit.

If you’re still on the fence, you can find all the details and a customer review of the www.walmartmoneycard.com at www.walmartmoneycardreview.com.

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Prepaid Credit Cards: Walmart Money Card

January 19th, 2010

In today’s economy it is getting harder and harder to establish and maintain good credit. Recently, many consumers who have been shut out of the credit card market have turned to pre-paid credit cards. Consumers can use pre-paid credit cards where other cards are accepted, thus making purchases easier. These same consumers can use a pre-paid card to establish a good credit history.

Many companies offer a wide variety of pre-paid credit cars with different options. Consumers should be warned that pre-paid credit cards are designed to earn a profit, sometimes at the expense of the cardholder.

As with any credit card, most pre-paid credit cards have additional fees and penalties discussed in the fine print of the card agreement – for example, Walmart’s WalmartMoney Pre-paid Visa.

There are; however, some pre-paid credit cards that offer good benefits. AccountNow Pre-paid VISA or Mastercard offers more choices and benefits such as: direct deposit, on-line bill paying, and credit line requests. AccountNow works more like a bank account while offering the ease and flexibility of credit card purchases.

Any consumer would be wise to carefully review the pros and cons of any credit card agreement, prepaid or otherwise.

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Get the Real Facts of the www.WalmartMoneyCard.com

December 19th, 2009

The Walmart Prepaid Money Card is an extremely popular products in the prepaid/reloadable card market. We wanted to give you all the nitty gritty details about the card so that you can make an educated decision about whether the card is a good fit – or whether you should consider other options.

A large bank called “GE Money Bank” issues the card. We’re not really sure exactly how the relationship works, but since Walmart is a retail store, not a bank, it needs a bank to “back” the product. You surely have noticed that the financial landscape has changed recently with collapse of the American real estate market.

This means that there are quite a few American consumers who need or want to carry a card with a Visa logo for convenience but cannot get a traditional credit card.

Generally, with prepaid cards such as the www.walmartmoneycard.com, customers are offered many of the same benefits you see with regular credit cards. The main difference in getting a card is that prepaid cards often do not involve a credit check.

The www.walmartmoneycard.com card has the Visa logo. This means that the card is generally accepted and able to be used at any store/shop that accepts Visa cards. Thus, using the card may not feel any different than if you used a regular Visa credit card. Unlike a credit card, a prepaid card lets you take money out from an ATM machine like a debit card or checking account card does.

Here is the big difference with the Walmart Card and another popular card called the Account Now Visa:

The only way to use a Walmart Card is to deposit money on it in ADVANCE. Most cards work like this.

How Does a Person Load Money to the Walmart Card? There are a few different ways. One way is to add fund by purchasing a Green Dot Money Pak, which comes in values ranging from $20 to $1,100.

One benefit of using a prepaid card is that it protects people who are irresponsible with their finances. You generally cannot accumulate debt on frivolous purchases so there is no risk of running up a large unmanageable balance like with traditional credit cards.

The downside is that the Walmart card does not give you the opportunity to build credit. Unlike credit cards that are unsecured, prepaid cards are not reported to the bureaus. In other words, responsible use of your Walmart Money Card does not help improve your credit score or creditworthiness.

Have you experienced the Walmart Money Card? If so, we encourage you to leave your comments below!

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