Today, Walmart announced a cash-back incentive for consumers using a prepaid debit card. When customers use the Walmart MoneyCard to buy gasoline for their vehicles, they'll receive 1 percent cash back on their gas purchases nationwide through Dec. 31, 2010.
"We know our customers need to stretch their budgets wherever they can. Just in time for Memorial Day and summer vacations, we are delighted to offer a benefit they want — cash back on gas," said Jane Thompson, president, Walmart Financial Services, in a statement. "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, does not require a bank account or credit check, and has no overdraft fees. Customers buying new MoneyCards will be automatically enrolled in the cash-back program, while customers who already have MoneyCards will be able to enroll. The cash back will be added to the 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 MoneyCard replaces cash and helps them do everything they need to do, such as paying bills or shopping online."
The Walmart MoneyCard is issued by GE MoneyBank with additional services provided by Green Dot. The MoneyCards are available at U.S. Walmart stores and can be used everywhere Visa debit cards are accepted. The MoneyCards are protected by the Visa Zero Liability Policy, which protects the cardholder from unauthorized purchases, fraud and theft if the card is lost or stolen.
Walmart offers an array of financial services including check cashing, bill payment, and money transfers.