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Wal Mart Credit Card

03:49:16 AM Friday, August 17, 2007

Wal Mart MoneyCard. Is It a Real Credit Card Deal?

Everyday new deals appear on the highly competitive credit card market. Recently the well-known network Wal Mart has presented a new credit option for its customers - Wal Mart MoneyCard.

Wal Mart is the most popular network of supercenters, well-known all around the world. There are millions of consumers from many countries shopping in Wal Mart everyday. Wal Mart offers a lot of new options for the customers every season.

This summer Wal Mart offers you its own credit card deal, Moneycard. It is created for those consumers who are not eligible for regular Wal Mart credit cards. You have probably seen their Moneycard advertisement in many places around the city. So let's try to understand what it really is.

The application problem is quite simple. Every time you cash a payment check you are offered a Wal Mart MoneyCard. Your credit score does not matter.

A lot of people are already using Wal Mart MoneyCards. They choose these cards because they are regular Wal Mart customers. Let's analyze the benefits and the drawbacks of this deal.

What will you get when you apply for a Wal Mart MoneyCard?

The first thing you see when you look at the card's advertisement are its benefits. They offer you a traditional credit card deal options: no more cash, worldwide acceptance, ATMs support, internet shopping, and paying for some services. Wal Mart's web resource says that you don't need a credit check or a bank account. Last two options are really useful for people with bad or no credit history.

So what are the drawbacks of the new Wal Mart's offer?

Wal Mart MoneyCard is just like a usual pre-paid card deal, so you should bring in your own money onto it before you can use it. Basically, you are using your own money to pay for your purchases and the fees for this service are quite high.

When your credit balance is low, you can refill it in any Wal Mart store, but you should pay a fee for this: $4.64 every time you want to place money to your account. Talking about ATMs support, you should pay in this case too, $1.65 to get cash and seventy five cents for your balance inquiry. You can also check their official site to know more about their total fees and terms.

So Wal Mart declares that their new offer is a credit card, but it basically works like a debit card.

So what is Wal Mart's point in this question? Are the MoneyCards similar to ordinary credit card deals?

No consumer with good credit history would apply for a Wal Mart MoneyCard, because they can be easily approved for the best credit card deal. Of course, these offers will very popular among people who are not eligible for a good credit card deals. If such person would like to get a credit card Wal Mart MoneyCard is an option.