In order to encourage Americans to save more money, Walmart and Green Dot have unveiled a savings program that incentivizes saving money. And people don’t even have to shop at Walmart in order to participate.
In fact, less shopping and more saving are what this program is all about. Anyone with a Walmart MoneyCard, which is a prepaid card backed by Green Dot, can participate. To enter the sweepstakes, cardholders should log into their Walmart MoneyCard app, or access their account on the MoneyCard website. They’ll need to transfer money to their MoneyCard Vault, which is a savings feature that is free to anyone with a MoneyCard.
For every dollar they put into the Vault, they will get one entry into that month’s prize drawing. There are 500 cash prizes given out each month, with the biggest being a $1,000 grand prize. Cash prizes will be deposited straight to the winner’s Walmart MoneyCard.
Prepaid cards offer opportunity for shopping and saving
For people who can’t open a traditional checking account, or who do not want to pay the fees associated with big banks, prepaid cards are a great option. They don’t require a good credit score, or even any credit history at all, and they are loaded with money up front, so it’s impossible to get into debt using a prepaid card.
Prepaid cards offer good opportunities for shopping, as well, since they are accepted anywhere that a regular credit card would be accepted. Walmart offers the MoneyCard, which of course can be used at Walmart, but can also by presented as a payment method anyplace else that takes credit cards.
One popular use for prepaid cards is among parents; the cards are very handy for giving teenagers an allowance. Parents can track their child’s spending, add funds, transfer funds out, and know that their kids are beginning to learn financial responsibility at the same time.
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