American Express, Wal-Mart roll out better stored value cards on clarkhoward.com

RIP-OFF ALERT: Pre-paid stored value cards that have historically been a rip are beginning to clean up their act.

At Wal-Mart, you can take your paycheck and deposit it onto a stored-value card for a monthly fee of just $3. That's vastly cheaper than going to a check casher. And you can use it anywhere that the Visa card logo is shown -- not just at Wal-Mart.

American Express, meanwhile, has its own versions of stored-value cards that minimize the fees and make this another viable option for the unbanked.

What others are saying

walmart card
Don't they charge $8 or $9 to buy the card?
By jeane @ 10/29/09 08:10:42 AMreport abuse
this is a load of bull
Walmart's pre paid Visa is a scam. My mother purchased a $500 giftcard for my grandmother's birthday on Oct 2, 2009. They have tried to activate the card numerous times only to be told the card is invalid. Then when they try to return it (within the 30 days) Walmart say's they are not responsible. When my mother tried to get Visa to help, they told her their was nothing they could do since they show that the card is activated. When she asked for a refund they also told her that was not possible. I've read other forums and it seems the only way to get a part of your money back is to call the card in as stolen. I also found out that that there are thousands of people with this same problem. I have filed a complaint with the North Carolina State Attorney General to get the issue resolved and I've also filed a complaint with the BBB. If this happens to you don't give up. We've also posted warnings on youtube, facebook and twitter. DO NOT PURCHASE A VISA ALL ACCESS GIFT CARD!!!
By jglove @ 10/27/09 06:42:36 PMreport abuse
Wal-Mart
Think outside the box! These are great ways to budget money. Instead of using a credit card and running the risk of spending more than you have, the Wal-Mart card is like having cash in your wallet, without the hassle. I've used it, and I'm a college educated professional, trying to manage money better!
By rhoda @ 10/27/09 02:24:45 PMreport abuse
walmart cards
This is just walmarts way of trying to get into banking (which was denied) so instead they get into check cashing, making money off of illegal immigrants....you know the kind that are allready wandering their stores at off hours looking for cheap chinese goods, and paying with $100 bills....Most of the illegal Mexican workers here in Ga. are scared of banks and keep the money they earn from construction jobs in cash hidden in a sock or something. this presents problems when there are 10-12 living in the same apartment, they have to sleep with their money under their head so nobody steals it. they are also prone to robbery because others know they have a bankroll stashed. Wallyworld gives them a place to stash their money before they send most of it back home via western union (who also cashed in by charging steep fees for wiring money internationaly, once they realized how many millions were being sent back to Mexico)
By Dave @ 10/27/09 02:00:49 PMreport abuse
HMM
I want to scream out against this but it sounds like a great option for people who cannot get a checking account that offers a debit/atm card. They don't charge for direct deposit which is good, but I don't like the fact Walmart charges $2.00 to withdrawal your money from ATMs, this is on top of the ATM fees, so to get a hold of your cash you're charged anywhere from $3.50-6 each withdrawal. I'm not seeing the option of going into a walmart and withdrawing cash from an actual cashier using your card, but maybe. If you have to pay $3-6 just to get your cash each time that's no deal. The $3 a month is a better deal than the ACE, Netspend and Unbank cards, but unless the atm fees in this country get under control, I'd advise you to go into a credit union with some cash and open a savings account and get a atm card, then work your way to a checking account which will then allow you a true debit card. I now live in a city of around 100k, and my credit union has 10 atms countywide I can use free of charge. This Walmart card is great for the working poor, but work your way up to a credit union when you can.
By Chris @ 10/27/09 01:01:43 PMreport abuse

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Oct 26, 2009 -- American Express, Wal-Mart roll out better stored value cards

What others are saying