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Compare Credit Cards but Choose Low Cost Money Services
Every day new financial services are launched into the market. Recently the largest grocery retailer in the United States Wal-Mart has introduced a reloadable prepaid Visa card Wal-Mart MoneyCard. It is an alternative to usual credit or debit cards issued by banks. This card is targeted at customers who do not have a bank account or a usual credit card because they do not qualify for any.
This Wal-Mart MoneyCard will provide customers with convenient, nationwide access to financial services such as wage transference, bill payments, check cashing. Is it really so convenient and cheap? Can it be called a foundation from which people can achieve their financial goals?
Many people have already been using MoneyCard because, first of all, they are regular Wal-Mart customers and secondly it is easy to get this card. Credit score does not matter and so everybody who wishes can purchase a card at the nearest participating Wal-Mart store. But let us analyze the benefits and drawbacks of this offer.
The benefits are obvious and can be seen on advertisements that hang in every Wal-Mart store. This card is cheaper than usual cards of this type and comes along with a Visa temporary card that can be used straight after the activation. So, the MoneyCard is backed up by Visa and thus cardholders can be sure their money is secure.
There are also a number of incentives. For example a customer who loads $1,000 into his/her account during a calendar month will not have to pay monthly maintenance fee. Customers can receive daily information about their balance via SMS or e-mail. Cash back is offered at no additional charge. And of course, MoneyCard is accepted everywhere where Visa is accepted. And that is 6 million retail locations just in the USA.
Well, what are the drawbacks of Wal-Mart offer?
Although it is said that with MoneyCard you can save money, this is not absolutely true. Loading fee is $4.64 and to cash a check you will pay $3.00. Sounds not very promising. And you will pay monthly $4.94 just to keep your money on the card. To get money from ATM costs $1.95.
Now we see the two sides of the coin, both positive and negative. But why is Wal-Mart offering entirely different from their usual practice kind of service? What is the point?
Wal-Mart offers its banking services through the third party for those with low income and who are not eligible for usual credit cards. And there are millions of such customers who find this option very attractive. Of course those who can compare credit cards and apply for the best ones would never chose MoneyCard.
Not being a bank, Wal-Mart has already lowered the cost of banking services and saved customers $240 million last year.
If you have something to say, please leave your comments below.
Articles about credit cards
The subject of credit card use by young adults is much talked about online and offline, in magazine and internet articles. There are supporters and opponents of issuing plastics to young people among credit consumers and financial experts. However, many of those hair-raising tales about graduates that collect enormous debts are just boogieman stories. The statistics shows that young people became more reasonable in credit card management and most of them do not have loads of debts.
A recent opinion poll conducted among college students revealed that 92% of young adults realize that damage credit history and low credit score could have a negative effect on their future financial standing and cause problems with qualifying for loans.
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Financial crisis, mortgage and credit crisis, real estate crisis, what other crises do US citizens have to suffer from? It is just some epidemic of crises! Talking about epidemic, health insurance crisis is another hardship Americans are going through. Medical services take a bite out of your wallet. This year, according to recent surveys, Americans healthcare expenses exceed last year's medical spending by nearly $1,500.
The thing is that insurance companies have significantly raised healthcare insurance costs for customers. Many people just cannot afford paying for medical insurance. The government understands that many citizens' financial standing has shattered due to the economy recession. And the authorities do not stay indifferent to people's problems. They try to find an alternative solution.
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Have you ever noticed that all credit cards in circulation look the same except the color and picture on the front? The common features are size, shape, the magnetic stripe, the signature stripe, hologram and the number emblazoned across the front. Many people are so used to the standard credit card design that they don't pay attention to these physical characteristics. If you want to know why all plastics from different American issuers share the same structural features, read our article. We will tell you 10 interesting facts that cover their technology.
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04:50 AM, October 11, 2007, Sean
My friend has had Wal-Mart MoneyCard. Frankly speaking she isn't admired by the card.