As stated on Walmart’s recent press release, “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 – savings on gas,” said Jane Thompson, president, Walmart Financial Services. “It’s one more way we can help families save money.”

The Walmart MoneyCard costs $3 to purchase and is a reloadable Visa debit card that doesn’t require a bank account or a credit check and never has overdraft fees. Since it is prepaid it also doesn’t have any interest charged to purchases made on the card. The Walmart MoneyCard is also able to be used anywhere Visa debit cards are accepted. You even have the option of using it for direct deposit of your paycheck to the card. Another great feature is that you can budget and track your spending online with e-mail / SMS balance alerts.

As stated in the press release, “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 Walmart MoneyCard replaces cash and helps them do everything they need to do, such as paying bills or shopping online.”

New customers buying the Walmart MoneyCard will be enrolled in the cash back program automatically. Current customers who already have a Walmart MoneyCard will be easily able to enroll in this money saving program as well. The money saved on gas purchases will be added to the Walmart MoneyCard balance.

The Walmart Moneycard is issued by GE MoneyBank and additional services for it are provided by Green Dot. The Walmart MoneyCards are available in U.S. WalMart stores and are usable everywhere Visa debit cards are accepted. For protection on the cards, the Walmart MoneyCards are protected by the “Visa Zero Liability Policy” which protects the cardholder from unauthorized purchases on their card, fraud and theft if the card is lost or stolen.

Walmart estimates that last year alone customers saved $450 million dollars in fees just from using Walmart money services including: check cashing, bill payment, and money transfers.

Resources:

http://walmartstores.com/pressroom/news/9870.aspx

https://www.walmartmoneycard.com/walmart/homepage.aspx

Walmart’s MoneyCard Offers Cash Back on Prepaid Debit Card (NYSE: WMT) was created by and is property of American Consumer News.

In order to rent a car with a debit card, there are a few things you can do to make the process easier on yourself.

1. Do Your Research – Do not just call the first company in the phone book and do everything they ask you to do. Instead, call around to different places and find out which company accepts debit cards with the least possible complications. Ask the company directly if they accept debit cards for a rental reservation, otherwise if you ask only if you can rent a car without a credit card, the answer will probably be no.

2. Prepare for the Holds – Debit cards often will place a hold on funds in anticipation of a transaction, such as renting a car. Some debit cards will require an amount over and above what is necessary and the hold will stay in place until the transaction is totally complete. If you have $500 in the bank in preparation for vacation, the rental company may calculate a deposit amount of $500, which means you will have no access to your money until the transaction is completed in full and the hold is released. Always anticipate a deposit being held out when renting a car.

3. You May Be Checked – It is not uncommon for a rental company to require a credit check before they will consider renting you a car with a debit card.  Rental agencies want to make sure they can trust you with a $25,000 car so if your credit report is marred, it may be a signal to the rental agency that you are not the most responsible person and thus they may deny you.

4. Be Prepared for the Proof - It may seem easy to use a family members credit card to make your rental reservation online. However, once you show up to the counter to claim the car, you will need to provide proper identification, including drivers license, insurance information, and the credit card and all of the documents must use the same name.

5. You May Be Limited – Consumers wishing to use a debit card to rent a car may be limited on the choice of cars available to them. Many agencies will not allow consumers to rent sport utility vehicles or luxury class vehicles unless they pay with credit cards.

Renting a Car Without Credit was created by and is property of American Consumer News.

 When creating a new financial plan, you should consider keeping your traditional credit cars strictly for emergency and credit boosting purposes. Plan only to use your debit card that links directly into your bank account and nothing else for purchases. You will be less likely to overspend as you would with a credit card with a higher credit limit. Debit cards only allow you to spend what you actually have in the bank. You may be more cost-conscious knowing you have cash limits instead of a line of credit.

 If you use your debit card like a credit card, it is essential you keep up with your purchases and stay on top of your expenses in your checkbook. This is especially true if you were not very adept at tracking your spending when you used credit cards and found yourself in over your head in credit card debt. Do not rely on online bank statements either. The online statement does not always show an accurate view of your real time account information and can lead to overdrafts, which often carry harsh fees. Can you imagine purchasing a pack of gum for $35? Well, it is possible if that gum purchase puts you over the amount of available funds you have in your account. It would be wise to talk to your bank representative to have an overdraft protection plan put into effect, should you accidently go over your limit. Overdraft protection can come from a linked savings account you have at the bank. Some banks may still charge a fee, usually smaller than an overdraft penalty, for the convenience of the transferring of funds.

 If you honestly know that balancing a checkbook is not your forte, make a point to have an unrecorded cushion of money that you do not factor into your checkbook balance. For example, if you have $500 in your checkbook, subtract $100 from the balance in your checkbook but do not withdraw the money. Make a note to yourself that the $100 serves as a cushion so you will have reference in the event you forget what you’ve done. Use your monthly banks statements to check your work each month and only rely on your online statements to check on available funds.

 Using a debit card instead of a traditional credit card, can help you considerably to manage your money. Learning how to track spending and keep tabs on how much you are spending is key to gaining financial freedom, as well as practicing good financial management.

Stay Out of Debt Using Your Debit was created by and is property of American Consumer News.