Walmart MoneyCard first to offer cash back on prepaid debit card

Walmart has announced the first cash-back incentive for consumers using a prepaid debit card. When customers use the Walmart MoneyCard to buy gasoline for their vehicles, they’ll receive 1 percent cash back on their gas purchases nationwide through Dec. 31, 2010.

“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 is a reloadable prepaid Visa debit card that costs $3 to purchase, does not require a bank account or credit check, and never has overdraft fees. According to a press release, customers buying new Walmart MoneyCards will be automatically enrolled in the cash-back program, while customers who already have Walmart MoneyCards will find it easy to enroll. The cash back will be added to the Walmart MoneyCard balance.

The Walmart MoneyCard is issued by GE MoneyBank with additional services provided by Green Dot. The Walmart MoneyCards are available at U.S. Walmart stores and can be used everywhere Visa debit cards are accepted. The Walmart MoneyCards are protected by the Visa Zero Liability Policy, which protects the cardholder from unauthorized purchases, fraud and theft if the card is lost or stolen.