Walmart Offers Cash Back on MoneyCard
Walmart is adding a new cash rewards program to its prepaid MoneyCard program, the retail giant announced. Known as 3-2-1 Save, the program will offer 3 percent cashback on purchases made on Walmart.com, 2 percent back on fuel purchases at Walmart or its affiliated Murphy USA gas stations, and 1 percent back on purchases made at Walmart stores. The program also applies to Walmart’s credit card products, issued by Synchrony Bank, but it’s the combination of rewards and prepaid that could be transformative for how Walmart MoneyCard customers use the card.
Issued and program managed by Green Dot, MoneyCard is one of the largest GPR programs on the market and has won multiple Pay Awards, including a win in the Top of Wallet category in 2015. In 2010, Walmart began offering cash back on gasoline purchases made via MoneyCard—but expanding cash back to all purchases gives further incentive for cardholder to use MoneyCard for transactions and complements existing MoneyCard features, including the ability to write paper checks, early direct deposit, free cash access at all Walmart stores, online bill pay and mobile check deposit.
Financial management functions and rewards could be the key to increasing retention, which often is a challenge for GPR programs. American Express’ Serve was the first GPR platform to offer cashback on all purchases, launching a 1 percent cash back reward program last year.
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