The Walmart MoneyCard that is managed and issued by Green Dot Bank was recently named “Best Card” in three categories of the CardHub 2014 Prepaid Card Report.
• Best alternative checking account
• Best alternative check cashing tool
• Best access to electronic transactions
The Walmart BlueBird card which is issued by American Express also ranked as best card in two of the five categories:
• Lowest fees
• Best access to electronic transactions
More consumers are turning away from traditional checking accounts towards alternative cash management tools including prepaid cards. According to the Nilson Report, general purpose prepaid cards issued by the nation’s top 50 banks accounted for $118 billion in spending at merchants in 2013, up 6.1% from 2012.
The Mercator Advisory Group notes the amount of money loaded on general purpose reloadable prepaid debit cards almost tripled from 2008 to 2012, rising to $76.7 billion. Mercator predicts that number will rise to $168.4 billion by 2015.
A 2014 Pew study found 32% of consumers compared the terms and fees before choosing a card as most simply selected a cared while in a store. CardHub conducts an annual comparison among the most popular cards in circulation, measuring the total cost and eligibility of 26 prepaid cards, based on their features and fees.