Wal-Mart Lowers Price on Debit Cards

What: Wal-Mart’s prepaid debit card just got cheaper—once $9, it’s now just $3 (other fees associated with the card have also been lowered). The typical price of a money card like this is anywhere from 10 to 15 bucks.

What They Say:

“While we’ll make a little less money than we would with that other pricing, we feel like this is one of those game-changer type moves,” said Jane Thompson, president of Wal-Mart’s financial services division, in an interview.

What We Say: The debit card is just one of the many moves the retailer we love to hate has made to keep customers coming back day after day; it’s also opening 1,000 financial services centers (instead of its own bank, a recently abandoned idea) in 2009. By doing this, Wal-Mart Wal Mart Lowers Price on Debit Cards can target shoppers who don’t have bank accounts but still need to pay bills, transfer money, and do other basic tasks. And for those who do have bank accounts/credit cards, etc, there will be just one more reason to one stop shop at Wal-Mart.

Should we applaud Wal-Mart Wal Mart Lowers Price on Debit Cards for making it easier for folks on a budget to buy what they want and need, or feel a little nervous about this expansion? Let us know if you’ve used Wal-Mart Wal Mart Lowers Price on Debit Cards financial services or its debit card – what has your experience been like?