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The Walgreens Balance Financial Prepaid MasterCard is a prepaid debit card, an alternative to cash that provides financial services in Walgreens and Duane Reade stores. These include check cashing, online bill payments and direct deposit of paychecks.
As of December 1st, 2015, Walgreens and Duane Reade stores have discontinued this card and replaced it with the Exact Prepaid MasterCard. The Exact Prepaid MasterCard will not be sold at Walgreens or Duane Reade.
Balance Financial Cardholders will get a new Exact Prepaid MasterCard in the mail in early February, 2016. Click here for more details.
Many people have reported problems with this card, especially concerning payment. To avoid problems, pay your bills early, and be sure to understand the terms and conditions in full before you use this card.
Keep in mind, this is not actually a credit card, it is a prepaid card! Prepaid cards generally do not help you build credit since they don’t report to the credit bureaus. If you have bad credit and would like to improve it, a secured credit card may be a better option.
For People with
- Annual Fee: $2.95/mo
- Interest Rate:
Quick Card Facts
- Earn 10 points for every $1 spent at Walgreens or Duane Reade stores
- Earn 100 points every time you reload in store
- 1,000 bonus points when the first direct deposit is made if the card is linked to a Balance Rewards account upon activation, 250 points for every month after that you add a direct deposit
- 10 points for every $1 spent at Walgreens or Duane Reade stores
- 100 points every time you reload in store at Walgreens or Duane Reade stores
- 1,000 bonus points when the first direct deposit is made if the card is linked to a Balance Rewards account upon activation, and 250 more points every month you add a direct deposit
Check your card’s Guide to Benefits to learn the exact benefits you have, and how to access them.
No Minimum Balance Required
You won’t be charged a fee for having no balance on the card.
Additional Balance Financial MasterCards
No fee for additional cards.
You can transfer funds from card to card at no fee.
You will not be held responsible for unauthorized charges made on your card.
The Costs & Fees
|Card Fee||Monthly Maintenance Fee||Card Reload||Direct Deposit||Bill Pay Costs|
|$2.95||$2.95; waived when you load $1,000 or more to your card in a 30-day period||$2.95; Cash: $10-$500, Pin Debit: $10-$1,500, Checks: $10-$2,000||$0||$0.95|
|ATM Withdrawals||Withdraw Cash at Non-participating ATMs||Check Cashing Services for Payroll, Tax Refund and Government Checks|
|$0 at 7,500 Walgreens and Duane Reade stores||$2.95||$0; Qualifying checks may be deposited to the card with up to $100 cash back; additional cash may be withdrawn at the in-store ATM, subject to the merchant’s limits and a $2,500 daily limit|
The Bottom Line
For consumers who don’t have a bank account, managing money on a prepaid card is a safe and convenient option. That being said, it’s important to make sure the prepaid card you get is actually a good card before you decide to use it.
On the surface, the Walgreens Balance Financial Prepaid MasterCard looks like an excellent prepaid card. It gives customers free and low-cost opportunities to perform basic financial transactions like direct deposit, check cashing services for payroll, tax refunds and government checks.
However, reports have surfaced that some account holders experience poor customer service. Click here to check out reviews other visitors have left on our site. Be warned. They are not the nicest.
Do you have the Walgreens Balance Financial Prepaid MasterCard? If so, how do you like it? Leave your own review of the card here.
Kimberly Rotter contributed to this post.