Wallet Wizard Visa Card: How much will prepaid cost you?

Applying for a Wallet Wizard loan? Here’s what you need to know about its free prepaid Visa card.

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Payday lenders offering approved borrowers debit cards is nothing new. Nimble, MoneyMe and other lenders offered prepaid Visa cards that borrowers can receive their loans onto, and now, Wallet Wizard has done the same.

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⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

With prepaid cards abound in the payday space, let’s break down Wallet Wizard’s new offering and see how it stacks up:

  • Eligible borrowers

You can only get the card if you’re an existing Wallet Wizard, MoneyStart or ClearCash customer or if you’re currently paying off one of these loans.

  • Loading funds

You cannot load your own funds onto the card. This is currently the only prepaid payday loan card in the market that will not allow you to do this. Spotme previously offered a card that did not allow you to do this, but its product is over 50% cheaper for a three-month loan. This card is currently not available to new borrowers.

  • Inactivity fee

Once you have the card, there is an inactivity fee that kicks in “when no ATM withdrawals, POS purchases and Electronic Transactions have occurred within 180 days”. The $2.99 fee is charged after six months, from the seventh month until your card expires.

  • Card delivery time

Wallet Wizard aims to get the card to you within 15 working days and says to get in contact if you haven’t received your card within 20 days. However, depending on your repayment schedule, you may have made a repayment before you receive your card and can make use of it. If you need your loan instantly, you should opt to receive your loan into your bank account.

Is the card worth it?

The card is basically a way for repeat customers to receive a payday loan from Wallet Wizard and then conveniently spend it. If you plan on being a repeat customer and want immediate access to approved funds, then it may be worth considering. However, being a repeat payday borrower is not a long-term financial solution, and this card seems to target existing customers who will be borrowing again.

Before taking on any new financial product, it’s important to consider all the features, restrictions and fees it comes with to determine if it’s right for you.

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4 Responses

    Default Gravatar
    christineDecember 13, 2018

    I already have a loan with wallet wizard and need an extra $200 pay day loan or visa debit card for presents, is this possible or can I extend my limit sooner, I am on Centrelink payments and am already a member?

      Avatarfinder Customer Care
      JohnDecember 18, 2018Staff

      Hi Christine,

      Thank you for reaching out to finder.

      Since the Wallet Wizard Visa Card is a prepaid payday loan card, you may need to contact them directly for your request. They may or may not grant it based on your credit history as well as your capacity to pay. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    LoraineOctober 8, 2017

    I need to borrow $3,000 I’m on centerlink so can only make small fortnightly repayments

      Default Gravatar
      GruOctober 9, 2017

      Hello Loraine,

      Thank you for reaching out to us about this.

      Receiving Centrelink payments doesn’t cut off your access to credit. You can see the loan options that are available to you on the pages below:
      Loans for People on Centrelink Payments
      Personal Loan FAQs
      Guaranteed Personal Loans

      There is also a lot of valuable information on those pages that you might find helpful. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers and Good luck with your loan application!

      Warm regards,
      Gru

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