“Prize Savings” is the first national and first retail offered prize-linked savings (PLS) program. With this new offering, Walmart MoneyCard customers can now enter a monthly sweepstakes that awards hundreds of cash prizes just by saving up. It happens in three easy steps.
Here’s how it works:
1 To play, users simply log into the Walmart MoneyCard app or website to transfer money from their Walmart MoneyCard balance into a separate MoneyCard Vault, a free savings feature within their account.
2 Each dollar a customer saves in their MoneyCard Vault equals one entry in that month’s national drawing.
3 The sweepstakes will award 500 cash prizes every month, including a $1,000 grand prize. Cash prizes are deposited directly to the winners’ Walmart MoneyCards.
Customers always come out on top – there is only an opportunity to win prizes. No money is ever lost for participating.
Walmart notes the Federal Reserve Board says nearly half of all U.S. families can’t cover a $400 emergency with their savings.
Prize Savings, which officially launched in August, has already made a difference. Since the launch, usage of the MoneyCard Vault is up more than 130%. MoneyCard Vault users are, on average, saving 35% more. Fifteen hundred customers have won cash prizes.
Consumers can learn more about the “Prize Savings” sweepstakes, including the Official Rules, and pick up a Walmart MoneyCard for just $1 at any Walmart store or at www.WalmartMoneyCard.com/PrizeSavings.