One Finance Debit Card Earns 3% on Walmart ($50 limit/year)

One Finance has been around the block for several years and has offered cashback on debit cards for a while. The requirement to get the 3% cashback benefit is a little wonky and it didn’t make that much sense to talk about it until One Finance bumped APY to 5%.

Most of the content of this post is copy-paste from One Finance’s terms and conditions page and support page.

3% Cashback on Walmart

How can I qualify for 3% cash back at Walmart?

In order to begin earning 3% Cash Back at Walmart, you must have three consecutive calendar months where in each month, you either;

• receive at least $500 of eligible direct deposits and become a Direct Deposit Customer
• maintain an average daily balance of $5,000 or more 

Then, when making an eligible purchase, you must be a Direct Deposit Customer, or have maintained a $5,000 or more average daily balance in the prior month. 

How much cashback can I earn at Walmart?

You will earn 3% cash back on qualifying purchases made with your ONE card at Walmart (in-store and online). You can receive up to $50 in cash back every 12 months.

When does the $50 limit reset?

The date for measuring your $50 annual cap will vary based on when you opened your account.

1. If you opened your account on or after September 15 2022, the one year measurement period for assessing the $50 annual cap will be based on your account opening date.
2. If you opened your account prior to September 15, 2022, the one year measurement period for assessing the $50 annual cap will be measured from September 15, 2023.

What purchases do not qualify for cashback?

 Purchases excluded from earning cash back include, but are not limited to:

1. lottery tickets
2. MoneyCenter transactions
3. foreign transactions
4. gift cards
5. purchases from third-party vendors within Walmart, and
6. purchases that include cash back at point of sale
7. Sam’s Club and other stores that are affiliated with Walmart but are not Walmart-branded stores
8. cash withdrawn from ATMs or other uses of ATM services located at a Walmart, gas station, or drugstore 
9. bill pays services 
10. check or card cashing services 
11. transactions to fund a bank account, card, or credit account, including, but not limited to, purchase and fund a ONE Retail Card and Walmart-associated accounts (e.g., Walmart Moneycard)

Closing Thoughts

If you are thinking about taking advantage of the 5% APY, then you might as well plan on making use of their cashback benefits.