Walmart Credit Card has no such importance as other credit cards. However, it is being used by a vast number of the population, so it is necessary to know the essential facts and features of this card.
- 1 Things You Must Know About Walmart Credit Card
- 1.1 Why Walmart Credit Card Is Suitable For You
- 1.2 Why Walmart Credit Card Is Not Suitable For You
- 1.3 The Advantages and Comparison of Walmart MasterCard and Walmart Consumer Credit Card
- 1.4 Other Possible Credit Cards
- 2 Conclusion
Things You Must Know About Walmart Credit Card
There are two kinds of Walmart Credit Cards. A Walmart MasterCard and a Walmart Consumer Credit Card. The Walmart MasterCard is accessible at any place where there is a MasterCard sign whereas the other card can only be used in stores such as Walmart stores and Supercenters, Walmart.com, Neighborhood Markets, Sam’s Club, and Walmart and Murphy USA gas stations.
Though this card offers no exclusive rewards, it is, however, easy to qualify for Walmart Credit Card. Your credit history is not important to apply for this card. Even if the FICO score is not above 630, you can still be the cardholder of Walmart Credit Card.
For savings on gas, these cards are worth getting hold of. This article discusses four important things that you must know about the Walmart Credit Card.
Why Walmart Credit Card Is Suitable For You
Though this credit card has no special perks, yet there are several reasons why it is advantageous for some people. It is best for people who have low credit card scores. Walmart Credit Card offers savings made on gas purchases. The card also provides options for 0% conventional financing. And for all other purchases, a saving of 1% is offers are on Walmart MasterCard.
As discussed that if the FICO score is less than 630, the card is accessible, but it lessens the options for discounts. But these few available options are also good. No annual fee is charged for this card. So any individual who frequently buys gas from Walmart and has a low credit score can get this card and receive discounts and benefits. On gas purchase, the best reward offered is a discount if 2.86%. Though this discount is highly restricted to the card users, however, this is the most that you can make of it.
Why Walmart Credit Card Is Not Suitable For You
As all credit cards are not compatible and suitable for everyone, in the same manner, the Walmart Credit Card is not suitable for many individuals. The interest rate of this card is high. The incentive offered by this card is not much, and the interest rate is 22.9%. This 22.9% can become hectic for those who would find it difficult to clear off the balance every month. The credit limit is also as low as $150.
Compared to other credit cards, the rewards are shallow. Purchasing should be balance as at the end of each billing session. The amount has to be clear. It is not easy to maintain a monthly credit card with such high interest. It applies a late fee which varies from $27-$38. The foreign transaction fee is 3%, and the cash advance APR is between 21.90%-27.90%. And the cash advance transaction fee is $5 or 3% of each cash advance amount. The more significant amount will be applicable.
The Advantages and Comparison of Walmart MasterCard and Walmart Consumer Credit Card
The Walmart MasterCard and Walmart Consumer Credit Card shares common as well as individual benefits. For those shoppers who spend a lot at Walmart.com and uses Walmart MasterCard can earn a satisfactory amount of cashback. And the cashback has no limit. The cashback is issues on a monthly statement credit automatically. Other essential features of this card are free FICO credit score, $0 fraud liability, and EMV chip technology. This card is best for those who are Walmart fans.
On the other hand, the Walmart Consumer Credit Card does not allow any extra rewards for buying from Walmart stores. Only at Walmart.com, the 3% reward rate is applicable and 1% on the store. With this card, you can not save your credit card rewards for a big purchase because every next month, the rewards converts into statement credits. If only you shop a lot at Walmart, then this card is good for you.
If we compare between the two cards, then the Walmart MasterCard outstands the other on all aspects as it is accessible on greater spheres and in places other than Walmart. The Walmart Consumer Credit Card does not even offer 1% cashback savings. But the answer to the question on which card stands best depends on individual needs.
Other Possible Credit Cards
For those who are not a regular Walmart customer but are looking for cards similar to Walmart Credit Card can opt the following cards:
Chase Freedom Unlimited
This credit card offers a reward of 3% cashback on the expenditure of $20000 within the first year of membership. This rate is three times higher than that of Walmart. The cashback offer is 1.5%. And this rate is 50% more than the Walmart rate. The initial APR is 0%, and it gradually rises to a range of 16.99%-25.7%.
Citi Double Cash Card
It has better benefits than Walmart Credit Card. For every purchase, 1% cashback is given and another 2% for paying off. The annual fee is $0.
Capital One Quicksilver Cash Rewards Credit Card
On spending $500 from the card within the first three months, a cash bonus of $150 is offered. For every purchase, a cashback of 1.5% is given. This card allows an interest-free period for the first 15 months; then the APR ranges from 16.24%- 26.24%. The annual fee is $0.
Walmart Card has received mixed reviews from people. But it is recommends that the card will be very useful if you are a great fan and regular buyer of Walmart. Otherwise, the card has no other benefits to offer. The process to apply for the card is very easy. Personal information such as ID proof, phone number, address, email, and other such information are in need to fill up in the form and submitted.
See also: 10 Best Cash Back Credit Cards of 2019