Get Out Of Debt

Are you the type of person who is constantly shopping at Walmart?

If so, then you may have considered applying for the Walmart Credit Card before. After all, it’s a great way to earn rewards while making purchases you would be anyway.

But do you know the ins and the outs when it comes to the fine print and the stipulations that come with the card?

It’s okay if you don’t! We’re going to explore both of the Walmart credit cards and everything that goes into them.

That way, you can make an informed decision about whether this is a smart financial move for you to make.

We’re going to cover:

• What is The Walmart Credit Card?
• Where Can you use the Walmart Credit Card?
• Do You Qualify For A Walmart Credit Card?
• Features of The Walmart Credit Cards
• Where can you Apply for a Walmart Credit Card?
• Pros and Cons of the Walmart Credit Card
• Should you get a Walmart Credit Card?

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What is The Walmart Credit Card?

The Walmart Credit Card is a store card offered by Walmart to use at their locations & online.

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Where can you use the Walmart Credit Card?

In order to answer that question, it’s important to point out that there are two different cards that Walmart offers:

• The Walmart Credit Card  – This is an in store card only, which means that this card is only accepted at Walmart stores, Walmart.com, Murphy USA gas stations, Walmart Neighborhood Markets, Walmart Gas Stations and Sam’s Club.
• The Walmart MasterCard – This card can be used anywhere MasterCard is accepted.

Both of the cards offer the same rewards program which gives you cash credit.

How It Works: All the cash back you get through your purchases will automatically be given to you in the form of a credit on your next billing cycle statement.

Example: Let’s say that you purchased a treadmill online for $299.99 from Walmart.com with your Walmart credit card. You’ll receive 3% cash credit for this purchase, which comes out to $8.99 for the treadmill. That $8.99 will automatically be credited to you on your next statement. So, if your statement balance was originally $299.99 after the treadmill, you’ll now only owe $291.

Right now, Walmart is offering a promotion that’ll give you a $25 account credit with a $75 purchase on the day you open your card. Once you’ve made a qualifying purchase, you’ll receive credit to your account in the following 1 to 2 billing cycles.

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Do You Qualify For A Walmart Credit Card?

Like every card you will apply for, there are certain basic requirements that you’ll need to meet to be able to qualify for the Walmart Credit Card:

Requirements:

• Be 18 years or older
• US mailing address
• Social Security Number
• Fair Credit Score- Above 600

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Features of The Walmart Credit Cards

The Walmart Credit Card

Quick Stats

• Ongoing APR: 24.90% Variable APR
• Minimum Interest Charge: $1.00
• Late Payment Fee: Up to $38
• No Annual Fee

No Intro APR on Purchases or Balance Transfers

Bonus Features

• 3% cash credit on Purchases made on Walmart.com
• 2% cash credit on Purchases at Murphy USA & Walmart Gas
• 1% cash credit on all other Purchases
• Free interest period: Up to 23 days
• Save $25 when you open a Walmart credit card and spend $75 today

Walmart MasterCard

Quick Stats

• Ongoing APR: 18.90% – 24.90% Variable APR based on creditworthiness
• Minimum Interest Charge: $1.00
• Late Payment Fee: Up to $38
• No Annual Fee
• Foreign Transaction Fee: 3%
• Cash Advance Fee: $5 or 3%, whichever is greater

No Intro APR on Purchases or Balance Transfers

Bonus Features

• 3% cash credit on Purchases made on Walmart.com
• 2% cash credit on Purchases at Murphy USA & Walmart Gas
• 1% cash credit on all other Purchases
• Free interest period: Up to 23 days
• Save $25 when you open a Walmart credit card and spend $75 today

Here’s a quick comparison of the two cards side by side on the Schumer Box:

Here you can clearly see the differences between these two cards.

But what else do they offer?

Additional Benefits of The Walmart Credit Cards

• Free access your FICO Score every month.
• $0 Fraud Liability  (Protection from unauthorized charges)
• Account alerts sent straight to your inbox or mobile phone
• Multiple options to pay your bill
  • Through the app
  • Online at Walmart.com/creditlogin
  • Phone: Walmart Credit Card 1-877-294-7880 | Walmart Mastercard 1-866-611-1148
  • Mail: PO Box 960024, Orlando, FL 32896-00024
• You can control your purchases and manage your account through their app
• You can add other users to share the benefits and convenience with your family

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Where can you Apply for a Walmart Credit Card?

• In store at any Walmart – When you apply in store, you’ll need a valid photo ID. They’ll ask you a set of questions to identify you and get your application going. Usually you’ll receive a response as to whether you qualify or not immediately.

You can apply with any customer service representative at any cash register or in the jewelry department.

• Online at Walmart.com

Go to Walmart.com

Then scroll down and click on the Walmart services section and click on Walmart Credit Card.

Once there, just click on Apply now

It will prompt you to either sign in to an existing account with Walmart, or create a new one. After you’ve done that, you are set.  All you need to do is complete and submit the application. The response on whether or not you’re approved will be immediate as well.

• Via their mobile app – Log in to the Walmart App

Once you click on the app, look at the bottom tabs and click on Services

Then you’ll be able to see all of the services Walmart offers. At this time you are going to click on Walmart Credit Card

Once, that’s done, all you need to do is click on Apply for Credit Card

You’ll be asked to log into an existing Walmart account, or you’ll have to create one. After that, all you need to do is complete and submit the application. The same goes with this one, the response on whether you’re approved or not will be immediate. 

Completing the application is not difficult, it’s a pretty simple process.

They’ll ask you for the following information:

• Full name
• Current Address
• Email
• Phone number
• Social security number
• Annual income
• Number of years at your current address

Something that does play a factor in your approval is your credit score.

In order to get approved for the Walmart Credit Card, your credit score will need to be in the upper 500’s or above.

For the Walmart MasterCard, you’ll need a credit score of 600 or more.

But, keep in mind that credit score isn’t the only determining factor in whether you’ll qualify for one of the Walmart credit cards. So even if your credit score is in an acceptable range, that doesn’t automatically guarantee an approval.

Once approved, you’ll receive a shopping pass that will allow you to use your new credit line within 24 hours. After that, you’ll receive your physical card in the mail in about 7 to 10 days.

If denied for the card, take the necessary action to correct the issue which caused your denial. Spend the time to work on building your credit so you can be approved in the future. 

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Pros and Cons of the Walmart Credit Card

Like any credit card, the Walmart card has its good and bad points. It’s a matter of knowing what they are and if the good outweighs the bad when it comes to your situation. 

Pros Of The Walmart Credit Card

• Save 5 cents per gallon on your gas purchase when used at a Walmart Gas Station.
• No Annual Fee
• $0 Fraud Liability in case of identity theft
• Free monthly access to your FICO score when you sign up for electronic statements online

Cons Of The Walmart Credit Card

• Interest rates are high, anywhere from 18.90% to 24.90%
• Better rewards with online purchases only compared to in-store purchases.
• Only a small percentage of people will qualify for their lowest interest rate.

There are pros and cons with the Walmart credit cards, just like any other credit card out there. It falls on you to weigh these factors and determine if this card is a good fit for you.

If you’re the type of person who is diligent about paying their balances off in full every month, then you won’t have to worry about the high interest rates.

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Should you get a Walmart Credit Card?

There aren’t too many good reviews out there for either of the Walmart credit cards. Users often complain most about the poor qualify of customer service they experience.

Plus, Walmart is super strict on their payment deadlines. So, if you miss a payment it could come with serious consequences.

Missing a payment could mean:

• Increased interest rate
• High late fee
• Lower credit limit

If you do get the Walmart credit card, stay clear of paying your bill late. Any one of these consequences will just end up costing you more money in the long run.

But if you’re able to keep up with your payments and you regularly shop at Walmart, this card could be great for you because it offers great rewards for your purchases.

The Walmart MasterCard is accepted anywhere that MasterCard is. So, you’ll be able to earn 1% cash credit on all those purchases you’d be making anyway. Plus you’ll receive 3% cash credit when shopping on Walmart.com!

If you’re a regular Walmart shopper, the Walmart credit cards come with good rewards which compensate you for shopping with them.

But if you’re not an avid Walmart shopper, I’d keep looking for another card. The high APR and late fees are a deterrent if you’re not 100% sure you’ll be able to pay your balance in full every month.

Do you have the Walmart Credit Card? Let us know in the comments!

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