Credit Cards

5 Things to Know Before Applying for a Walmart Credit Card

walmart_discovercard.03If you shop at Walmart regularly and are interested in maximizing your savings on every purchase, there are a few benefits to paying with a credit card. This card is often listed as one of the best store credit cards, but there are five things you should know before submitting your application online or in your local store.

1. The Wal-Mart credit card is different from the Walmart MasterCard.

You can only use the Walmart credit card inside Walmart and Sam’s Club stores, but you can use the Walmart MasterCard to buy items from any retailer accepting this form of credit card. This makes the MasterCard more desirable, but you’ll need a higher credit score to get approved. If you have some blemishes on your credit report, the credit card is probably your best option.

2. Cardholders qualify for special promotions throughout the year.

When you use your Walmart credit card in the store or online, you may qualify for a variety of special promotions. For instance, one popular promotion allows cardholders to make expensive purchases without paying interest. The more money they spend, the longer they have to pay off their balance before interest starts to accrue.

Another promotion delivers a $25 card credit for consumers securing a new card at the register and charging at least $75 for their initial purchase. Cardholders may also get up to 10 cents off gas at Murphy USA and Walmart gas stations.

3. You can take cash back at the register when paying with your card.

After swiping your credit card at checkout, a prompt asks if you would like to receive cash back. Hit yes, and you can walk out of the store with cash just as you might when using a debit card. In addition to an overall credit limit for the card, each consumer receives a cash back limit. When you use this feature, the cash you take is added to your card just like any other purchase. You don’t pay fees or higher interest rates for cash back withdrawals.

4. There is no annual fee for this card, but the interest rate is quite high.

Many cardholders appreciate that Walmart is simple to understand in terms of fees. You pay interest on charges made to the card and a late fee may apply if you don’t make your minimum payment on time, but you don’t have to worry about annual fees, non-usage fees, balance transfer fees and other added expenses. Just note that there are many other cards with much lower interest rates.

5. Walmart is generous with credit limit increases but also fast to decrease for missed payments.

If you pay your bill on time and use your card faithfully, it isn’t difficult to get advanced to the Walmart Discover card or have your balance on the standard credit card increased. This also increases the amount you can withdraw as cash back at the register, giving you greater spending power when it comes to those big ticket splurges.

Many cardholders falling on hard times find that Walmart isn’t so generous when payments are missed. One or more late or missed payment could lead to a decrease in credit limit, so it’s important to stop using the card if you’re experiencing hard times and can’t pay at least the minimum payment on time each month.

Is the Walmart Credit Card Easy to Secure?
There are many ways you can save money with a Walmart credit card, but how high are your chances of receiving an approval? You can find accounts of consumers receiving approvals with credit scores in the high 500s, but you’re more likely to get approved if your score is in the high 600s. If you’re worried about approval, definitely start with the standard store card rather than the MasterCard.

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