The Basics of a Walmart Credit Card
Many people often wonder whether they should get a credit card from a store. This thought processes often leads a person to consider if they should get a credit card from the world’s largest retailer, Walmart. This report will give you some insight into what a credit card from Walmart actually entails and what benefits may come from such card.
The first question that most people have is; is a Walmart credit card a real credit card? Yes, Walmart credit card, especially the MasterCard version, is like any other credit card available. You can use this credit card at any Walmart store or location, as well as other retailers or businesses. Thus, you cannot only use this card to purchase a new TV at a Best Buy; you can also use this credit card to buy a trip on airline. Additionally, the same credit card will charge you interest on all purchases and you must make minimum payments or more on the outstanding balance. In essence, Walmart MasterCard credit card is like any credit card out there except it has the name Walmart attached to it. In fact, Walmart credit card is issued by Synchrony Bank, which is a regular banking system in the United States. However, other credit cards from Walmart may only be used for Walmart purchase, so know and understand the type of credit card available to you. To qualify for Walmart credit card you will need to have your credit history or credit score reviewed and the bank will issue you a credit line based on this credit history and score. Regardless of the type of credit card you receive associated with Walmart the credit card is exactly like any other credit card available on the market.
Are there any benefits to having a Walmart credit card? In the next section, we will discuss several of the detailed programs of the Walmart credit card. However, the Walmart credit card does have a few perks or benefits that a consumer may want to consider when looking into a credit card. Some of the programs that the credit card offers are special discount rates and in-store purchases as well as guest discounts at Walmart gas stations. Thus, Walmart credit card does have some benefits, which the average consumer may want to consider when applying for this credit card.
To qualify for a Walmart credit card you will have to meet the standard set by the issuing bank, which are quite similar to other bank requirements. Thus, expect that you have to have certain credit score as well as a specified amount of income. One other thing to understand is that Walmart has several different types of credit cards. This means that there are several different formats, benefits, perks, and other issues with each tear or type of credit card.
Fees and APR costs
As with any person who is considering opening a credit card, be aware of the fees and costs associated with Walmart credit card. Since Walmart credit card is issued by a standard bank in the United States, the card will be subject to the CARD federal requirements for credit card issuing. This is a standard requirement for all new credit cards or existing credit cards in the United States. They govern how interest and fees are charged to the credit card, as well as repayment schedules or other items. Thus, your Walmart credit card is subject to the same laws as any standard credit card in the US.
Walmart credit cards do contain certain fees like any other credit card. These fees must be reported in the application process when a person is opening a new account. Currently, the Walmart credit card does not have an annual fee. While you may be subject to other fees, there is no fee for simply having the Walmart credit card available to you. The credit card does have a transaction fee, which is usually for cash advances and is currently stated at $5 or 3% of the cash advance. This fee is usually based on the amount of the cash advance and will be the greater of $5 or 3% fee. There is a late fee that the credit card does charge for a balance not paid on time, which is reported to be up to $35.
The Walmart credit card does have a preset APR, which is the standard interest rate applied to the unpaid balances on the account each month. Currently, the rates for the APR range from 16.90% up to 22.90% APR. The APR applied to each credit card is based upon the credit card type. The preceding APR’s are for standard purchases using the credit card. If you use your Walmart credit card for cash advance, that the APR will be higher. The current range for a cash advance APR on the Walmart credit card is 19.90% up to 25.90% and is dependent on the type of credit card the person holds.
The Walmart credit card does have a few special perks, which a person may want to consider in applying for this credit card. If the credit card is used at a Walmart gas station, the person may receive five cents off on each gallon of gas that they purchase. For some people this may be a welcome discount on their gas purchases. However, it must be pointed out that this is only available at Walmart specific gas stations, which may include Sam’s Club gas stations. Additionally, the gas station must be a participating one in the Walmart system. Another potential benefit of the Walmart credit card is that the holder of the account will receive their FICO score with each monthly bill. Thus, you can keep an eye on how your own personal credit score is ranging each month. Although, it should be noted that other credit cards are beginning to add this benefit to their programs. Another program that Walmart offers is special financing for certain products, with zero interest on the products for up to 24 months. However, this program varies from time to time throughout the year and may only be available for new credit cards. Finally, Walmart credit card does allow other authorize users to be added without charge.