Walmart, the US-based retail giant, offers an amazing option to customers with low credit score, to get a credit card. A Walmart credit card is very useful for those who often shop at Walmart stores and have a low or poor credit history. Looking for a credit card with a low credit score requirement? Walmart credit card is the best option for you. So should you by this credit card? Here is the detailed review on Walmart credit card.
Walmart offers two options, first, one being the Walmart credit card and the second one is the Walmart MasterCard. However, both have their own unique features. The Walmart credit cards can be used only at the website, their supermarket stores, and Sam’s club. On the other hand, Walmart MasterCard can be used anywhere.
Benefits of Walmart Credit Card
Cashback Program
Using the Walmart credit card, you can enroll for the Walmart’s Reward program, which offers cashback on every purchase you make. You get 3% cashback on purchase is made at the Walmart website. 2% cashback on fuel purchase at Walmart and Murphy USA gas stations. 1% back on everything else, which includes the Walmart physical stores, Sam’s Club and neighborhood markets.
The rewards are issued monthly and included in your statement. There is no limit to the rewards. Therefore, you can earn unlimited rewards using the Walmart credit card.
Sign-up Bonus
If you spend $25 using your Walmart credit card within 24 hours of activation, you get $25 cash back in your Rewards account. Hence, it is amazing for all customers.
No annual fee
Walmart credit card comes with zero maintenance fees. A credit card with zero annual fees is rare. Therefore, this is one of the unique selling points of Walmart credit cards.
No interest for large Purchase
Ever heard of a credit card which offers 0% interest rate? Well, Walmart credit card offers you a grace period depending upon the amount of your purchase. You get 6 to 24 months to pay off your balance without any interest. This is truly an amazing opportunity for those who are looking to buy something on EMI. Hence, Walmart offers interest-free finance service.
Drawbacks of Walmart Credit Card
High APR
The credit card has a very high interest rate. after the grace period is over you are charged up to 25% interest on your purchases. Therefore, this is not that kind of credit card you will want to carry around and shop. However, if you can pay the amount within the grace period itself, this is the best probable credit card option for you.
Low Credit Limit
Your credit card limit may be as low as $150. However, the credit limit is increased from time to time depending upon your payment history with Walmart.
Deferred Intrest
As mentioned above, once the grace period is over, you will be charged up to 25% interest. The con here is that the interest rate will be charged on the initial purchased amount, irrespective of the amount you have paid during the grace period.
Walmart credit card Review
If you have little or no credit history and you are looking forward to building or improve it, then Walmart credit card is the best option for you. The Walmart credit card offers a decent credit limit to even those people who have a poor credit history. Keeping these offerings in mind it is not a bad option.
If you are looking for a credit card for shopping only, then there is no better choice than the Walmart credit card. We say this because it offers you in-store Finance, using which you can buy anything and pay it within 6 months without any interest. However, if you are looking to borrow the money for a long period, you can go for other private credit cards.
