Saturday, 15 January 2022

Walmart Credit Card Review

Walmart Credit Card Review
06 Sep

Hy I'm Adam Jusko from ProudMoneycom and in this video I am talking about the Walmart credit cards

There are actually two Walmart credit cards, but you're only gonna get one of them, so we'll talk about what that means Walmart credit cards are issued by Synchrony Bank, a bank that you may know as a bank that backs up a lot of retail credit cards including Walmart So, like I said, there are two Walmart credit cards: there is a Walmart MasterCard which you can use at Walmart and anywhere else that MasterCard is accepted, and then there is a Walmart store credit card Now the way this works in terms of which one you're going to get when you apply for a Walmart credit card you are first going to be considered for the Walmart MasterCard If your credit history is good enough, you will get the Walmart MasterCard If your credit history is not good enough, you will be considered for the Walmart store card that you can only use at Walmart and Sam's Club and walmartcom

And if your credit's not good enough for any of them, obviously you'll be rejected immediately But depending on your credit history, you could be on the kind of the good end there where you can use it as a MasterCard, use it in multiple places, or you might be stuck using it just at Walmart and Sam's Club

So in terms of the rewards you get 3% in rewards when you make purchases at Walmartcom but not Walmart stores — that's important

You get 2% on Murphy USA and Walmart gas purchases, and you get 1% on Walmart store purchases and if you have the Walmart MasterCard you'll get 1% on any other purchases you make that are outside of Walmart The rewards you get are given as a statement credit, meaning what you earn is essentially going to be taken out of the balance that you owe and it will reduce your balance, so then obviously you're not paying for the full amount of your purchases

Your rewards are gonna get taken out of that and essentially discount the purchases that you have on the card If you get instant approval if you apply today for the Walmart card and you are approved, you can get a bonus and that is $25 — at least as of the making of this video — as long as you spend $25 with the card

So not only do you get a bonus, you also have the possibility of being instantly approved for this card, which is attractive to some people In terms of interest rate, you're looking at anywhere from 18%- ish a little bit over 18%

to 24%+, depending on where your credit history falls So you could be approved at a rate somewhere in that range None of those interest rates are particularly good, so you don't want to carry a balance on this card — you're gonna pay a lot of interest and it's essentially going to eat away at any of the rewards that you have earned

There is no annual fee for the Walmart MasterCard, so you don't have to worry about that Now, in terms of how we feel about the Walmart credit cards — we think that the rewards are to some extent a little more self-serving for Walmart than they are for you as their customers Getting 3% back at walmartcom is fine, and from Walmart's perspective they probably want to drive more people to the Walmart website and have them make their purchases there, because they are in sort of a fight with Amazon right now in terms of who's going to be the big online retailer So they want to get you to Walmart

com But you maybe are more than happy to continue to shop at Walmart stores and in that case you're only going to get 1% on your purchases So they're actually giving your Walmartcom purchasers significantly higher rewards for purchasing in that way The 2% back on Walmart gas or Murphy USA is good in terms of a gas reward if you buy your gas there regularly

That is a decent reward So, overall, though, there are many other credit cards on the market where you can get 2% cash back on all your purchases and, you know, the 3% of Walmart obviously is something that

or Walmartcom is something that only is good at that particular location so you're not getting that bigger reward anywhere else So we're not really all that high on the Walmart credit cards in general

However, the thing to consider here is you can't only consider the Walmart credit cards in relation to the best bank cards on the market, because not everyone obviously has the best credit history And so in this case Walmart is probably more likely to accept some people whose credit history and credit scores are not quite as good — people who obviously would not qualify for maybe some of the best bank cards So when you look at the rewards, they don't necessarily stack up well to the best bank cards And so if you have excellent credit, there's really kind of nothing to see here But if your credit is not as great, maybe these rewards make a little more sense for you

So you may be able to qualify here if maybe you couldn't qualify somewhere else So that is it Thanks for watching Please go to ProudMoneycom for other credit card reviews and personal finance news and all kinds of good stuff, too


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