If you shop at Walmart, the idea of getting the Walmart credit card might be tempting. The Walmart credit card is available to those with less than perfect credit, and it also allows some perks, such as discounts on gas and the ability to receive a cash advance at check out.
The Walmart credit card is designed for those who shop at the retail giant. It comes with an interest rate that is higher than many competitor cards. There is no cash back rewards program with the Walmart credit card, but you can receive 5 cents off each gallon of gas you purchase with the card at participating Walmart gas stations. Additionally, when you sign up for electronic delivery of your card statement, you receive your monthly FICO statement for free.
Another perk is that you can opt for cash at the register when you check out and pay with your Walmart credit card. You can get up to $60 back, in $20 increments. This “quick cash” shows up as a purchase on your statement, and can be a convenient way to get cash if you need it quickly.
Realize, though, that your Walmart credit card cannot be used at other stores; it’s only good at Walmart. Unless you shop almost exclusively at Walmart, and get your gas from Walmart, this credit card is not a great deal unless you want the easy cash advance at the register.
Walmart Discover Card
It’s important not to confuse the Walmart credit card with the Walmart Discover card. The Walmart Discover card is issued through GE Capital Retail Bank. This card works like a regular Discover card, in that it is accepted everywhere that Discover is – not just at Walmart retail locations. Additionally, the Walmart Discover card offers you a discount on gas, the ability to get up to $100 in quick cash at the register, and a 1% cash back rewards program.
Like the “regular” Walmart credit card, the Discover version has a fairly high interest rate. However, if you pay off the balance each month you can avoid paying that fee, and you can earn cash back. It’s a bonus that you can use the card at any store. If you like to have easy access to cash advances, and you want to earn rewards, this can be a decent card to carry. Neither card has an annual fee
Either Walmart card can help you re-establish your credit, since you don’t need a great credit score to qualify. However, you do need to be aware of the high interest rate, and understand the differences between the Walmart credit card and the Walmart Discover card.
