Comparing the Walmart MasterCard and the Walmart Credit Card
When most people think of credit cards, they forget one of the easier ones to apply for. The Walmart credit card and Walmart MasterCard are often forgotten, and they’re excellent for Walmart online shopping. You’ll be going through Synchrony Bank, and if you haven’t checked into it, do so. This article will review the Walmart MasterCard and the Walmart credit card. We’ll also go over a short comparison of the Walmart card, and the Citi Double Cash.
Important Update: The Walmart Store Card is now issued by Capital One. Read the new review article: New Walmart Credit Card and Walmart Mastercard
Walmart Credit Card Versus the Citi Double Cash Card
We’ll start this article by comparing these two cards. You can use the Walmart credit card at Walmart, and the Citi Double Cash Card anywhere. The Walmart Credit Card has a 3-2-1 Save program. The Citi Double Cash card holders get 1 percent cash on each purchase and 1 percent as they pay it back. Neither of these cards has an annual fee. The Citi Double Cash offers a 0 percent introductory rate on balance transfers, while Walmart offers 3 percent. The Walmart Credit Card is still a better option if you spend a decent amount at this store. If you spend more in select categories, you’ll get better rewards.
Comparing the Walmart Credit Card and the Walmart MasterCard
The Walmart credit card is meant for large purchases at Walmart and Sam’s Club. The Walmart MasterCard is accepted anywhere MasterCard is accepted. Both of these cards are for people with slim or not so great credit. Both cards offer 1 percent cash back on a statement credit on each thing you buy. You can also receive 2 percent cash back on purchases at select gas stations. If you shop online at Walmart, you’ll get 3 percent cash back with a Walmart card. Neither card comes with an annual fee, which is a bonus for both of them. Finally, both of these cards come with a more lenient fair credit application requirements.
APR Rate Comparison
Even though both of these cards are more lenient, there is still the APR to consider. This rate will depend on your credit history and credit score. The Walmart MasterCard has a rate of 17.15 percent, 20.15 percent, or 23.15 percent. The Walmart credit card has a variable APR of 23.15 percent.
Cash Advance Fees
If you’re looking for a card that allows you to make cash advances, the Walmart Credit card isn’t it. This card offers no cash advance option, just a line of credit. The WalMart MasterCard offers a cash advance option, but you’ll pay for it. It’s a variable rate that fluctuates from 20.15 percent, 23.15 percent, or 26.15 percent.
Foreign Transaction Fees
This fee will only apply if you travel internationally or go through an international bank. The Walmart card doesn’t allow you to use it internationally. However, the WalMart MasterCard has a foreign transaction fee of 3 percent. This is a normal rate for most credit cards.
Both types of Walmart card have a late fee. This practice is normal no matter what type of card you apply for and get. If you find yourself missing a payment with either of these cards, you’ll get a $35 late fee. This fee will be applied to your balance each time you miss a payment.
Additional Perks of a Walmart Card
These cards come with additional perks for their cardholders. These perks apply to both the Walmart Credit Card and the Walmart MasterCard. You will gain access to your free FICO credit score. This will allow you to monitor your credit rating as you rebuild it. You have the option to add additional users to your cards at no extra costs or fees. This can help raise their credit scores just by being added. However, you should know that you may be liable for any charges they get if they fail to pay them.
Special Financing Offers
The Walmart card offers a special financing option that is unique. They allow their cardholders to choose from two different financing tiers. If you make purchases between $150 and $298.99, you have six months to pay it off. If you buy things between $299 or more, you have 12 months to pay it off. As long as you make your payments on time, you won’t pay any interest at all. However, if you don’t pay everything off by the due date, you will get interest added. This interest will go back all of the way to the date you made the original purchase. So it is a good idea to always pay your balance off by the due date or before.
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Final Thoughts on Walmart Credit Cards
The Walmart card is a good option for anyone with fair credit that shops at Walmart frequently. Walmart credit cards have a high APR, so pay the balance off each month. You should also be aware that it’s hard to get in touch with customer service if you’re not a cardholder. So you really can’t ask additional questions ahead of time. However, you’ll get access to some decent cash rewards with this card. An example is 3% back with Walmart online shopping. The application process is relatively straightforward and easy. All in all, it’s a decent card for credit building.
CreditFast website – CreditFast.com, provides information about the best credit card applications, as well as other financial products and services. Our goal is to provide you with fair, balanced reviews. Some credit offers that appear on our website are from companies from which CreditFast receives compensation, and some are not.