Review of Walmart Credit Card

Summary - The Walmart credit card allows the cardholder to shop at Wal-Mart. It does not let cardholders earn reward points or cash rebates. But there are some nice perks like being able to get your FICO scores monthly for free. Having said that, there are other cards that will allow you to get cash rebates when you shop at Walmart.com and we will highlight these alternatives at the end of the review. This card will appeal to those who shop at Walmart frequently and perhaps looking to build a credit history.

Can Only Be Used At Walmart Stores - The Walmart credit card is a store credit card can be used at Wal-Mart.

Save At Walmart Gas Stations - Cardholders can also save 3 cents a gallon at Walmart gas stations. From now till 9/30/2011, you can save 10 cents per gallon, though the offer is not valid in Oklahoma or Minnesota. From 10/1/2011 till 12/31/2011, you can save 5 cents per gallon. From 2012 onwards, the regular 3 cents savings apply.

Free Monthly FICO Scores - The really neat feature about this card is that if you enroll to get electronic statements, you will get your FICO scores once a month. The website does not state which bureau do you get it from. But I think we can assume that it will either be from TransUnion or Equifax (since Experian no longer offers consumer FICO to consumers).

Fees - There is no annual fee for the Walmart Credit Card. The apr is rather high at 22.90%. But it reflects their customer profile and the fact that most applicants do not have excellent credit.

Let's see how this differs from the Walmart Discover Card.

Walmart Credit Card versus Walmart Discover Card - The Walmart Credit Card is a store credit card that can only be used only at Walmart stores and gas stations. The Walmart Discover Card is a Discover credit card and has the same features as the Walmart credit card. But it can be used anywhere that Discover Cards are accepted. You can also earn up to 1% cash rebates with the Walmart Discover Card. For the first $1,500 in annual spending, you earn 0.25% cash rebates.For the next $1,500 in spending, you earn 0.5% rebates. For spending above $3,000, you earn 1% rebates. Frankly speaking, having a tier system and maxing out at 1% is not impressive at all.

Conclusion - The Walmart Credit Card is a store card that can only be used at Walmart. The problem with this card is that you do not earn any rewards or cash rebates when you shop at Walmart (unlike other retail cards like Macy's for example). This card is geared towards those who shop at Walmart a lot. Many folks who have bad credit also tend to apply for this card because it is easier to get approved for store credit cards. If you have ok credit, perhaps the Walmart Discover Card offers a slight edge because you can use the card at most retailers because Discover is accepted in most places. The great thing I like about this card is that you can get your FICO scores for free. I have not heard of any other credit card offering this feature.
 

Here's the big question. What if you do not just shop at Walmart? Are there any reward credit cards that allow you to earn extra reward points at Walmart or at least earn cash rebates? Well, fortunately, there is. Below are some cards that just allow you to do that.

The Discover More Card allows you to earn 5% rebates when you shop at Walmart.com. Ok, so you cannot earn the 5% rebates when you shop physically at the store. But anything that you order online earns you 5% rebates. That is as good as getting a 5% discount. Discover has close to 200 online merchant partners and shopping with them through Discover gets you a minimum of 5% rebates.

The Chase Freedom allows you to earn 2% cash back when you shop at Walmart.com through their Ultimate Rewards program online shopping portal. Right now, Chase is offering a $200 cash back bonus for new cardholders. The Chase Ultimate Rewards program has over 400 merchant partners and you offer at least 2% cash rebates when you shop with them through Chase.

The Dividend Platinum Select Card - $150 Cash Back Bonus also allows you to earn 2% cash rebates at Walmart.com through their Citi Bonus Cash Center online shopping mall. Right now, they are offering $150 cash back bonus to new cardholders. Like the two cards above, Citi's Bonus Cash Center has over 400 online merchant partners.