menu-nav menu-nav

Walmart Credit Card Review - Free FICO Score For Card Members

Picture of Item Reviewed

Editor's Rating:
Intro Purchase APR Regular APR Intro Balance Transfer Annual Fee Credit Needed
N.A. $0 Excellent
Executive Summary - A store card that is clearly targeted at those who shop at Walmart with their financing and cash advance promotions. In reality, this card is often gotten by folks with bad credit looking to get a card to rebuild their battered score. And many have got approved even with less than ideal credit scores. We will explore this aspect in our review as well.

Many folks shop at Walmart. And by teaming up with GE Retail Capital Bank, they are offering consumer this card (which is a store card and also their Walmart Discover Card. This store 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. This card will appeal to those who shop at Walmart frequently and perhaps looking to build a credit history. Many people with bad credit and even those with bankruptcy have gotten approval for this card.

  • Can Only Be Used At Walmart Stores - To just to be clear again,this 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 5 cents per gallon, though the offer is not valid in Oklahoma or Minnesota. From now 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).

  • $20 Cash Back on First $100 Purchases - To encourage use of the card, Walmart is offering account holders who make purchases at the day they get approved $20 cash back if they spend $100. Question you are going to ask if how could you use the card the same day you are approved? Wouldn't it take a few days for the card to be actually delivered to you? Well, the answer is you will be given a code (like a couple code). Because of this feature, one actually has to be rather strategic in when you actually get the card. Ideally, you should apply just when you need to make $100 in purchases from their online website!

  • 18 Month Special Financing With $429 in Electronic Purchases - Another benefit of this card is that if you make any electronic purchases over $429, Walmart will provide 18 months of "special financing". What is special financing. It means you do not have to pay interest for 18 months (ie 0% financing). It still means you have to pay your minimum payments and if you have other balances, your minimum balances may be applied to those other "items". Hence I feel the best way to use this feature (if you intend to use it) is to make only that electronic purchases and nothing else after that. Then simply pay it off over the next 18 months! The one thing you have to be aware of is that if you do not pay it off fully after 18 months, you will be charged the regular APR retroactively!

Walmart Credit Card Compared to the Walmart Discover Card - One thing you have to be aware of is that when you apply for a Walmart card, you will either get approved for their "discover network card" or this "store card". The other version (being a proper credit card that can be used everywhere else and not just Walmart and Sams Club) has more features.

  • 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.

Table Of Contents
Next: Cash Advance Rate »