Should You Get a Walmart Credit Card?
The Walmart Credit Card, issued by Capital One, can be a good option for frequent Walmart shoppers, especially those who use Walmart Pay. But before you apply, it’s important to weigh the pros and cons to see if it fits your spending habits.
Rewards:
- 5% back on in-store purchases with Walmart Pay for the first 12 months (after that, it goes down to 1%).
- 1% back on all other purchases.
- Rewards can be redeemed for Walmart gift cards or applied to your statement.
Benefits:
- No annual fee.
- Free purchase assurance for theft, loss, or damage in the first 90 days on eligible purchases.
Drawbacks:
- High APR (interest rate) compared to other rewards cards.
- Only earns rewards at Walmart (except for the 1% back on everything else).
Here’s who should consider the Walmart Credit Card:
- Frequent Walmart shoppers who use Walmart Pay: If you shop at Walmart often and use Walmart Pay for your purchases, you can maximize the 5% rewards rate for the first year.
- Those with fair credit: If you have fair credit, you may be more likely to get approved for the Walmart Credit Card than for other rewards cards.
Here’s who might want to look elsewhere:
- Those who rarely shop at Walmart: If you don’t shop at Walmart often, you won’t get much value out of this card.
- Those who want to travel or earn other rewards: The Walmart Credit Card doesn’t offer travel rewards or other perks that some other cards do.
- Those with good or excellent credit: If you have good or excellent credit, you may be able to qualify for a rewards card with a higher rewards rate and lower APR.
Overall, the Walmart Credit Card can be a good option for those who shop at Walmart frequently and use Walmart Pay. However, it’s important to compare it to other cards before you apply to make sure it’s the right fit for you.