I am talking about the Walmart credit cards, there are actually two Walmart credit cards, but you're only going to get one of them, so we'll talk about what that means.
Walmart credit cards are issued by synchrony Bank, a bank that you may know as a bank that backs up a lot of retail credit cards including Walmart, so like I said there are two Walmart credit cards, there is a Walmart MasterCard, which you can use at Walmart and anywhere else that MasterCard is accepted, and then there is a Walmart store credit card, now the way this works in terms of which one you're going to get.
When you apply for a Walmart credit card, you are first going to be considered for the Walmart MasterCard, if your credit history is good enough, you will get the Walmart MasterCard, if your credit history is not good enough, you will be considered for the Walmart store card, that you can only use at Walmart and Sam's Club and walmart.com, and if your credits not good enough for any of them, obviously you'll be rejected immediately, but depending on your credit history you could be on the kind of the good end, there where you can use it as a MasterCard, use it in multiple places. or you might be stuck using it just at Walmart and Sam's Club.
So in terms of the rewards, you get 3% in rewards when you make purchases at Walmart.com, but not Walmart stores, that's important, you get 2% on Murphy USA and Walmart gas purchases, and you get 1% on Walmart store purchases, and if you have the Walmart MasterCard, you'll get 1% on any other purchases you make, that are outside of Walmart, the rewards you get are given as a statement credit, meaning what you earn is essentially going to be taken out of the balance that you owe, and it will reduce your balance, so then obviously you're not paying for the full amount of your purchases, you're going to get taken out of that and essentially discount the purchases that you have on the card, if you get instant approval, if you apply today for the Walmart card, and you are approved, you can get a bonus and that is $25 at least as of the making of this post as long as you spend $25 with the card, so not only do you get a bonus, you also have the possibility of being instantly approved for this card, which is attractive to some people.
In terms of interest rate, you're looking at anywhere from 18%, a little bit over 18% to 24% plus, depending on where your credit history falls, so you could be approved at a rate somewhere in that range, none of those interest rates are particularly good, so you don't want to carry a balance on this card, you're going to pay a lot of interest, and it's essentially going to eat away at any of the rewards that you have earned, there is no annual fee for the Walmart MasterCard, so you don't have to worry about that now.
In terms of how we feel about the Walmart credit cards, we think that the rewards are to some extent a little more self-serving for Walmart than they are for you as their customers, so getting 3% back at walmart.com is fine, and from Walmart's perspective they probably want to drive more people to the Walmart website and have them make their purchases there, because they are in sort of a fight with Amazon right now.
In terms of who's going to be the big online retailer, so they want to get you to Walmart.com, but you maybe are more than happy to continue to shop at Walmart stores. and in that case you're only going to get 1% on your purchases, so they're actually giving your Walmart.com purchasers significantly higher reward for purchasing, in that way the 2% back on Walmart gasser Murphy USA is good.
In terms of a gas reward, if you buy your gas there, regularly that is a decent reward, so overall though there are many other credit cards on the market, or you can get 2% cash back on all your purchases, and the 3% of Walmart obviously is something, that our Walmart.com is something that only is good at that particular location, so you're not getting that bigger reward anywhere else, so we're not really all that high on the Walmart credit cards in general.
However, the thing to consider here if you can't only consider the Walmart credit cards in relation to the best bank cards on the market, because not everyone obviously has the best credit history, and so in this case, Walmart is probably more likely to accept some people whose credit history and credit scores are not quite as good, people who obviously would not qualify for maybe some of the best bank cards, so when you look at the rewards, they don't necessarily stack up well to the best bank cards, and if you have excellent credit, there's really kind of nothing to see here, but if your credit is not as great, maybe these rewards make a little more sense for you, so you may be able to qualify here if maybe you couldn't qualify somewhere else.
So that is it, please go to proud money.com for other credit card reviews and personal finance news and all kinds of good stuff.