This in-depth Walmart credit card review explains the pros and cons of applying for a Walmart Mastercard. Click here for more reviews on the best credit cards available.
Having the right credit card for your everyday shopping can help maximize your rewards and perks. The Walmart Credit Cards offer some solid rewards on certain purchases. But are they the best option, even for the most loyal of Walmart shoppers? Read on to find out.
Walmart Credit Card: the basics
Walmart offers two credit cards: The Walmart Credit Card and the Walmart Mastercard.
The Walmart Credit Card is a store credit card, which means you can only use it at Walmart stores, Neighborhood Markets, Walmart.com, Walmart and Murphy USA gas stations, and Sam’s Club.
We have had the card for over seven years. We use it for groceries when we are tight between paychecks or need tires on the vehicles.”
The Walmart Mastercard, on the other hand, can be used anywhere Mastercard is accepted, giving you more flexibility.
The Walmart Credit Card and Mastercard are no heavy hitters when it comes to rewards, but they could be a great fit for some people. Both cards offer 3% cash back on all Walmart.com purchases, 2% back on Murphy USA and Walmart gas purchases, and 1% back everywhere else that the cards are accepted.
The cards also offer a sign-up bonus. As of August 2017, you’ll earn $25 after you spend your first $75 on the card.
Instead of earning rewards, some purchases may qualify for special financing. For many, this means no interest if you pay off the full balance within six, 12, 18, or 24 months.
As a store credit card, the Walmart Credit Card should be easier to qualify for. Its interest rate is on the high end, though.
With the Walmart Mastercard, you can qualify for one of three interest rates, depending on your creditworthiness. See our review page to get up-to-date rates.
Neither card has an annual fee, but they do charge a fee for some other activities, including:
- Cash advances: $5 or 3% of the transaction, whichever is greater (Walmart Mastercard only).
- Foreign transactions: 3% of the transaction amount (Walmart Mastercard only).
- Late payments: Up to $38.
What we like about the Walmart Credit Card and Mastercard
What really shines about these cards is the 3% cash back bonus on Walmart.com purchases. Since you can buy just about anything on Walmart.com, you could get those bonus rewards on a lot of your everyday purchases.
The cards’ special financing is also a huge plus. If you need to make a large purchase but can’t pay it off now, getting a deferred-interest promotion could save you a lot in interest costs”
For Rebecca Hoyt, the Walmart Credit Card has been a lifeline. “We have had the card for over seven years,” she says. “We use it for groceries when we are tight between paychecks or need tires on the vehicles.”
The cards’ special financing is also a huge plus. If you need to make a large purchase but can’t pay it off now, getting a deferred-interest promotion could save you a lot in interest costs.
Just keep in mind that, for the promotion to be truly interest-free, you must pay off the purchase in full before the promotion is over. Otherwise, the issuer of the credit cards, Synchrony Bank, will apply interest retroactively from the date of the purchase.
What we don’t like about the Walmart Credit Card and Mastercard
Other than the Walmart.com bonus rewards, the Walmart Credit Card and Mastercard don’t offer much beyond that in terms of rewards. Other cash-back credit cards offer much better sign-up bonuses.
We would like a lower interest rate … Even when we make a double payment, it feels like the interest eats all of it up.”
Also, getting 2% cash back on gas purchases is decent, but the Walmart Credit Card and Mastercard restrict you to using Murphy USA and Walmart gas stations. If you don’t live near one of these, you’re out of luck.
When asked what her least favorite part about the Walmart Credit Card is, Hoyt replies, “We would like a lower interest rate … Even when we make a double payment, it feels like the interest eats all of it up.”
Other credit cards to consider
If you’re not quite sold on the Walmart Credit Card or Mastercard, or you simply want to cover all your bases, here are some other credit cards to consider:
Amazon Rewards Visa Signature® Card
If you’re interested in the Walmart cards primarily for their online shopping rewards, another card to consider is the Amazon Rewards Visa Signature®.
This card offers 3% cash back on all Amazon.com purchases (5% if you’re an Amazon Prime member), 2% back at gas stations, restaurants, and drugstores, and 1% back elsewhere. It also does not charge an annual fee.
With better rewards across the board, the Amazon Rewards card is a worthy competitor.
It also offers some spiffy travel benefits:
- No foreign transaction fees
- Travel and emergency assistance
- Lost luggage reimbursement
- Baggage delay insurance
- Travel accident insurance
Citi Double Cash
If you’re just looking for a solid everyday credit card, the Citi Double Cash is worth a look.
This card offers 1% cash back on all purchases, then another 1% cash back when you pay them off. With no annual fee, you’ll be hard-pressed to beat this card’s effective 2% cash back on everything.
So, if you have high-interest credit card debt you’d like to consolidate, this card is a winner.
How to apply for the Walmart Credit Card or Mastercard
Step 1: Apply online by visiting Walmart.com. (Check latest rates and terms here)
Step 2: After clicking on “Apply Now,” you’ll start by entering in basic information about yourself (e.g., name, address, phone number, etc.).
Step 3: Next, you’ll select how you want to receive monthly statements and enter your date of birth and Social Security Number. You’ll also choose whether you want to apply for Synchrony’s card security program, which cancels your balance if you experience economic hardship.
Step 4: After that, you’ll review the card’s rates, fees, and other terms before submitting your application. Once it’s been submitted, you’ll typically get a response immediately.
If you’re approved, you can manage your card account through your Walmart online login. If you have any questions, you can reach the Walmart credit card phone number on the back of your card.
Should you get the Walmart Mastercard?
Although it offers exciting rewards on Walmart.com purchases, the rest of the card’s rewards and benefits are nothing to write home about. If you have good credit and can qualify for a better card, you’ll get more value over the long run.
If your credit is not great, applying for the Walmart Credit Card or Mastercard may be a good store card to use to build your credit.
Also, if you do most of your online shopping at Walmart.com, it may be worth getting one of these cards just for that purpose and using another card for other spending needs.
Using this strategy is a good way to maximize your rewards across all your spending.
But what if your credit score does not qualify you for these cards? One option is to apply for unsecured credit cards designed for people with bad credit such as Milestone Gold Mastercard, Indigo Platinum Mastercard, and Total Visa Credit Card.
Visit SuperMoney’s credit card engine to find the best rates and terms available for consumers with your credit score. You can also filter cards by rewards program, network, fees, rates, and many other features.