Walmart credit card-A Comprehensive Review 2023 Hey, I'm Krishna from "Prom on a Comet," and in this article, we are going to review the new Walmart credit card issued by Capital One. We'll examine what the new card has to offer in comparison to the previous Walmart credit card as the card's specifics have only recently been made public as of the writing of this article. Let's go in and examine it more closely now.

Walmart credit card-A Comprehensive Review 2023

Walmart credit card-A Comprehensive Review 2023

The new Walmart credit card issued by Capital One offers some enticing rewards and benefits for Walmart shoppers. The card comes in two versions: the Walmart MasterCard and the Walmart store card. As compared to other credit cards on the market, the rewards system might not be revolutionary, but there are still some appealing characteristics to take into account.

Highlights

  • No annual fee.
  • Earn 1.25% in Walmart Reward Dollars on every dollar spent at Walmart and Walmart.ca.
  • Earn 1% in Walmart Reward Dollars on every dollar spent everywhere else.
  • Possibility to spread out payments for Walmart purchases costing at least $199.99 over a six-month period.
  • Redeem Walmart Reward Dollars for purchases at Walmart and Walmart.ca.
  • Instant approval when you apply online.

Card Details:

Walmart and Capital One have unveiled the details of the new Walmart credit card, which will be available as a Walmart MasterCard and a Walmart store card. A shop credit card is still an option if you aren't eligible for the MasterCard. You may view a picture of the updated card on their website. The new card has a new look.

Rewards Program:

The Walmart credit card offers a rewards program based on the following structure:

  1. 5% back on purchases made on walmart.com, including grocery orders placed online for pickup at a Walmart store or delivery.
  2. 2% back on Walmart store purchases made using the Walmart credit card.
  3. 2% back on dining.
  4. 2% back on travel for Walmart MasterCard holders.
  5. 1% back on all other purchases.

Bonus Rewards:

You will get 5% back on purchases made inside Walmart shops during the first 12 months of card ownership if you choose to pay using Walmart Pay.

You must connect your Walmart credit card to Walmart Pay on your mobile device to be eligible for this offer. It's important to remember that after the first 12 months, this bonus may vary and is only valid for in-store purchases.

Additional Features:

  • The Walmart credit card has no foreign transaction fees, making it convenient for use outside the United States.
  • Rewards can be redeemed as statement credits against your credit card purchases or used at the point of purchase on walmart.com.
  • Walmart also offers travel and gift card rewards, although specific details on redemption thresholds are yet to be released.
  • Rewards can be used at any time, providing flexibility in utilizing your earned rewards.

Instant Approval and Usage:

The Walmart credit card offers the possibility of instant approval and immediate usage. If you're approved instantly, you can use your credit card number right away, allowing for convenient and seamless transactions.

The transition from Synchrony Bank:

Since the Walmart credit card is now issued by Capital One, some users may be concerned about Capital One's card limits. Typically, Capital One allows up to two credit cards per individual.

However, the Walmart credit card does not count toward this limit. Therefore, you can still have two additional Capital One cards alongside the Walmart credit card.

Evaluation of Rewards:

The 5% back on walmart.com purchases, especially for groceries, is a significant advantage for those who frequently shop online at Walmart. However, the 2% back on Walmart store purchases may disappoint long-time in-store customers, as it suggests a preference for online shoppers.

This strategy might be driven by Walmart's goal to compete with online retail giants like Amazon. Nevertheless, it may leave in-store shoppers feeling undervalued.

Comparison with Other Cards:

While the Walmart MasterCard offers 2% back on dining and travel, other credit cards on the market may provide better rewards in these categories. It's worth exploring other options if you have a higher credit score.

For instance, the Uber Visa offers 4% back on dining, and the Wells Fargo Propel provides 3% back on travel, both with no annual fees.

Redemption Options:

Walmart has made redeeming rewards more flexible by offering statement credits, direct usage on walmart.com, and travel and gift card rewards. The redemption process seems straightforward


Use Walmart credit cards in the following locations

Notwithstanding some limitations, the majority of credit cards can be used anywhere that accepts the card network (Visa, Mastercard, American Express, or Discover). Private-label or shop cards are credit cards with limited usage that are only accepted at businesses that carry the stated brand.

You can only use the Walmart RewardsTM Card at Walmart properties, which include Walmart.com, the Walmart app, Walmart stores, and Murphy USA petrol stations, as it is a private-label card.

The Capital One Walmart Rewards® Mastercard®, on the other hand, can be used anywhere Mastercard is accepted.

The Capital One Walmart Rewards® Mastercard® offers more versatility than the Walmart RewardsTM Card if you're seeking for a credit card that may be used anywhere.


Walmart credit card fees

Although there is no annual fee on either Walmart credit card, the interest rates and other expenses vary. The variable APR on the Capital One Walmart Rewards card runs from 17.99% to 28.99%, whereas the variable APR for the Walmart RewardsTM Card is 26.99%.


Capital One Walmart Rewards cards can be used anywhere Mastercard is accepted, so cardholders can use their card overseas without paying any additional fees. By using this, you can avoid paying the 3% foreign transaction fee that many other cards impose.

The conditions aren't the best, however, the card can also be used to transfer a balance. There are currently no special financing deals available, and balance transfers done under promotional APR offers are charged a 3% balance transfer fee instead of being free.

Think about other credit cards, like the Citi Simplicity® Card, which offers 0% introductory APR for 12 months on purchases starting from the account opening date and 0% introductory APR for 21 months on balance transfers starting from the date of the first transfer (then 18.99% - 29.74% variable APR; balance transfers must be completed within four months of account opening).

If you want to finance new purchases without paying interest or transferring a balance, you should do so with one of these cards. For transfers made within the first four months of account opening, there is an introductory balance transfer fee of 3% or $5, whichever is greater. Your fee will henceforth be 5% of each transfer, with a minimum charge of $5.


Pros And Cons of Walmart credit card

The Walmart credit card, like any other credit card, comes with its own set of pros and cons. Here are some of the pros and cons of the Walmart credit card:

Pros:

1. Rewards program: The Walmart credit card offers a rewards program where you can earn cash back on eligible purchases. This can be advantageous if you frequently shop at Walmart or its affiliated stores.

2. Special financing options: Walmart occasionally provides special financing offers to cardholders, such as 0% interest for a certain period of time. This can be beneficial if you need to make a large purchase and want to pay it off over time without incurring interest charges.

3. Access to FICO score: As a Walmart credit cardholder, you may have access to your FICO credit score, which can be helpful in monitoring your credit health.

4. Discounts and promotions: Cardholders may receive exclusive discounts and promotions at Walmart, both online and in-store, which can result in additional savings.

Cons:

1. High-interest rates: The interest rates on the Walmart credit card can be relatively high, especially if you carry a balance from month to month. It's essential to pay off your balance in full to avoid accruing interest charges.

2. Limited acceptance: While the Walmart credit card can be used at Walmart stores and affiliated retailers, it may not be as widely accepted as major credit cards like Visa or Mastercard. This can limit your options when it comes to using the card at other merchants.

3. Lower credit limit: The credit limit offered on a Walmart credit card may be lower compared to other credit cards, depending on your creditworthiness. This can limit your purchasing power if you require a higher credit limit.

4. Focus on Walmart purchases: If you don't frequently shop at Walmart or its affiliated stores, the benefits of the Walmart credit card may not be as advantageous for you. It's important to consider your spending habits and determine if the rewards and discounts align with your needs.

As with any credit card, it's crucial to read and understand the terms and conditions, fees, and interest rates associated with the Walmart credit card before applying. Consider your own spending habits, financial goals, and creditworthiness to decide if it's the right credit card for you.


In conclusion,

The new Walmart credit card issued by Capital One offers some enticing rewards and benefits for Walmart shoppers. The card comes in two versions: the Walmart MasterCard and the Walmart store card. While the rewards structure may not be groundbreaking compared to other credit cards on the market, there are still some attractive features worth considering.

The standout reward of the Walmart credit card is the 5% cash back on purchases made on walmart.com. This includes online grocery purchases and deliveries, making it especially appealing for those who frequently shop for groceries at Walmart.

Additionally, for the first 12 months, you can also earn 5% cash back on purchases made in Walmart stores if you use Walmart Pay as your payment method. This introductory offer provides a significant boost to the rewards potential, particularly for in-store shoppers.

However, it's worth noting that the rewards drop to 2% for in-store purchases after the initial 12-month period. This discrepancy may disappoint loyal Walmart store shoppers who expected more favorable rewards.

The shift in focus toward online purchases may reflect Walmart's strategy to compete with e-commerce giants like Amazon. Nevertheless, it can be frustrating for long-time customers who primarily shop in-store.

The Walmart MasterCard offers additional rewards of 2% cash back on dining and 2% on travel. While these rewards are decent, there are other credit cards available that offer higher rewards in these categories.

It's advisable to explore alternative cards if dining and travel rewards are a priority for you, especially if you have a good credit score that qualifies you for more lucrative options.

Redeeming rewards with the Walmart credit card is relatively straightforward. You have the flexibility to redeem your rewards as a statement credit against your purchases or use them directly at the point of purchase on walmart.com.

Walmart also offers travel and gift card rewards, though the specifics of these options may vary. The ability to redeem rewards at any level is a convenient feature, as it allows you to access your earnings without needing to accumulate a certain amount.

For those considering the Walmart credit card, it's important to note that it doesn't count toward the two-card limit imposed by Capital One.

This means you can still have two additional Capital One cards in addition to the Walmart credit card if you meet the eligibility criteria.

Overall, the new Walmart credit card from Capital One is a step up from its predecessor. The enhanced rewards structure, particularly the 5% cash back on walmart.com purchases, makes it an appealing option for frequent Walmart shoppers.

However, the discrepancy in rewards between online and in-store purchases may leave some customers feeling undervalued. It's essential to assess your shopping habits and priorities to determine if the rewards and benefits align with your needs.

As always, it's recommended to compare the Walmart credit card with other available options to ensure you're getting the most advantageous rewards and terms. Conducting thorough research and considering your personal spending patterns will help you make an informed decision.