This guide will walk you through applying for a Walmart Credit Card. Whether you want to save money on purchases or earn rewards, this card can be helpful.
We’ll cover everything from the application steps to understanding interest rates and fees. By the end, you’ll know exactly what to expect and how to make an informed decision.
Walmart Credit Card Overview
This option provides a way to earn rewards on your purchases. You can get 3% back on online orders, 2% at fuel stations, and 1% at physical locations. The maximum cashback you can earn each year is $75.
It’s a practical choice for those who shop frequently. With simple terms, it offers an easy way to earn rewards while spending on everyday items.
Requirements to Apply
To apply, you must meet a few basic requirements. These are standard eligibility rules for most credit applications.
Age and Legal Status
You must be at least 18 years old to apply. You also need to be a U.S. citizen or a permanent resident. This ensures you’re legally able to enter into a credit agreement.
Proof of Income
Lenders will ask for proof of how much you earn. Your income can impact whether you get approved and your credit limit. Having a stable income improves your chances of approval.
Social Security Number or ITIN
You will need a Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN). These numbers help verify your identity. It’s a standard part of most credit applications.
Valid Government-Issued ID
A valid government-issued ID, like a driver’s license, is required. This confirms your identity and helps prevent fraud. It’s essential to ensure your ID is current when applying.
Residential Address in the U.S.
You must have a valid residential address in the U.S. This shows where you live and helps the lender verify your details. Make sure the address you provide is current and accurate.
Types of Walmart Credit Cards
There are two main types of options available. Each has different features depending on where you want to use it. Here’s a breakdown of both choices.
Walmart Store Card
The Store Card can only be used at Walmart stores and on Walmart.com. It’s a more limited option for those who shop regularly at these locations.
This may be a good choice if you only shop in-store or online at Walmart. It offers rewards for purchases made within these specific areas.
Walmart Mastercard
The Mastercard can be used anywhere it is accepted. This provides more flexibility for spending, whether you’re shopping online or in stores.
You can use it for everyday purchases outside of Walmart. It also offers rewards similar to the Store Card but with broader use.
Interest Rates and Fees
There are various fees and interest rates to be aware of with this option. Understanding these can help you manage your costs and avoid surprises.
Annual Percentage Rate (APR) for Purchases
The APR for purchases ranges from 17.99% to 26.99%, depending on your creditworthiness. This is the interest rate you will pay on outstanding balances. The higher your credit score, the lower your APR may be.
Late Payment Fees
If you miss a payment, you could be charged a late fee of up to $39. This fee is added to your balance when payments are not made on time. Paying your bill by the due date is essential to avoid these charges.
Penalty APR for Late Payments
If you make late payments, you might face a penalty APR. This could increase your APR to a higher rate, which means more interest on your balance. Penalty APRs can last up to 6 months, so staying on top of payments is essential.
Foreign Transaction Fees
For those using the Mastercard abroad, there may be foreign transaction fees. These fees apply when making purchases in other currencies. It’s best to check the terms if you use it internationally.
Other Potential Fees
There could be other fees, such as cash advance or returned payment fees. These are charged depending on how you use the account. Make sure to read through the full terms to understand all possible charges.
Step-By-Step Process to Apply
The application process for this option is straightforward. Follow these steps to apply for a new account successfully.
Visit the Application Page
Below are the steps to start your application.
- Start by going to the official website of the issuing bank or Walmart.
- This is where you’ll begin your application.
- Make sure you’re on the right site to avoid any confusion.
Choose the Card Type
Here’s what you need to consider when selecting the right option.
- Decide between the Store Card or the Mastercard.
- Each option has different features, so choose the one that best fits your needs.
- Take note of any specific benefits or restrictions that come with each type.
Fill Out the Application Form
Here’s what you need to do when completing the form.
- Provide your details, such as name, address, and date of birth.
- Be prepared to include your income information as well.
- Double-check all details for accuracy before submitting.
Submit the Application
Here’s how to submit your application.
- You can submit your application through the online portal or in person at a Walmart store.
- Make sure to follow all instructions for your chosen submission method.
- Submit your details and wait for further instructions.
Wait for Approval
Here’s what to expect during the approval process.
- The approval process may take up to 10 business days.
- For many applicants, approval is instant.
- Be patient while the bank processes your application.
Review Your Credit Limit and Terms
Here’s what to check once you’re approved.
- Once approved, review your credit limit and APR.
- Take a look at the terms carefully before accepting the offer.
- Make sure you understand the details and fees associated with your new account.
Bank’s Telephone Number and Address
If you need assistance, you can reach the bank at 1-877-860-1250. The bank’s address is 702 S.W. 8th St., Bentonville, AK 72716. It’s essential to contact them directly for any account-related questions or concerns.
Disclaimer: Please note that the information provided here may change over time. Always refer to the official terms and conditions for the most up-to-date details.
Final Summary of the Walmart Credit Card Application Process
In this guide, you’ve learned how to apply for a Walmart credit card. Each step is clear and straightforward, from choosing the right type to submitting your application.
Reviewing your approval details, including your credit limit and APR, is essential. By following these steps, you’ll be well-prepared to make an informed decision about applying for a Walmart credit option.
