Wal-Mart offers two basic credit cards — a Walmart store credit card and a Walmart Discover Card. (The Walmart Discover will be changing to MasterCard in the near future. We will update this page when that happens.)
See below for a summary of each and a review / opinion on which is better:
- The Walmart Credit Card is a card that offers you credit in order to make purchases at Walmart stores only. In addition, it allows you to save 5-15 cents per gallon on gas purchases at Walmart gas stations, and it also allows you to access your FICO credit score for free each month if you choose to get your card statement electronically. There is no annual fee for this card. Interest rate is a hefty 22.9%.
- The Walmart Discover Card offers everything the store-only Walmart credit card offers, plus it allows you to make purchases anywhere Discover credit cards are accepted AND it allows you to earn cash back on your purchases, specifically “.25% on total purchases up to $1,500, .50% on total purchases from $1,500.01 to $3,000 and 1% on total purchases over $3,000″ in a calendar year. Also no annual fee but a high 22.9% APR.
Looking at the two Walmart credit cards, it seems obvious that the Walmart Discover Card offers a better value. So why would you ever choose the Walmart Credit Card?
Well, in most cases, you wouldn’t. But the catch here is that when you apply for a Walmart credit card, you really aren’t choosing which card you want — instead they are choosing which card to give you based on your credit history. If you meet their credit standards, you will get the Walmart Discover Card. If not, they will offer you the store-only Walmart card.
One final note: The Walmart credit card is issued by GE Capital Retail Bank, a division of General Electric that provides the financing for many retail store credit cards.
Go here to apply for the Walmart credit card via an online application.