5 Mistakes to Avoid With Walmart Credit Cards

The best Walmart Credit Card benefits are extended warranty, purchase assurance, and price protection. This card also offers $0 fraud liability and monthly reporting to the credit bureaus, which are relatively common benefits for credit cards. The Walmart® Store Card, on the other hand, only offers $0 fraud liability, and monthly reporting to the credit bureaus. 

Walmart Credit Card Benefits

• Extended warranty
• Purchase assurance
• Price protection
• Identity theft protection
• $0 fraud liability
• Monthly reporting to the credit bureaus
• Contactless chip technology
• Rewards of 1 - 5% cash back on purchases

While these benefits aren't bad, the Walmart Credit Card simply doesn't have as many benefits as a lot of the other credit cards on the market. To learn more about the Walmart Credit Card, check out WalletHub's full review.

The Walmart Credit Card credit score requirement is 640 or higher, which means people with fair credit or better have a shot at getting approved for this card. The Walmart® Store Card also requires at least fair credit for approval.

Other things you need for the Walmart Credit Card:

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Walmart Credit Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.

Since all these criteria are taken into consideration, you might be able to get approved with a slightly lower credit score. But it's best to wait to apply until you meet the Walmart Credit Card credit score requirement. You can check your credit score for free on WalletHub.

You can use your Walmart Credit Card anywhere Mastercard is accepted. On the other hand, the Walmart® Store Card only works at Walmart, Walmart.com, Walmart Neighborhood Market, Sam's Club, and Murphy USA gas stations. You need fair credit to get either card.  

Here's where you can use any Walmart Credit Card:

• Walmart stores (over 9,000 locations)
• Walmart.com (open 24/7)
• Sam's Club (~600 locations)
• Walmart Neighborhood Market (~700 locations)
• Murphy USA (1,650+ locations)
• Anywhere Mastercard is accepted (only the Walmart Credit Card)

So, you can use the Walmart® Store Card at five types of merchants. But you're out of luck everywhere else. If you have the Capital One Walmart Rewards® Mastercard®, though, you'll be able to use your card pretty much everywhere that takes credit in over 210 countries and territories. You'll need fair credit to get either card.

Both cards give you 2 - 5 points per $1 on Walmart.com & in the Walmart app, including pickup and delivery. The major difference between the two is that you can use the Walmart Credit Card, and earn 2% on restaurants and travel and 1% everywhere else Mastercard is accepted.   

Your Walmart Credit Card approval odds are good if you have a credit score of 640+, which is considered fair credit. Approval odds for the Walmart Credit Card will also be influenced by your annual income and existing debts. In addition, every applicant will need to be 18+ years old with a U.S. mailing address and an SSN or ITIN. The same requirements apply to the Walmart® Store Card, too.

What You Need for Good Walmart Credit Card Approval Odds

• 640+ credit score
• Enough income to pay credit card bills
• Low debt relative to income
• Low housing costs relative to income
• U.S. mailing address
• Age of 18+
• Social Security Number or Individual Taxpayer Identification Number

Keep in mind that many of these are guidelines rather than requirements. For example, you may have a low annual income with no debts and still get approved. To get a better sense of your approval odds before applying for a Walmart Credit Card, you can check to see if you're pre-qualified on the dedicated webpage. Pre-qualifying does not guarantee approval, but it does indicate that you have pretty good odds of getting approved for certain cards, and it won't affect your credit score.

If you want to enhance your application by improving your credit score, WalletHub's free credit analysis can tell you what steps to take.

The Walmart Credit Card annual fee is $0. The combination of no annual fee and great rewards really helps the Walmart Credit Card stand out from its competition. The Walmart® Store Card also comes with a $0 annual fee.

Note that there are a few other fees you should be aware of when it comes to the Capital One Walmart Rewards® Mastercard®.

Walmart Credit Card Fees

• Annual Fee: $0
• Cash Advance Fee: 3% (min $3)
• Foreign Transaction Fee: $0
• Balance Transfer Fee: $0 at this Transfer APR
• Max Late Fee: $39

An annual fee is a charge common with high-tier rewards cards. Issuers apply the fee to a cardholder's account once a year to help offset the cost of those perks. But Walmart Credit Card still has a $0 annual fee despite its high earning rates.

This card offers 3 points per $1 spent on qualifying NFL purchases and NFL Team purchases, 2 points per $1 spent on grocery store, food delivery, restaurants, gyms and sporting goods purchases, and 1 point per $1 spent on all other purchases.

No, it is not hard to get a Walmart Credit Card, though it's not especially easy, either. You need a credit score of 640, at a minimum. This means people with fair credit or better should have a shot at approval. The same applies for the Walmart® Store Card, too. 

Just note that the Walmart® Store Card can only be used at Walmart, while the Walmart Credit Card can be used anywhere Mastercard is accepted.

What you should know about the Walmart Credit Card approval process:

• Approval Requirements: Both cards accept applicants with fair credit, so a score of 640 or higher is required. Requirements also include being a U.S. resident and at least 18 years of age to get either card.
   
  You'll also want to have a steady income, although the issuer doesn't release specific income requirements. As with most credit cards, the higher your income and the lower your existing debt, the better your chances will be for approval.
• How to get a Walmart Credit Card: The application process is simple and can be completed online or in store. Regardless of where you fill it out, the application is the same. It asks for your name and address, phone number, Social Security Number, and your annual net income.
• How to find out if you've been approved: You can check the status of your Walmart Credit Card application at any time by calling Walmart Credit Services. If your application is approved, you will receive your new card in the mail in 7-10 business days.

If you don't get approved for a Walmart Credit Card, don't worry. There are plenty of other credit cards for people with fair, limited and even bad credit. If you're trying to build or rebuild your credit, secured cards are an excellent option. That's because they're easier to get approved for thanks to the required security deposit. 

Regardless of what card you decide on, be sure to make all of your payments on time and use your credit card responsibly. That way, your credit score will go up and you'll have better chances of being approved for the top credit cards you want.

The Walmart Credit Card limit will be based on your credit standing once your application has been approved. However, there's no surefire way of knowing your credit limit beforehand as the issuer does not disclose this information on their website.

The factors that influence your starting Walmart Credit Card credit limit include your credit history, income, and debt. The same applies for the Walmart® Store Card, too.  

Key Things to Know About Walmart Credit Card limits

• You'll learn your credit limit when you're notified about account approval, either on the application website or by email.
• The credit score requirement for Walmart Credit Card is 640, at a minimum. That means applicants need fair credit or better to be approved. The higher your score is, the higher you can expect your credit limit to be.
• If you're unhappy with your initial Walmart Credit Card (or Walmart® Store Card) credit limit, you can request an increase online or over the phone after you've had the card for at least 6 months. However, there's no guarantee you'll be approved.
• The issuer may also automatically consider you for a higher credit limit after you've made your first 6 payments on time.

Ultimately, it is worth noting that the issuer uses soft pulls for credit limit increases. So, requesting a Walmart Credit Card limit increase won't affect your credit score.

Yes, you can get pre-approved for the Walmart Credit Card, through the card's webpage. By clicking on “See if I'm Pre-Approved,” you can quickly check your odds of approval for the Walmart Credit Card before you actually submit an application. You can also get pre-approved for the Walmart Credit Card by receiving a targeted mail offer. This is how you can check for Walmart® Store Card pre-approval, too.

How to Check for Walmart Credit Card Pre-Approval Online

1. Visit the Walmart Credit Card pre-approval page and click on “See if I'm Pre-Approved.”
2. Enter your name, date of birth, Social Security Number, contact, and financial information.
3. Click “See if You're Pre-Approved” to see if you have any pre-approved offers.

If you do get a pre-approval offer in the mail, you can respond to the offer online or call the phone number included in your offer letter. The letter will also include a reservation number and an access code, which you will need to provide so that the issuer will know to flag the application as pre-approved.

Be aware that Walmart Credit Card pre-approval is not a guarantee that you'll be approved for the card. It simply means the odds of getting the card are in your favor (90%) should you submit an application. Also, note that if you apply for the Walmart Credit Card, you are giving the issuer permission to conduct a hard “pull,” or inquiry, on your credit report. Hard inquiries will lower your credit score slightly, but only for a short period. Pre-approvals, however, do not affect your credit score, as they're done using a soft inquiry.

Walmart Credit Card cash back rewards do not expire as long as your account is open and in good standing.  You will forfeit any cash back rewards you have yet to redeem if you or Capital One closes your Walmart Credit Card account for any reason.

Similarly, Capital One will not allow you to earn or redeem cash back rewards whenever you're late making the minimum payment.

Yes, the Walmart Credit Card does have a late fee of up to $39. This fee applies when cardholders don't make the minimum payment by the due date. The same fee is charged for the Walmart® Store Card late payments, too. 

Note that as per the CARD Act, the Walmart Credit Card late fee can never exceed the minimum payment amount. 

What to do if your Walmart Credit Card payment is late:

If you accidentally make less than the required minimum payment or you miss your Walmart Credit Card due date entirely, you can always ask customer service to waive the late fee. You can do so by calling the phone number on the back of the card. This is much more likely to work if you have a great payment history with the issuer, but even if not, there's no harm in asking.

To avoid getting hit with late fees in the future, make sure to pay at least your minimum required payment each month. The best way to ensure that you never miss a payment is by setting up autopay.