Walmart is undoubtedly the largest retailer in the United States, which means it provides a lot of supplies that may be useful to your company. Therefore, the Walmart business credit card could prove to be very helpful. But does this card come with any perks at all? Are the costs reasonable? And how does it compare to other business credit cards? This guide will help you make the right choice for your business.
What is the Walmart Business Credit Card?
The Walmart credit card is a lot like any other credit card. The main difference is that it is a store card. This means it can only be used at the following places:
- Walmart stores
- Walmart Neighborhood markets
- Sam’s Clubs
- Walmart Supercenters
- Murphy USA gas stations
While the card cannot be used as broadly as other credit cards, it can be an excellent option for your business. The Walmart-family has a wide variety of goods, so you are very likely to find the merchandise your company needs. If you already have a habit of shopping at Walmart, then this may be the card for you.
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How Can I Apply for the Walmart Credit Card?
You can apply for a Walmart credit card online or in-store. To apply online, visit the website of Capital One. There you will find a standard application form that must be completed and submitted electronically. As in the case of other credit cards, you are required to provide personal information, income details, etc. Your application will then be followed by a credit check. In general, the Walmart credit card is easier to qualify for than some other credit cards. However, if you have declared bankruptcy during the past three years, your application will be rejected automatically.
How Does the Walmart Credit Card Work?
Once you receive the Walmart credit card, you can easily keep track of your transactions. You can download the Walmart app or visit the bank’s Walmart website. Once you are on the site, visit the Walmart credit card login page and manage your account.
Since the Walmart business credit card doesn’t come with any bonuses or rewards, it works in a very simple way. You can shop until you reach your credit limit, and payments are made every month. When you pay your balance in full every time, you receive a grace period of 26 days. Should your Walmart credit card payments be delayed, you will be charged late payment fees and a delinquency APR.
Walmart Credit Card Costs
Currently, the interest rate for the Walmart credit card is 17.05%. However, the interest rates are variable, meaning they can change due to market fluctuations. While this rate is higher than those linked to other credit cards, it is still considered a good interest rate. Many credit cards have interest rates of around 20%, which means the Walmart credit card is a good choice.
In the case of two or more late payments during six consecutive months, the interest will be raised to 24.99%. The same applies if you should miss payments altogether. Similarly, a delayed payment will be charged with a fee of $15 for balances under $50. Customers with a balance of $50 or more will be charged $29 for every late payment.
Walmart Credit Card Pros and Cons
|No annual fees||No cashback|
|Reasonable interest rates||No discounts, bonuses or other rewards|
|No foreign transaction fees||The credit card can’t be used for consumer purchases|
|A very practical option if you like Walmart’s products||Since the card is limited to Walmart family stores, if your company doesn’t use Walmart then this card has no use.|
|You can safely hand over the card employees without risk of misuse (the card is limited to Walmart)|
How Can I Cancel My Walmart Credit Card?
The Walmart business credit card can be cancelled online or by phone. You can call 877-383-4802 and talk to a Capital One representative or visit the bank’s website. For the latter, please follow the steps below.
- Visit the Walmart credit card login page
- Log in to your account
- Click on “I want to…” at the top of the page
- Select “close account”
- Follow the instructions.
Frequently Asked Questions
If you can’t decide whether a business line of credit or a business credit card is a better option for your company, you can click here to find out more about them and how they differ.