The GE Capital Retail Bank Walmart Credit Card makes shopping at the world’s largest retailer more enjoyable, plus you get $25 when you make your first purchase of $75 or more. This promotional offer expires on January 31, 2014, but another is sure to replace it. Walmart is quick to point out that this offer stands alone and may not be combined with any others. You must use the website to apply online. You will be considered for a rewards-earning Discover card. If you are not credit worthy enough for the Discover, then you may be approved for the standard Walmart Credit card.
If you are approved for the GE Capital Retail Bank Walmart Credit Card, then you will need to make a single purchase of at least $75. This purchase must transpire on the same day you apply for and are approved for the card. Again, this has to be completed online. This purchase may not include fuel, money orders, cash advances or money orders. This is a single-award offer and is only valid for newly opened accounts. GECRB uses a license from Discover Financial Services to issue and service these credit cards.
Fees & APRs for the GE Capital Retail Bank Walmart Credit Card
For general purchases, the GE Capital Retail Bank Walmart Credit Card makes shopping at the world’s largest retailer more enjoyable, plus you get $25 when you make your first purchase of $75 or more. charges an APR of 19.65% above the Prime Rate. That translates to 22.90% currently. It’s the same for balance transfers. The APR for cash advances is 25.90% and the minimum interest charged per billing cycle, if any at all, is $1. This where I remind you that it’s so important to keep that monthly balance paid, in full if at all possible. Setting this habit will serve you well for years and years to come. Once you allow that interest to begin accruing, it can be a quick, slippery slide downhill.
The fee schedule for the GE Capital Retail Bank Walmart Credit Card isn’t too bad at all. Compared to a lot of other credit cards out there, these fees are a breeze! For instance, balance transfers will cost you just $5 or 3% of the transaction amount, whichever is the most. So many other cards charge the greater between 4% and $10. So this is a good thing for sure. Cash advance fees are the same: the greater between 3% and $5. Foreign transaction fees are a straight 3% of the amount after being converted to US dollars. Finally, you will pay $35 for returned payments and/or late payments.
Card Security for the GE Capital Retail Bank Walmart Credit Card
There’s a special program for the GE Capital Retail Bank Walmart Credit Card, and for its Discover cousin. It’s called Card Security and it has some pretty interesting features. Here are the highlights:
The Card Security option is in place to cover your monthly minimum payments – or even your entire account balance, at least up to $10,000. The catch is that certain, undesirable events must occur for this to kick in. However, if you needed it, it would sure be a plus to have. Here’s what qualifies for coverage:
- Involuntary Unemployment
- Leave of Absence
- Nursing Home Care
Card Security for your GE Capital Retail Bank Walmart Credit Card costs $1.66 per $100 of balance you’re carrying on each billing statement. In example, if your balance for a given bill is $400, then your Card Security charge for the month would be $6.64 (4 x $1.66). To me, that’s negligible when you consider the peace of mind it can bring, especially if you are carrying a large balance. And especially if you are likely to incur such an event. However, don’t jump right into the agreement. Take your time and read the fine print first. Even though this seems straightforward and generous, I find a lot of exclusions in these credit card program terms. Here are the basics for claiming this benefit:
Any event must happen after you have opted to enroll in the program.
You must be enrolled for at least 30 days before any benefits will be paid for job loss or leaves of absence.
Your job must be a full-time, year-round job to qualify for total balance cancellation.
For part-time, self-employed and/or seasonal workers, the maximum monthly payments able to be canceled is 6. No total balance cancellations are available for these types of workers.
Other enticements of the GE Capital Retail Bank Walmart Credit Card
You can use the card to purchase gasoline at Walmart filling stations and get 5 cents off per gallon. Also, when you enroll to receive your statements electronically, you will receive your FICO score every month on your statement. You are permitted to get cash advances when you make purchases with this card. There is no annual fee to ever pay either. Finally, there is a Zero-Liability plan to keep you safe from fraud. If someone uses your card without authorization, then you are covered and will incur no penalty or charges. See the website for full details.
The bottom line concerning the GE Capital Retail Bank Walmart Credit Card is that it makes sense, especially for lovers of Wally World. The APRs are still high, at least when compared to the extra-low rates of a card like, say, the Centurion from AmEx. But this is not an elite credit card. It’s not even the Walmart Discover Card. It’s the Walmart Credit Card and you can get it with a credit score in the upper 500s. It’s a good choice for those who are actively rebuilding their credit scores and it has dependable customer service. It’s also an honest card that you can depend on to not be deceitful with its servicing.