Walmart Rewards Mastercard 2023 Review | The Motley Fool (2023)

FAQs

What is the minimum credit score for Capital One Walmart Rewards Mastercard? ›

You need a credit score of 640 or higher to qualify for a Capital One Walmart Rewards® Mastercard®. This implies that those with average to exceptional credit are more likely to get approved for the Walmart Credit Card.

Credit limits for a Walmart credit card can range from $150 to over $5,000. Several factors go into determining your credit limit, including your annual income and credit history. Where can I use a Walmart credit card? The Capital One® Walmart Rewards™ Mastercard® can be used anywhere Mastercard is accepted.

Is the Walmart Rewards Mastercard worth it? Because the Walmart Rewards Mastercard has no annual fee and pays rewards on all purchases, there's little downside to signing up for one. There may, however, be another credit card with better rewards and features for your personal needs.

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.

In order to increase your Capital One Walmart Rewards™ Card or Walmart Rewards™ Card credit limit, you will have to call the customer service number on the back of your card to make a request.

According to FICO®, for example, a fair credit score falls between 580 and 669. According to VantageScore®, a fair score ranges between 601 and 660. Capital One credit cards for fair credit include QuicksilverOne, Quicksilver Secured, and the Platinum Mastercard.

Automatic credit limit increase to $500 after making your first 5 monthly payments on time is for card holders that are on the capital one credit steps program.

A high-limit credit card typically comes with a credit line between $5,000 to $10,000 (and some even go beyond $10,000). You're more likely to have a higher credit limit if you have good or excellent credit.

In theory, there is no limit

This is because credit card issuers generally don't look at the number of card accounts on your credit report when deciding whether to approve your application. Factors like your credit score, your income and your debt-to-income ratio are considered in this assessment.

The main difference between a Walmart Store Card and a Walmart Mastercard is where you can use it. The Walmart Store Card can only be used at Walmart and its partners. The Mastercard can be used basically anywhere. As a result, the Mastercard also offers rewards for purchases made at other stores.

Is Walmart Mastercard easy to get? ›

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.

The retail giant alleges Capital One did not meet customer care standards in five categories, including failing to issue replacement cards and promptly process payments. According to Walmart, Capital One acknowledged these shortcomings in February.

Capital One Platinum Secured Credit Card

The is an excellent secured credit card for people with 550-600 credit scores largely because of its low minimum opening security deposit. A $49 security deposit will instantly grant a $200 credit line.

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

Almost all cardholders have credit limits between $1,000 and $10,000, with over a third at $3,000 or less. Then there's the Capital One QuicksilverOne Cash Rewards Credit Card, which is aimed at consumers with fair credit or worse. Top credit limits may range from $2,000 to $5,000.

The Capital One Walmart Rewards® Mastercard® will increase your credit limit no more than once every six months generally. This time frame applies whether you request a credit limit increase yourself or wait for Capital One to offer you an automatic increase.

Capital One automatically considers you for a higher credit limit after six months of on-time payments, and one member on myFICO® Forums said that cardholders may receive a $100 increase after their second or third billing statement.

The Capital One Platinum Secured Credit Card is available to consumers who have a bank or credit union account and a Social Security number. This is the easiest credit card to own because it caters to consumers with limited or poor credit.

Can I get a Capital One credit card with a 550 credit score? ›

You may need a score of 570 or higher to be approved for the Capital One Platinum Credit Card. A score in the 580 to 669 range is a fair score, while a score of 670 to 739 is considered good. If you have a score at the lower end of the fair score range, a premium credit card is all but out of the question.

How to request a credit limit increase. You'll need to give us some information like your total annual income, employment status and monthly mortgage or rent payment, so have that handy. Then, request a credit line increase and follow the directions to accept your new credit limit, if approved.

The Capital One Quicksilver credit limit depends on your income, creditworthiness and payment history. According to anecdotal reports, the card's credit limit can be as low as $750 and as high as $10,000.

Cardholders in good standing (e.g. good credit score, consistent on-time payments) may also receive an automatic credit limit increase once or twice a year. If requesting an increase from Capital One, approval can happen immediately or could take up to 30 days to process.

As such, if you have one of these cards, you might consider a $5,000 credit limit to be bad and a limit of $10,000 or more to be good. Overall, any credit limit of five figures or more is broadly accepted as a high credit limit. The main exception to the usual credit limit rules are secured credit cards.

The credit limit you can get with a 750 credit score is likely in the $1,000-$15,000 range, but a higher limit is possible. The reason for the big range is that credit limits aren't solely determined by your credit score.

Yes, a $25,000 credit limit is good, as it is above the national average. The average credit card limit overall is around $13,000, and people who have higher limits than that typically have good to excellent credit, a high income and little to no existing debt.

Using over 90% of your available credit card limit can knock around 50 points off your credit score. Whereas keeping your credit card balance under 30% of your limit could boost it by around 90 points.

The Chase 5/24 rule is an unofficial policy that applies to Chase credit card applications. Simply put, if you've opened five or more new credit card accounts with any bank in the past 24 months, you will not likely be approved for a new Chase card.

50% Of Americans Have Maxed Out Credit Cards, Here's How To Dig Yourself Out Of Credit Card Debt.

Is Walmart Mastercard only good for Walmart? ›

Since the Walmart Rewards™ Card is a private-label card, you can only use the card at Walmart properties, which include Walmart.com, the Walmart app, Walmart stores and Murphy USA gas stations.

The Walmart Credit Card requirements for approval include: Being 18+ years old. Having a credit score of at least 640 (fair credit). A monthly income that's at least $425 more than your monthly housing payment.

The Walmart Rewards Mastercard and its in-store credit card are issued by Capital One, and cardholders can earn rewards for shopping at Walmart. When used properly, both cards can help you build your credit history and credit score.

The bank that issues the Walmart Credit Card is Capital One. The same bank issues the Walmart® Store Card, too. Capital One has been the Walmart Credit Card issuer since October 2019.

You can pay your Walmart Credit Card bill online, via the Capital One app, over the phone at (877) 383-4802, by mail, or in person at a Walmart location. The same payment methods apply to the Walmart® Store Card, too.

For security reasons, we may limit the amount, number, and type of transactions you can make on your Card and any funding or reload of your Card. You may only withdraw up to $500 from an ATM in a single day and $400 per teller transaction at a participating bank, unless otherwise indicated.

The responses: Walmart told the Journal that it's ending its relationship with Capital One and looks forward to providing a new option soon. Capital One countered that it had cured issues Walmart raised in the suit “pursuant to the terms of the agreement, without harm to customers, the program, or Walmart.”

Capital One struggled to honor its contractual obligations to Walmart, the lawsuit alleges, failing to measure up to its retail partner's customer care standards in "at least five Critical service areas" during a 12-month rolling period.

On April 6, 2023, Walmart decided to sue Capital One to terminate their credit card issuing relationship despite the fact that their contract doesn't expire until 2026. After absorbing all of the upfront costs of launching this program, Capital One is now facing the loss of a large and important client.

The majority of people with 850 credit scores are above the age of 57, according to Experian's report. About 70% of people with perfect credit scores are baby boomers (defined by Experian as people age 57 to 75) and members of the silent generation (ages 75 and above).

Can I buy a house with a 556 credit score? ›

A conventional mortgage requires a credit score of at least 620 to buy a house. Since many buyers choose a conventional loan, a 620 credit score might be considered normal. However, you can have a credit score below 620 and still buy a house. With the help of an FHA loan, you can have a credit score as low as 500.

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 556 FICO^® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.

You need a credit score of 640 or higher to qualify for a Capital One Walmart Rewards® Mastercard®. This implies that those with average to exceptional credit are more likely to get approved for the Walmart Credit Card.

The best type of credit card for a 530 credit score is a secured credit card. Secured cards give people with bad credit high approval odds and have low fees because cardholders are required to place a refundable security deposit.

It is not bad to have a lot of credit cards with zero balance because positive information will appear on your credit reports each month since all of the accounts are current. Having credit cards with zero balance also results in a low credit utilization ratio, which is good for your credit score, too.

There's no such thing as a bad number of credit cards to have, but having more cards than you can successfully manage may do more harm than good. On the positive side, having different cards can prevent you from overspending on a single card—and help you save money, earn rewards, and lower your credit utilization.

Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

Bottom line

To qualify for the Capital One Venture Rewards Credit Card, you'll likely need to have a good credit score of at least 670, although having a higher credit score would only improve your chances of approval.

The minimum credit limit is $300, and the average cardholder may achieve a typical credit limit of $2,000. If you have good credit (not this card's prime audience), your credit line may reach $5,000.

How high does your credit score have to be for a Capital One credit card? ›

You need a credit score of at least 700 (good credit) for the best Capital One credit card offers. However, other options are available for people with lower scores. It is possible to get approved for a credit card from Capital One with limited credit history or a bad credit score, for example.

A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt.

Automatic credit limit increase to $500 after making your first 5 monthly payments on time is for card holders that are on the capital one credit steps program.

It's fairly hard to get the Capital One Quicksilver Cash Rewards Credit Card because it requires good to excellent credit for approval. Unless your credit score is 700 or higher and you have a lot of income, it may be difficult for you to get approved for the Capital One Quicksilver.

How to request a credit limit increase. You'll need to give us some information like your total annual income, employment status and monthly mortgage or rent payment, so have that handy. Then, request a credit line increase and follow the directions to accept your new credit limit, if approved.

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So, you're guaranteed at least a $300 spending limit if you're approved for the card, and if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.

As long as you meet the credit score requirement and a few other requirements, it's not hard to get a Capital One credit card. As with all credit cards, you'll need to have a steady income and be at least 18 years old. You'll also need to have an SSN.