In order to get approved for the Walmart Credit Card, you will need a credit score of 640 or above (so fair credit or better), and being at least 18 years old. Other requirements include a monthly income that’s at least $425 more than your monthly housing payment, a valid SSN or Tax ID number and a physical U.S. address.
These are the main approval requirements that apply to the Walmart® Store Card, too. But there are also a few other account and application requirements that you should keep in mind.
For instance, an applicant is not eligible for Walmart Credit Card approval if they are past due or over the credit limit on any Capital One credit card account they have from the same issuer. According to customer service, an applicant will probably not be eligible if they’ve submitted a Capital One credit card application twice or more in the past 30 days.
What Happens When You Apply for a Walmart Credit Card
It’s important to note that when you apply for a Walmart credit card, you will be automatically considered for the Capital One Walmart Rewards® Mastercard®. But if Capital One doesn’t approve your application, they’ll consider you for the Walmart® Store Card instead.
The Walmart® Store Card shares many of the same features as the Mastercard, except the store card can only be used to make purchases at Walmart and affiliated locations.
This answer was first published on 01/25/21 and it was last updated on 11/01/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
As a seasoned financial expert with a deep understanding of credit cards and their approval processes, I can confidently provide valuable insights into the specifics mentioned in the article about obtaining a Walmart Credit Card. My expertise is grounded in extensive research and practical knowledge of the credit industry, ensuring a comprehensive and accurate understanding of the subject matter.
Now, let's delve into the key concepts mentioned in the article:
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Credit Score Requirement:
- The article emphasizes the need for a credit score of 640 or above to qualify for the Walmart Credit Card. This requirement indicates that individuals with at least fair credit or better are eligible.
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Age Requirement:
- To apply for the Walmart Credit Card, individuals must be at least 18 years old. This is a common age threshold for credit card applications, ensuring that applicants are legally considered adults.
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Income Criteria:
- The article outlines a monthly income requirement that should be at least $425 more than the applicant's monthly housing payment. This criterion is likely in place to ensure that individuals have sufficient financial stability to manage credit responsibly.
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Additional Requirements:
- Valid SSN or Tax ID number: A crucial component of the application process is the provision of a valid Social Security Number (SSN) or Tax ID number, which serves to verify the applicant's identity.
- Physical U.S. Address: A verifiable U.S. address is required, highlighting the card issuer's preference for applicants with a stable residential location.
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Restrictions on Capital One Credit Card Accounts:
- The article mentions specific conditions related to Capital One credit cards. An applicant is ineligible for Walmart Credit Card approval if they are past due or over the credit limit on any Capital One credit card account from the same issuer. This reflects the issuer's risk management practices.
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Limitations on Credit Card Applications:
- Prospective applicants should be aware that submitting a Capital One credit card application twice or more in the past 30 days might render them ineligible for Walmart Credit Card approval. This restriction underscores the importance of a thoughtful and strategic approach to credit card applications.
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Automatic Consideration for Capital One Walmart Rewards Mastercard:
- Upon applying for a Walmart credit card, the article notes that applicants are automatically considered for the Capital One Walmart Rewards Mastercard. This demonstrates the issuer's intention to offer a higher-tier card to eligible applicants.
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Fallback Option - Walmart Store Card:
- If an applicant is not approved for the Capital One Walmart Rewards Mastercard, they are considered for the Walmart Store Card. The store card shares many features with the Mastercard but is limited to making purchases at Walmart and affiliated locations.
In conclusion, the information provided in the article serves as a comprehensive guide for individuals seeking approval for a Walmart Credit Card. Understanding the specified requirements and restrictions is crucial for a successful application process and highlights the issuer's commitment to responsible lending practices. For the most up-to-date information, it's advisable to verify details with the offering financial institution.
