Why You Shouldn't Apply for a Wal-Mart Credit Card

Wal-Mart is known for their low prices, posting signs all over their store saying, " always low prices". If you shop at Wal-Mart enough you should of noticed items you usually shop for, have gone up in price.

Having a Wal-Mart credit card made it easy for me to shop, especially at Christmas. When money was tight, I could just use my Wal-Mart credit card. It made it easy for me to get all the gifts I needed at Christmas. Making my payment on my card each month seemed easy.

On my Wal-Mart credit card I was given a $500 credit limit. Having a credit card makes it to easy to spend a lot of money and not even realize it. During Christmas I maxed my credit card out. My monthly payment was $19 and that is what I paid each month. Just the other day I received my payment statement in the mail. My last payment I made a $25 payment and didn't even realize my monthly payment had gone up. Then I realized my monthly payment was now $28 a month. This gave me a past due amount of $3. While looking over my statement I realized my balance went from $500 to $593.72. I was really confused as to why the balance was so high after paying on my card since February 2006. Then I noticed a late charge on my statement for the $3. The late fee on my statement was $28.97.

This infuriated me to where I will never shop at Wal-Mart again. I understand I was late $3 and so yes give me a late fee charge. But when the late fee is that high, being higher than my monthly payment due, that is ridiculous. On this card I also noticed a card security fee of $9.32. I would think they could at least have this card security at no charge. They are already getting a good bit of interest off the card payments. Then they charge you a $13.25 finance charge.

Wal-Mart makes billions of dollars so you would think they could treat their customers a little better than this. The interest rate is now up to 27.49% that is a bit high. I would just suggest if you are someone who is planning on applying for a Wal-Mart credit card, you might want to think twice.

There are many reasons not to apply for this card. Some of these reasons are the interest rate; late charge fee, security card fee, and the finance charge. With all of these reasons, you will be paying on this Wal-Mart card for a long time. Another fault with this card is if by mistake you go over your limit on your card, they don't cut your card off. I believe they just charge you an additional fee for going over the limit. Even if you have not gone over your limit but with their late charge, it will take you over your limit. Yet, again, another fee that will make your card higher. So now you have your monthly minimum fee, late charge fee, security fee, and a possible fee for going over your credit amount. You have to pay all of these so called other fees before it makes a dent in your payment. Paying the minimum fee that they show on your bill will do nothing to lower your bill because of these extra charges. It only adds more charges to it, which they don't bother to inform you about.