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On those days when you look up and realize you’re out of office supplies, cleaning gear, and you need to stock up for the company’s annual picnic, where do you head? If it’s Walmart, then you might be considering the Walmart Business Credit Card. That makes a lot of sense!
It seems logical that using Walmart’s store credit card as a frequent shopper can help you. You’ll save money and you’ll earn cash back with all Walmart purchases, right? Well… you’ll need to comb through some details, since the Walmart credit card probably doesn’t offer the flexibility and perks you think it does. However, it could be easier to get approved for this card compared to other business credit cards if you’re looking for an easy line of credit to spend at your go-to store.
That’s why we took a hard look at the Walmart Business Credit Card, an in-store charge card that you or your employees can use only at Walmart stores, Walmart Supercenters, Walmart Neighborhood Markets, Walmart.com, Walmart, Murphy USA gas stations, and Sam’s Clubs.
There’s another option that Walmart offers, and we’ll go through that too, as well as some alternatives. Here’s what to know about the Walmart Business Credit Card before handing over your application papers. And some extra important stuff, too.
The Walmart Business Credit Card is meant to help small businesses manage their spending and separate their business and personal expenses. This is a store card, meaning that you can only use it in-store or online at Walmart stores, Walmart Supercenters, Walmart Neighborhood Markets, Walmart.com, Walmart, Murphy USA gas stations, and Sam’s Clubs. Still, those are a lot of options under one umbrella—and with everything Walmart carries, plus its myriad locations across the country, that allows you to access a lot of merchandise across many categories.
Good news: You can use the store Walmart Business Credit Card to help you better manage your purchases, since you receive an itemized monthly statement. Your accountant will be happy because it’ll help you keep track of every Walmart purchase. And you’ll be able to see exactly the categories in which you’re spending most—excellent if you’re budgeting, or trying to trace your patterns.
Additionally, handing off this card to employees is a breeze since they literally can’t spend on it anywhere except for Walmart.
In full candor—there’s nothing really to this card. It’s literally just a charge card for Walmart. There’s nowhere else to use it but Walmart.
And, unlike the Walmart Credit Card for consumers, which offers discounts and rewards including 3%, 2%, and 1% back in the form of statement credits on certain categories, the Walmart Business Credit Card doesn’t come with those perks. You merely get a line of credit. And that can be helpful if you need it from a cash flow standpoint—but it’s certainly not making the most of your card.
Before deciding on this card, it’s crucial that you look into what you’re actually using it for and whether you want to sweeten the pot by throwing rewards perks in the mix.
The good thing here is that the Walmart Business Credit card for store purchases has no annual fee. Thank goodness, since you’re not paying for anything in the form of rewards. And, obviously, no foreign transaction fees—not that you’d worry too much about that unless you find a Walmart while traveling to a far-flung locale! (You won’t.)
The APR for the Walmart Business Credit Card is fairly straightforward. The rate for purchases is currently 16.05% and will vary depending on prime market rate. You have a grace period of 26 days if you make a payment in full each time.
Regardless of your credit history, you’ll pay a delinquent APR for late or missed payments. The delinquency rate is 24.99% if you don’t make your minimum payment by the due date twice in any six billing periods consecutively.
And for late payment fees, it’s $29 for new balances of a minimum of $50, and $15 for any amount less than that. That’s not too bad if you think you’ll carry a balance. Of course, you don’t have to worry about any of these rates if you intend on paying off the entire statement balance in full every month.
→Too Long; Didn’t Read (TL;DR): This is a no-frills card that’s basically a line of credit that can only be used in Walmart family of stores and online. No rewards.
Honestly? It’s hard to think of anyone for whom the Walmart Business Credit Card would be the absolute best-possible choice for their small business. But consider why:
In other words, this card doesn’t work for you at all. It’s simply a line of credit—and although it shouldn’t be too hard to get approved for, if you’re spending on a business credit card, you might as well get something in return.
It is nice, however, to be able to limit your employees’ spending to one store. But if you’re really concerned with limiting their purchasing power, you can also explore other options, including a prepaid credit card, like Bento for Business. Otherwise, if you’re looking for a no-frills card to use and are a regular Walmart customer, this could work.
→TL;DR: This card doesn’t deliver rewards, so there’s likely a card that’s a better fit for you—even if you just want a really simple, pared down card.
Maybe you’re considering the Walmart Business Credit Card because you’re looking for a pretty simple card with which you can easily keep track of purchases or itemize your spending. Fair enough! But because the Walmart Business Credit Card is only meant for the Walmart store, and doesn’t give you any rewards, it’s worth looking to these cards—they offer comparable perks while offering you more benefits, too:
If you really want a Walmart credit card, it’s worth thinking about their consumer credit card. This at least gives you the option of both spending outside of the walls of Walmart, and provides those statement credits we mentioned above. Their Earn 3-2-1 program allows cardholders to earn:
There’s no annual fee, and the APR is in the same ballpark as the Walmart Business Credit Card. However, late penalties here are a bit higher if you plan to carry a balance, and there is a foreign transaction fee. And, again, this is a consumer credit card.
There’s certainly a business credit card that can strike a great balance.
If you tend to carry balances and are concerned about APR, the American Express Blue Business Plus might be a great pick for you. This business credit card carries the longest 0% intro APR out there right now at 15 months. So, you can go interest-free on any balance you carry that entire time. After the 15 months are over, a variable APR kicks in, depending on the prime market rate and creditworthiness, so check terms to be sure.
Of course, you can use this card anywhere that accepts American Express cards and not just at Walmart. So, that gives this card a leg up—but you’ll also be earning rewards, too. For every dollar you spend, you’ll earn 1x in rewards points with no limit, and 2x rewards for up to $50,000 in purchases annually.
You can redeem these rewards for nearly anything, including merchandise and travel—which could be a big boon to your business. Plus, there’s no annual fee on this card, so it’s certainly worth the try.
One of the nice things about the Walmart Business Credit Card is its simplicity. No complicated terms or rewards spending categories to keep track of. And if you don’t have the time—or desire—to do that, the Capital One Spark Cash for Business Card is your answer.
The Spark Cash card is one of the simplest cash back rewards card available to business owners. You get unlimited 2% cash back on all purchases—each day, every day. And that’s pretty nice! If you happen to travel abroad, no foreign transaction fees, either.
Another awesome perk is its generous welcome offer. Once you spend $5,000 with the card within the first three months of account opening, you’ll get a $500 one-time cash bonus. You also get free employee cards, meaning that whatever they spend on, you earn rewards on as well.
There is an annual fee of $95, but Capital One waves it for the first year. So, not only can you try out the card without risk, but if you get the signup bonus, the fee’s taken care of for the next five years.
This is a slightly different approach, but we mentioned it briefly above, so we’ll explain more in depth. If the thing you’re most hesitant about is keeping a leash on your employee spending, Bento for Business lets you both set limits and allows flexibility at the same time.
Bento is a prepaid business credit card. Similar to the Walmart Business Credit Card, it’s no-frills and no rewards—just a simple line of credit.
But the difference here is that when you sign up for Bento, your card is hooked up to your checking or business banking account. So, you supply the funds yourself, securely transferring cash directly onto the card to fund your credit line. And because you choose how much goes on the card at a given time, you oversee employee spending.
Bento lets you easily set spend limits, track card activity, automatically integrate expense data into your bookkeeping software, and create as many cards as your business needs. This way, you can keep a tight leash on your finances, but give your employees the ability to spend outside of Walmart.
→TL;DR: You can find better credit card options, whether you want a Walmart card, a card that’ll let you carry a balance, one with set-and-forget rewards, or a more flexible way to limit employee spending.
Nothing personal, Walmart!
It’s just that when you get a business credit card, it should be working for you, too. Pick a card with intention—one that’s going to help you earn rewards, points or discounts, or lets you control spending with a degree of flexibility that isn’t limiting.
There are plenty of business credit cards that’ll give you more than a store charge card. Explore and apply.
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