New to CC's.. help me understand Walmart Discover Payment Due please?

[Anonymous]

Hi, I am new to the world of Credit Cards. I have had this Walmart Discover for 2 weeks. I received the card in the mail on August 4, and I made my first purchase on the same day, August 4.

My Walmart Discover card says this

Current Balance* : $107.10

Minimum Payment Due : $0.00

Payment Due Date : 08/25/2014

Available Credit* : $260.00

Available For Cash Advance* : $80.00

Total Credit Limit : $400.00

Last Payment : $0.00

I am confused. It says my Payment Due Date is on 8/25 but then it says my Minimum Payment Due is $0.00???? Am I supposed to pay the current balance in it's entirety before the 25th? or what?

A little background if you care : I had no credit, just as a baby does, and then I got a car loan about a year ago. Then last month, I tried to apply to Chase Freedom but they said No due to insufficient credit history. So I accepted Capital One's offers in the mail and got my first Credit Card two weeks ago! On the same day, I also applied to Walmart Discover and got approved there too! So now I have two CC's.

[SunriseEarth]

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@Anonymous wrote:

Hi, I am new to the world of Credit Cards. I have had this Walmart Discover for 2 weeks. I received the card in the mail on August 4, and I made my first purchase on the same day, August 4.

My Walmart Discover card says this

Current Balance* : $107.10

Minimum Payment Due : $0.00

Payment Due Date : 08/25/2014

Available Credit* : $260.00

Available For Cash Advance* : $80.00

Total Credit Limit : $400.00

Last Payment : $0.00

I am confused. It says my Payment Due Date is on 8/25 but then it says my Minimum Payment Due is $0.00???? Am I supposed to pay the current balance in it's entirety before the 25th? or what?

A little background if you care : I had no credit, just as a baby does, and then I got a car loan about a year ago. Then last month, I tried to apply to Chase Freedom but they said No due to insufficient credit history. So I accepted Capital One's offers in the mail and got my first Credit Card two weeks ago! On the same day, I also applied to Walmart Discover and got approved there too! So now I have two CC's.

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The $0 due means you don't have to pay anything this month.   What would happen is the balance would revolve into next month and a minimum payment would be due.  However, I would recommend paying the balance down to something less than $40 but above $0.   One of the largest factors of FICO credit scoring is UTIL (utilization), or how much of your CLs (credit limits) you're using.   For the highest possible scores, UTIL should be less than 10% across all cards and on each card.

Another recommendation is that less than half of your accounts should have balances.  So what you could do is use the Cap One card as much as you'd like, but pay down to $0 before the statement closes.   And then, leave a small balance to post on the Walmart card.  

Walmart CCs are eligible for CLI (credit limit increase) requests after the 4th statement.  It's not a guarantee (my store card took 6 or 7 statements to get my first CLI), but many members here have had success with that.  

Good luck in your new credit journey and hope you find lots of good information here!  I know I have.

[Jerry45]

As a Walmart Discover Card holder myself, here is my 2 cents. Do not worry about minimum payment box unless you make a big purchase.

1. Always pay in full by your due date.

2. You need to generate a statement to get CLI's. Your statement will cut about 8 to 10 days  after your due date.

3. To get a statement you need a balance. Make a small purchase a couple of days after your due date.

4. Then go into a walmart Physical store and pay for that small purchase right away, at the service desk,  and overpay by $1.

5, This will generate a statement and not hurt your credit score.

6. You cannot overpay online, only in store.

It worked for me last month. Hope this helps.

[Anonymous]

wait..... so I pay the thing in full before the 25th?

I thought I was supposed to allow a balance to happen so Walmart can report it?   I am still confused as to how this works

[Jerry45]

I agree, this is a very confusing topic with Walmart. Maybe others here can explain it better. Look at my previous post, and try to follow it. Good Luck

[taxi818]

It's not confusing. Read. It says 0 due. That's what it means. But what you owe is different. Next month. Sep 25. It will say 25 dollars due.  Minimum. But at that time. You can pay partial. Or whole thing. Every one says pay in full. But only if you can.  If you can not. Just pat what you can or at least minimum. Not rocket science.  

[taxi818]

Since you just got card on 4 th. The due date here on will be 25th. But that's only 21 days since you got card. So they are giving tu reward for first payment. But next month. It will say 25 min.  So you can ya whenever you want. But it better be at least 25 bucks. Or just pay whole thing. Or break in two. 50 now. 57 next month. Your choice