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Walmart Credit Card Cash Monthly Limit?

Established Contributor

Re: Walmart Credit Card Cash Monthly Limit?

I was just approved for a walmart card last week and have not used it yet. I didn't realize you can get cash back. Beings I am new to all of this, do they charge a fee or higher interest rate for cash back? Thanks

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

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Message 11 of 54
Valued Contributor

Re: Walmart Credit Card Cash Monthly Limit?

No, there's no fee or higher interest rate. You also get the same grace period as a regular purchase transaction.
Message 12 of 54
Valued Contributor

Re: Walmart Credit Card Cash Monthly Limit?

I just received my first statement for my Walmart Discover and my cash back limit is $400.  I have a $2000 CL.

Before I was upgraded to Discover, my cash back limit was only $60 and I had a $400 CL.



Starting Score: 639 (Walmart TU)
Current Score: TU 715 (Barclay) EX 685 (myFICO) EQ 697 (myFICO)
Goal Score: 700 Across the Board (Mortgage Goal Achieved 1/31/2012!)

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Message 13 of 54
Regular Contributor

Re: Walmart Credit Card Cash Monthly Limit?

       I have the walmart  discover Cl 3500 cash back  500.00.  Before the upgrade Cl was 1500 cash back was 100.00.

Message 14 of 54
Established Contributor

Re: Walmart Credit Card Cash Monthly Limit?

Wait, can you guys help me get this straight, when you're prompted at the Wamart checkout if you want cashback, this is infact not the same as getting a cash advance from your card. I've always said no, thinking cash advances are geneally frowned upon by the CC companies.
Message 15 of 54
Valued Contributor

Re: Walmart Credit Card Cash Monthly Limit?


learnin113 wrote:
Wait, can you guys help me get this straight, when you're prompted at the Wamart checkout if you want cashback, this is infact not the same as getting a cash advance from your card. I've always said no, thinking cash advances are geneally frowned upon by the CC companies.

correct its like a regular purchase, 25 days no interest.  Walmart likes it because they get to give you cash so they have less to be handled by bank truck, and if you don't PIF you get charged  20+% intereest on the loan while reducing there costs. 

 

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Message 16 of 54
Established Contributor

Re: Walmart Credit Card Cash Monthly Limit?


jamesdwi wrote:

learnin113 wrote:
Wait, can you guys help me get this straight, when you're prompted at the Wamart checkout if you want cashback, this is infact not the same as getting a cash advance from your card. I've always said no, thinking cash advances are geneally frowned upon by the CC companies.

correct its like a regular purchase, 25 days no interest.  Walmart likes it because they get to give you cash so they have less to be handled by bank truck, and if you don't PIF you get charged  20+% intereest on the loan while reducing there costs. 

 


Oh wow, I so didn't realize that.  Still a little nervous about using it though.

Message 17 of 54
Established Member

Re: Walmart Credit Card Cash Monthly Limit?

Wanted to throw my hat in the ring:

 

$1800 Credit Limit. $360 Available for Cash Advance

FICO: 754, (Walmart TU, 9/4/13)
Wallet: AMEX Gold, and cash.
Chase Freedom (5000), Capital One Venture1 (4750), CU Visa (5000), Discover More (5500), Walmart Discover (7500), Barclays Visa (2000)

Message 18 of 54
Frequent Contributor

Re: Walmart Credit Card Cash Monthly Limit?

I think my initial CL with Walmart was $1,200 with a $200 cash-over limit. My oldest online statement shows $1,800 CL with $200 cash-over. After that, it started going up with my CLIs -- $2,100 CL with $233 cash-over, and $2,900 CL with $322 cash-over. I haven't had a statement generate since my last CLI to $6,000, but I would imagine it has gone up again. I should mention that I was actually maxing out my cash-over AND my CL on a regular basis, so maybe people who have had one increase but not the other should try putting more quick cash through the card.

Message 19 of 54
Regular Contributor

Re: Walmart Credit Card Cash Monthly Limit?

It seems like there is no set % of a credit line or a set number for a monthly max cash back. The numbers are all over the place.  

 

I also thought that banks frowned apon getting cash back or taking a cash advance.  Doesn't seem like it matter here.

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Message 20 of 54