Credit Cards

[snowkitty]

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

[kevinjjc]

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

[MsLadyRover]

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.

[VEEVEE]

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

[learnin113]

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.

[jamesdwi]

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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.

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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. 

[learnin113]

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jamesdwi wrote:

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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.

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

[bobomb01]

Wanted to throw my hat in the ring:

$1800 Credit Limit. $360 Available for Cash Advance

[SwampSystems]

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.

[pozativelyliving]

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.