"Interest Rate High And Non-adjustable"
Walmart® MasterCard® Review
Written by: flynusmc69 on 2016-02-27
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flynusmc69's review: 
Writing to everyone about the Walmart MasterCard. Yes, Synchrony Bank is generous in issuing credit cards for those that may have fair to good credit, however, their rate schedule for interest is very deceptive. They boast that they offer a rate for Type 1 accounts at 16.9%, then Type 2 accounts are at 19.9%, and finally, the catchall. Type 3 accounts have an issued interest rate of 22.9%.
Once I received my card, they started the account with an initial credit line of $1800.00, and now it's up to a generous $7500.00. However, don't think about carrying a balance or charging a large balance and carry it, you are going to be stuck at 22.9%. The only way I was advised of obtaining the lower interest rate(s) was at time of credit account issuance. You need to have a credit score of 820 or better! Huh? Most Americans have credit scores if great between 750-790. It's un-obtainable. Synchrony Bank will NOT reduce your interest rate if you call them to try an negotiate either. I would think twice before applying for this MasterCard type, as you can do much better with other bank issuers. A good note to the card use is that they offer from time-to-time special financing options on big ticket items with NO interest between 6-24 months depending on the offer and how much you spend. Another positive note about the card is there is NO annual fee. Good luck folks!
Writing to everyone about the Walmart MasterCard. Yes, Synchrony Bank is generous in issuing credit cards for those that may have fair to good credit, however, their rate schedule for interest is very deceptive. They boast that they offer a rate for Type 1 accounts at 16.9%, then Type 2 accounts are at 19.9%, and finally, the catchall. Type 3 accounts have an issued interest rate of 22.9%.Once I received my card, they started the account with an initial credit line of $1800.00, and now it's up to a generous $7500.00. However, don't think about carrying a balance or charging a large balance and carry it, you are going to be stuck at 22.9%. The only way I was advised of obtaining the lower interest rate(s) was at time of credit account issuance. You need to have a credit score of 820 or better! Huh? Most Americans have credit scores if great between 750-790. It's un-obtainable. Synchrony Bank will NOT reduce your interest rate if you call them to try an negotiate either. I would think twice before applying for this MasterCard type, as you can do much better with other bank issuers. A good note to the card use is that they offer from time-to-time special financing options on big ticket items with NO interest between 6-24 months depending on the offer and how much you spend. Another positive note about the card is there is NO annual fee. Good luck folks!
4 Comments
Comment 1 by breakinger
Re: Interest Rate High And Non-adjustable 
on 2016-03-04
Thanks for the honest review, flynusmc69. I wasn't even aware that Walmart had a Mastercard. I have a few different accounts through Synchrony bank and the interest rate is average for them, but 22.9%? That's a lot. Plus I can't believe that you need an absolute perfect credit score to get the 16.9%. I would love to know if anyone has that interest rate.
on 2016-03-04 Thanks for the honest review, flynusmc69. I wasn't even aware that Walmart had a Mastercard. I have a few different accounts through Synchrony bank and the interest rate is average for them, but 22.9%? That's a lot. Plus I can't believe that you need an absolute perfect credit score to get the 16.9%. I would love to know if anyone has that interest rate.
Comment 2 by wanderer
Re: Interest Rate High And Non-adjustable on 2016-03-06
One observation on my part is that store based card issuers tend toward the high interest side of life. My memory goes back a long ways and I find using regular Master Cards, Visa and Discover Cards usually yields lower Aprs.
on 2016-03-06 One observation on my part is that store based card issuers tend toward the high interest side of life. My memory goes back a long ways and I find using regular Master Cards, Visa and Discover Cards usually yields lower Aprs.
Comment 3 by bc8787
Re: Interest Rate High And Non-adjustable on 2016-03-24
I like my wal mart card. Like all cards the interest rate is high but the point of these cards is to not rack up a high balance. Synchrony has been very good to me. I first got this card in 2012 with a limit of 2,800. Today my credit line with them is 11,000. They are very generous with CLI's which of course is good for utilization. I don't go over a balance of 1K on this card and the interest is about 15 bucks a month. The point is not not get carried away and max out these cards.
on 2016-03-24 I like my wal mart card. Like all cards the interest rate is high but the point of these cards is to not rack up a high balance. Synchrony has been very good to me. I first got this card in 2012 with a limit of 2,800. Today my credit line with them is 11,000. They are very generous with CLI's which of course is good for utilization. I don't go over a balance of 1K on this card and the interest is about 15 bucks a month. The point is not not get carried away and max out these cards.
Comment 4 by rsty99
Re: Interest Rate High And Non-adjustable on 2016-06-02
I was converted automatically from store card to this card. I use it at Wal Mart and SAMs club. No problems and can't beat the interest free terms that come with buying over time.
on 2016-06-02 I was converted automatically from store card to this card. I use it at Wal Mart and SAMs club. No problems and can't beat the interest free terms that come with buying over time.
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Disclaimer: This content is not provided by Synchrony Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Synchrony Bank. Review content is powered by Finance Globe.
