Wal-Mart Americas favorite store to save money!
If you like saving money on everyday necessities you most likely spend your hard earned money shopping at Wal-Mart. But you have to be very careful what form of payment you use at the register while checking out. If you plan on using a credit card issued by a major bank your nine times more likely to have your credit limit decreased.
Major banks consider shopping at Wal-Mart a viable sign that your financial health may be taking a turn for the worse. Major banks track where you spend your money, and keep digital records of your spending habits to create a profile. If you have never shopped at Wal-Mart in the past, and suddenly decide to be a patron of Wal-Mart a red flag goes up. Before you know it your credit limit has been decreased despite what kind of borrower you are.
I have been getting overwhelming feedback from clients, colleagues, and consumers with stories of how their available credit has been slashed, and some accounts even closed just for shopping at Wal-Mart.
One of my colleagues was telling me the other day they bought a recreational vehicle to travel across the U.S. They decided to go to Wal-Mart to purchase dishes, and other items needed for their trip. He used his American Express card to pay for the merchandise. A week later he received a letter in the mail from American Express informing him his credit limit was decreased for shopping at Wal-Mart. The irony in this story is he used that same Amex credit card to purchase the RV.
Another consumer informed me by email he submitted a balance transfer request to pay off his Wal-Mart credit card with his Citi Bank Visa. He was taking advantage of a promo for 0% interest for 12 months. Five days later while attempting to make a purchase at Best Buy he learned his credit limit was drastically decreased. This consumer had just received a credit limit increase within 60 days.
If you are a consumer who has always shopped at Wal-Mart your not considered much of a risk. Shopping at Wal-Mart has been factored in your spending profile while it was being developed. Its the newbies that are making the banks nervous.
If your a consumer that has never shopped at Wal-Mart, and plan on shopping there in the near future be careful using any credit card. Even if you use your debit card keep in mind if you have a credit card issued by the same bank it may trigger a review of your credit card account. Big banks are always paying close attention to our shopping trends. Frequent shoppers avoid this nuisance by applying for a Wal-Mart credit card.
Photo:
http://www.prlog.org/
