Who wants a Wal-Mart credit card?

With banks hiking interest rates and fees and getting stingy with credit, BusinessWeek reports that Wal-Mart Stores Inc. (NYSE: WMT) has "held talks with Herbert and Marion Sandler, founders of Golden West Financial Group, about a new credit card that would offer lower interest rates and few of the onerous fees associated with traditional credit cards."

Wal-Mart currently has a credit card offered in partnership with General Electric, but the interest rate can run quite high. A card financed by Wal-Mart itself would likely offer consumers a better deal.

The time would seem to be right for Wal-Mart to dive into this business and capitalize on the weak positions of the big banks that have been damaged by the credit crunch. But here's an idea for Wal-Mart: Call it something other than the Wal-Mart card, and keep your logo off it. Credit cards are something of a status symbol and a way that consumer pledge allegiance to brands and causes that are important to them: Nothing could be less cool than a Wal-Mart card. Call it something different, and lure people in with a great deal. That will reach a much broader market.