Look at some of the reviews on folio cases by a YouTube user 'metagamers' his reviews are spot on. Whatever you do; dont buy the speck fitfolio; total waste of money.
I was also in the same shoes as you were when I got my iPad.
But there is this great company from u.k. who make their cases by hand and very cheap. They have eBay account and their website is called proporta.com
I looked at walmart and their folio cases like Tragus, and comparing it to proporta folio case, they have the same design but you can tell the difference even the smell. With Tragus, they have a plasticky smell that seems like it was burnt plastic. But proporta uses an authentic leather that is made from polyurethane, that looks/feels like leather but has the strength of polyurethane.
Check their sit out, they offer a variety of designs and low prices.
I bought mine for the price of the $49 smart cover, plus it's all protected not just the screen.
Hope this helps