Walmart is one of the biggest retail giants in Canada.
With over 400 stores and 1.2 million customers served each day, it comes as no surprise that it’s become the go-to, one-stop-shop for many Canadians.
And with such traffic, a rewards credit card to go along with it was inevitable.
Enter the Walmart Rewards Mastercard, a no fee card that allows you to earn rewards in the form of “Walmart money” on every dollar you spend.
But how does this card compare to the other options available in the Canadian credit card market right now?
Is this really the best credit card for shopping at Walmart?
We take a look at all of the details – and compare them to other top no fee cash back cards with low or no income requirements.
Walmart credit card at a glance
Issued by Walmart Financial, the Walmart Rewards Mastercard is a no fee Mastercard that allows cardholders to earn Walmart “money” on each dollar charged to the card.
Similar to Canadian Tire “money” that can ONLY be used at Canadian Tire, these rewards can only be used at Walmart – either in-store or online.
Walmart credit card rewards
You’ll earn rewards at the following rates:
- 1% in Walmart Rewards anywhere you shop.
- 1.25% in Walmart Rewards when you shop at Walmart.
1 Walmart dollar is equivalent to $1 to spend at Walmart, giving you an average return of 1.13%.
Walmart credit card interest rates
When it comes to interest rates, the Walmart Mastercard will charge you:
- 19.89% on purchases,
- 21.49% on cash advances,
- 19.89% on balance transfers.
Cash advance fees and balance transfer fees are $4. Not cheap.
Walmart credit card sign-up bonus
When you’re approved for this card, you get the chance to earn up to $25 in Walmart Rewards after you:
- make 1 purchase at a Walmart store in Canada or online at Walmart.ca,
- make 1 purchase at another location anywhere Mastercard is accepted, and
- sign up for electronic statements.
Ends Dec 18, 2019.
Walmart credit card comparison
For this comparison, we chose to look at cards that gave a similar return with a low or no annual fee to keep things consistent.
|Walmart Mastercard||American Express SimplyCash||American Express SimplyCash Preferred||Tangerine Money-Back Mastercard||MBNA Rewards Platinum Plus® Mastercard®||National Bank Echo Cashback Mastercard|
|Welcome Bonus||$25 in Walmart Rewards||2.5% cash back for 3 months (terms)||5% cash back for 6 months (terms)||4% cash back on your chosen categories for 3 months. (terms)||* 5,000 points after first purchase.
* 5,000 points once enrolled for e-statements (terms)
|Type of rewards||Store rewards||Cash||Cash||Cash||Flex rewards||Cash|
|Earn rates||* 1% in Walmart Rewards anywhere you shop.
* 1.25% in Walmart Rewards when you shop at Walmart.
|* 1.25%||* 2%||* 2% on 2 chosen categories
* 0.5% on everything else
|* 1 point for every $1 spent.
* 2 points for every $1 spent on gas, grocery, and restaurant purchases (up to $5,000 per year per category).
|* 1.5% on online purchases, gas, and groceries (up to $25,000)
* 1% on everything else
|Avg. return on spending||1.13%||1.25%||2%||1.13%||1.35%||1.16%|
|Can rewards earned be used anywhere?||No||Yes||Yes||Yes||Yes||Yes|
|Insurance coverages||None||3 out of 16||9 out of 16||2 out of 16||7 out of 16||2 out of 16|
|Income requirements||$12,000 personal||None||None||None||None||None|
The best credit cards for Walmart Canada
Now that we know all the details of the Walmart Rewards Mastercard, we can see how it stacks up to the competition.
Here are our top alternatives.
American Express SimplyCash
If you’d ask us our top credit card pick for shopping at Walmart, we’d say the
Why? Because this no annual fee card will allow you to earn 1.25% cash back on all your purchases, not just Walmart purchases.
You’ll receive your rewards each year in September as a statement credit. And it has absolutely no income requirements, making it accessible to more Canadians.
American Express SimplyCash Preferred
Coming in second place is the
But, we think it’s worth it. It doesn’t take much spending at all to compensate for the annual fee compared to it’s no fee cousin:
[ (difference in annual fee / difference in average earn rate) * 100] / 12 months
[ ($99 / 0.75%) * 100] / 12 months = $1,100
This means you would have to spend a reasonable $1,100 per month on your card in order to make the annual fee worth it – everything you spend on top of that goes straight into your pocket.
And, as per usual with American Express cards, there are no income requirements.
Tangerine Money-Back Mastercard
With this card, you’ll be able to earn 2% in cash back on 2 categories, which are:
- recurring bill payments,
- drug store,
- home improvement,
- entertainment, and
- public transportation and parking.
If you have a Tangerine Bank account, you get to choose a 3rd category.
For Mastercard credit cards, the general rule of thumb is Walmart Supercentres are classified as grocery stores, and non-Supercentres are classified as department stores, although it could vary from location to location.
Also, you wouldn’t earn that higher rate on walmart.ca purchases – only in-store.
MBNA Rewards Platinum Plus Mastercard
- 1 point for every $1 spent.
- 2 points for every $1 spent on gas, grocery, and restaurant purchases (up to $5,000 spent annually per category).
With each point being worth up to 1 cent, you’re looking at a return of up to 2% on your gas and grocery necessities.
And for a no fee card, you’ll get 7 insurances to boot:
National Bank Echo Cashback Mastercard
If you’re an online shopper, the
You’ll earn 1.5% on online purchases to be exact, as well as gas and groceries, on up to $25,000 in combined spend per year.
And for a reasonable $30 annual fee, you can apply for this card without having to worry about any income requirements.
Here are some popular questions about the Walmart credit card answered.
What’s Walmart’s credit card contact information?
You’re able to connect with the Walmart Rewards Mastercard customer service at 1-877-294-7880.
What’s the Walmart credit card’s late payment fee?
For all late payments, Walmart Financial charges 19.89% APR on your balance owed.
Walmart credit card is with what bank?
The Walmart Rewards Mastercard is issued by Walmart Financial.
So there you have it – a comparison of the Walmart Rewards Mastercard against the competition.
If you’re a diehard Walmart shopper, this card is worth considering.
But, if you like to keep your options open, there’s a slew of worthy credit cards with even better rewards.
What do you think? Did the Walmart card measure up, or fall short?