Highlights
- No annual fee.
- Earn 1.25% in Walmart Reward Dollars on every dollar spent at Walmart and Walmart.ca.
- Earn 1% in Walmart Reward Dollars on every dollar spent everywhere else.
- Ability to finance Walmart purchases of $199.99 or more over a period of 6 months.
- Redeem Walmart Reward Dollars for purchases at Walmart and Walmart.ca.
- Instant approval when you apply online.
Introduction
The Walmart Rewards Mastercard is a no-fee credit card that rewards you for shopping at Walmart stores in Canada and online at Walmart.ca.
The Walmart Rewards Mastercard also pays Walmart Reward Dollars on every purchase, which can be redeemed like cash for purchases at Walmart stores and Walmart.ca. Cardholders earn 1.25% in rewards on purchases at Walmart, and 1% on purchases everywhere else. There is no cap on how many rewards you can earn with the card.
Redeeming Walmart Dollars is easily done in Walmart stores and on their website whenever you make a purchase. Their value is also easy to understand: 1 Walmart Rewards Dollar is equivalent to one Canadian dollar. However, they can only be redeemed in $5 increments.
When you’re approved for the Walmart Rewards Mastercard, you can earn up to $45 in bonuses. You’ll get a $20 bill credit if you spend $50 on the day you’re approved for the card, $15 in Walmart Reward Dollars when you make your first purchase (either at Walmart or somewhere else), and $10 in Reward Dollars when you elect to go with paperless billing.
This card’s standout feature is that it allows you to finance Walmart purchases over $199.99 over a six-month period with no interest. This installment plan option makes it easy to spread out the payments on larger purchases, like electronics, furniture and appliances, over a longer period of time.
When you use your Walmart Rewards Mastercard to finance a Walmart purchase, the entire amount of the purchase will be deducted from your available credit. Then, the total will be divided into six equal payments and charged to your card on a monthly basis. However, you will be charged a 2.5% setup fee, which is still less than you would pay in credit card interest without the installment plan. A $1,000 purchase would cost $25 in set up fees and $166.67 per month, whereas carrying the same balance for six months without Walmart’s installment plan would cost $58.81 and $176.47 per month.
Quick Facts
- Earns Walmart Reward Dollars on every dollar spent using the card, plus earn bonus rewards when you use your card at Walmart.
- No annual fee.
- Finance Walmart purchases of $199.99 or more over 6 months, interest-free.
- Get up to $45 in welcome bonuses when you first get your card.
Walmart Rewards Mastercard Rewards
The Walmart Rewards Mastercard pays rewards on every purchase in the form of Walmart Reward Dollars, which is essentially store credit that can be used to pay for purchases in Walmart stores and at Walmart.ca.
Earning rewards
You can earn Walmart Reward Dollars every time you use your Walmart Rewards Mastercard. You’ll earn 1.25% in rewards when you shop at Walmart and Walmart.ca, and 1% when you use your card at other stores.
These rewards are typical of store credit cards, which usually pay the equivalent of 1.25% to 2.5% on in-store purchases. If you have the income and credit requirements to be approved for the Walmart Rewards World Mastercard, you can get slightly better rewards, including 3% on purchases at Walmart.ca and 1.25% at gas stations.
Redeeming Rewards
Redeeming Walmart Reward Dollars can be done at the checkout at Walmart stores or on their website. Rewards can only be redeemed in $5 increments, and you can use any payment method to make up the difference.
Rewards can’t be redeemed for purchases of less than $5. You also can’t use Walmart Reward Dollars to buy certain items like prescription medications, lottery tickets, gift cards and tobacco. If you’re redeeming rewards at Walmart.ca, you’ll need to be logged in with an account and have your Walmart Rewards Mastercard registered as a payment method.
While store credit isn’t as flexible as cash back, that’s not a big detractor from the Walmart Rewards Mastercard. Because Walmart carries such a wide selection of items, and Walmart Reward Dollars can be used on their website, which includes products from third-party sellers, you shouldn’t have any trouble finding a good use for your rewards.
Rewards Potential
Forbes Advisor Canada estimates a Canadian with an average spending profile will earn $302.70 in rewards per year using the Walmart Rewards Mastercard. That’s more than similar to no-annual-fee store cards like Canadian Tire’s Triangle Mastercardand Loblaw’s PC Mastercard which have estimated rewards of $214.60 and $278.51, respectively.
This card’s rewards potential is, however, lower than some no-annual-fee cash-back credit cards. The RBC Cash Back Mastercard and American Express SimplyCash Card are estimated to earn the average Canadian $338.51 and $489.37, respectively, in annual rewards. Plus, with cash-back rewards instead of store credit, you’re not limited in how you can use your rewards.
Walmart Rewards Mastercard Benefits
- Finance Walmart purchases of $199.99 or more over 6 months (2.5% setup fee applies for each purchase).
- Purchase assurance protects purchases against theft, loss or damage in the first 90 days.
- Extended warranty coverage doubles the manufacturer’s warranty on purchases up to one additional year.
Fine Print
Interest Rates
- Regular APR Min: 19.89%
- Regular APR Max: 25.99%
Fees
- Cash Advance: $4
- Foreign Transaction Fee: 2.5%
- Annual Fee: $0
- Installment Plan Setup Fee: 2.5% per purchase
How the Walmart Rewards Mastercard Stacks Up
The Walmart Rewards Mastercard competes well with similar store credit cards, with competitive rewards and financing options relative to other options.
Walmart Rewards Mastercard vs. Walmart Rewards World Mastercard
The Walmart Rewards World Mastercard is an alternative to the Walmart Rewards Mastercard that pays higher rewards and carries the “World Mastercard” badge. Both cards have no annual fee and offer the same welcome bonus and features.
The difference between the two is that the Walmart Rewards World Mastercard has better rewards, paying 3% on Walmart.ca purchases and 1.25% on purchases at gas stations, compared with the Walmart Rewards Mastercard’s 1.25% and 1%, respectively. Forbes Advisor Canada’s research shows that the extra rewards will add up to an additional $45.78 in rewards per year based on an average spending profile.
To qualify for the more rewarding Walmart Rewards World Mastercard, you’ll need a household income of at least $100,000. There’s no income requirement for the regular Walmart Rewards Mastercard.
Walmart Rewards Mastercard vs. CIBC Costco Mastercard
In case you missed it, the CIBC Costco Mastercard has replaced the now defunct Capital One Costco Mastercard. Like the Walmart Rewards Mastercard, the CIBC Costco Mastercard has no annual fee, but it does require a valid Costco membership which starts at $60 plus tax per year.
CIBC Costco Mastercard holders earn 3% in rewards at restaurants and Costco gas stations, 2% at other gas stations at Costco.ca and 1% on all other purchases including in Costco stores. Forbes Advisor Canada estimates the average Canadian will earn rewards of $367.62 to $422.58 with the CIBC Costco Mastercard, depending on how much shopping is done at Costco.
While Costco advertises it as a cash-back credit card, the CIBC Costco Mastercard actually pays rewards on an annual basis in the form of a gift certificate which can only be redeemed for merchandise in-person at Costco stores.
Like the Walmart Rewards Mastercard, the CIBC Costco Mastercard also allows cardholders to use CIBC’s Pace It installment plan to finance Costco purchases. The offer has a lower minimum purchase of only $100 (compared with $199.99 for Walmart), and options to finance purchases over 6, 12, or 24 months. The setup fee is lower at 1.50%, but an interest rate of 5.99% to 7.99% applies to installment plan balances.
Walmart Rewards Mastercard vs. Hudson’s Bay Mastercard
The Hudson’s Bay Mastercard is a no-annual-fee store credit card that rewards the handful of Canadians who still shop at The Bay.
Cardholders earn up to 4 Hudson’s Bay Rewards points per dollar spent at Hudson’s Bay stores and thebay.com, and 2 points per dollar spent everywhere else. Points are worth a half-penny each, making this card’s effective reward 2% on Hudson’s Bay purchases and 1% on all others. While the in-store rewards are better than the Walmart card’s, it’s tough to stock up on essentials like diapers and groceries at The Bay.
In addition to Hudson’s Bay Rewards, cardholders can also earn an average of 2% cash back at Neo Financial partners, which Neo Financial says includes “most major gas and grocery stores, restaurants, gyms, coffee shops and more.” The card also offers some novel features and functionality through the Neo app.
Related: Best Neo Financial Credit Cards In Canada
Methodology
When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With rewards, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonus, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.
Is The Walmart Rewards Mastercard Right for You?
The Walmart Rewards Mastercard might be right for you if you do a lot of shopping at Walmart. Thanks to its 1.25% reward, you can quickly earn a lot of store credit and easily redeem it in Walmart stores or on their website.
It’s also a good choice if you’re looking to spread out payments for a major purchase like electronics, appliances or furniture. The card’s 6-month installment plan option is more affordable than regular interest payments and stacks up well against similar plans from other store cards.
You might want to look at different options, however, if you want more flexible rewards. There are many cash-back credit cards available that pay similar rewards with more flexibility, including the ability to redeem cash back as a bill credit.
The Walmart Rewards Mastercard also lacks benefits that come standard with some other no-annual-fee credit cards like mobile device insurance and rental car insurance coverage. If those kinds of features are important to you, consider alternatives like the Tangerine World Mastercard or MBNA Rewards Platinum Plus Mastercard.
Related: Check Best Canadian Credit Cards
Frequently Asked Questions (FAQs)
What's the lowest credit score to qualify for the Walmart Rewards Mastercard?
You will need a credit score of at least 680 to be approved for the Walmart Rewards Mastercard. Although, it may be possible to be approved with a credit score as low as 640 if you have sufficient income. If your credit is less than ideal, you may be approved for a higher interest rate of 25.99%.
Is the Walmart Rewards Mastercard worth it?
Because the Walmart Rewards Mastercard has no annual fee and pays rewards on all purchases, there’s little downside to signing up for one. There may, however, be another credit card with better rewards and features for your personal needs.
Is the Walmart Rewards Mastercard easy to get?
It’s easy to be approved for the Walmart Rewards Mastercard as long as you have good credit and enough income to support the requested limit. You can apply for the Walmart Rewards Mastercard online and get instant approval, as well as a temporary shopping pass on the day you’re approved.
