Walmart Financial – A Review

October 26, 2020
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Walmart is no longer just a retail store. They have diversified into additional product range which now includes credit cards, insurance coverage, money transfer and protection. Read on below for our review on the Walmart financial products.

Walmart, from being your friendly retail store, has now expanded to serve you in financial services. Walmart Financial offers services in four segments:

credit card, insurance, money transfer and data/identity protection.

It is said to be customer friendly and flexible making it a win for you. Is it really? We will deep dive into the four segments in this review.

What is Walmart Financial?

walmart

Walmart Financial Services is an extension of what Walmart offers aside from the retail chain that we know about. Walmart has diversified to credit cards, insurance, protection and money transfer options to provide better services to its customers. 

Walmart Credit Card

walmart rewards mastercard

Walmart Canada offers one credit card, which is the Walmart Rewards™ Mastercard®. The basic features of the Walmart Rewards™ Mastercard® card are as follows:

Card Features Details
Annual Fee $0
Welcome Bonus $15 Walmart Reward Dollars™
Electronic/Paperless Statement Bonus $10 Walmart Reward Dollars™
Interest Rate Preferred Rate Card – 19.89%
Standard Rate Card – 25.99%
Cash Interest Rate Preferred Rate Card – 21.49%
Standard Rate Card – 27.99%
Adjusted Rate Preferred Rate Card – 25.99%
Standard Rate Card – 29.89%
Walmart Reward Dollars Earn Rate 1.25% at Walmart and walmart.ca
Walmart Reward Dollars Earn Rate
1% anywhere else
Walmart Reward Dollars Redemption Redeem as low as $5 with no expiration date. 
Zero Liability Protection ✔ 
Tap & Go® convenience ✔ 
Free Supplementary Cards ✔ 
Balance Protection Plan ✔ 
Optional
Extended Warranty Plan ✔ 
Optional

As all of us hope for every credit card, the Walmart Rewards Mastercard comes with $0 annual fee! Once you get your Walmart Rewards Mastercard, you are eligible for a welcome bonus of $15 Walmart Rewards as long as you make two purchases – one from each of the following:

  1. Any Walmart store in Canada or online
  2. Any store that accepts Mastercard 

Both purchases needs to be done within 30 days from receiving the card. Once you have made the two eligible purchases mentioned above, you will be eligible for the welcome bonus within 5 business days. You can earn an additional $10 Walmart Rewards if you sign up for electronic statements. Once done, you will receive the $10 Walmart Rewards within 2 statement periods. Both the welcome bonus and electronic statement bonus are one time only. 

Earn Rates On The Walmart Rewards Mastercard

Aside from the one time welcome bonus + paperless statement bonus, you can enjoy a no limit Walmart Rewards Dollars earn rate of 1.25% if you make purchases at Walmart stores or online, and 1% for purchases done anywhere else that accepts Mastercard. To optimise this, you can shop at  Walmart stores or online with your Walmart Rewards Mastercard for your groceries, health, beauty products, clothing, toys and baby products. As for the 1% purchases, you can use your Walmart Rewards Mastercard for gas, entertainment, phone bills or anything else. 

walmart rewards

Here is a summary of a rough estimation on how much Walmart Rewards you could earn with different purchase amounts:

Purchases at Walmart stores or online Amount Earn Rate Walmart Rewards Earned
Groceries $400 1.25% CA$5.00
Health & Beauty $120 1.25% CA$1.50
Clothing, Toys & Baby $200 1.25% CA$2.50
Everything else $200 1.25% CA$2.50
Total $920
CA$11.50
Purchases at anywhere else that accepts Mastercard Amount Earn Rate Walmart Rewards Earned
Gas $200 1% CA$2.00
Entertainment  $200 1% CA$2.00
Phone $50 1% CA$0.50
Everything else $150 1% CA$1.50
Total $600
CA$6.00

With the figurative expenses listed in the tables above, an average of $1,520 spent on your Walmart Rewards Mastercard will earn you $17.50 Walmart Rewards dollars. As such, you would earn an average of $210 Walmart Rewards dollars annually. 

With all these Walmart Rewards Dollars you stand to earn, you can redeem them at Walmart stores or online from as little as $5. To redeem, you must sign-in to your Walmart.ca account and have your Walmart Rewards Mastercard registered as a payment method. If you want to take your time to accumulate your Walmart Reward Dollars, that is perfectly fine as your dollars do not have an expiration date. How flexible is the redemption process? Click for more details on the Walmart Rewards terms and conditions.

To qualify for the Walmart Rewards Mastercard, you simply need the following:

  1. A Walmart online account
  2. Be a Canada resident 
  3. Age of majority in your Canadian province
  4. Annual household income of $12,000+

How Good Is The Walmart Rewards Mastercard?

walmart rewards mastercard

If your favourite go-to Canadian retail store is Walmart, then the Walmart Rewards Mastercard would be worth it for you to consider. However, the Walmart Rewards earn rate and benefits that come with the card are not as elaborate nor exciting compared to other $0 annual fee Canada credit cards available such as Canadian Tire World Elite Mastercard that gives you complimentary roadside service among other benefits. 

At the same time, to qualify for a Walmart Rewards Mastercard, it's relatively easy to do so with just a minimum annual income of $12,000. That is lower than many other $0 annual fee credit cards. In addition to that, if you are a loyal Walmart consumer then it would be pretty decent to enjoy the Walmart Rewards dollars you will get for free. 

If you are keen to apply to expedite your shopping experience at Walmart stores or online, you may receive instant approval for your Walmart Rewards Mastercard where you will be given a temporary shopping pass to shop while your card arrives. Click the following button to apply for your Walmart Rewards Mastercard today.

Walmart Money Transfer – Western Union® 

walmart money transfer

Walmart combined with Western Union® allows sending and receiving money globally. With Walmart, you get to save 5% on the standard fees imposed by Western Union when you send or receive money. 

The limit on both sending and receiving money via Western Union on Walmart is $2,500. You can also pay your bills via Western Union Quick Collect. Fi you want to know more, you can read the Western Union terms and conditions for more details. 

To initiate the transfer or to pick up a money transfer, you can visit the Customer Service Desk at participating Walmart stores.

walmart money services

All you need in hand to initiate fund transfer is a valid government-issued photo identification (drivers license or current passport) and a completed green Money Transfer Send form. Likewise, to pick up a money transfer, you will need a valid government-issued photo ID and a completed Receive Money form. 

Walmart Travel Insurance

walmart manulife

Walmart has introduced accident and travel insurance. However, accident insurance is unavailable for the time being. Travel insurance is powered by Manulife for the following categories:

  • For travel out of province/country.
  • Students travelling abroad.
  • For your visitors to Canada, too.

Healthcare abroad can be costly, and your health plan may not cover any medical expenses abroad. As per the Foreign Affairs, Trade and Development Canada, a Canadian provincial/territorial health plan does not cover costs if you get sick or are injured while abroad.

Travel Insurance for Canadians

walmart travel insurance

Here is a summary of a single trip travel insurance for Canadian individuals or family plan:

Plan Type Details of Coverage Sum of Coverage
Single-Trip Emergency Medical Plan Unexpected emergency medical care required during your trip outside of Canada up to $10 million
Single-Trip Travel Canada Emergency Medical Unexpected emergency medical care required during your trip within Canada and outside home province up to $10 million
Single-Trip All-Inclusive Plan Single Trip Emergency Medical Plan benefits listed above Trip Cancellation & Interruption
Baggage loss, damage and delay insurance
Flight accident insurance OR Travel accident insurance
up to $10 million

Up to $3,500
up to $1,000 for loss and up to $500 for delay
up to $100,000 for death/dismemberment OR up to $50,000 for death or dismemberment as a result of an accidental bodily injury

If you travel twice in a year, you can opt for the multi-trip travel insurance. The summary of multi-trip travel insurance for Canadian individuals or family plan below:

Plan Type Details of Coverage Sum of Coverage
Multi-Trip Emergency Medical Plan unexpected emergency medical attention required during your trips up to $10 million
Multi-Trip All-Inclusive Plan Multi-Trip Emergency Medical Plan benefits listed above Trip Cancellation & Interruption
Baggage loss, damage and delay insurance
Flight accident insurance OR Travel accident insurance
up to $10 million

Up to $3,500 per trip and $6,000 per policy
up to $1,000 per trip and $3,000 per policy for loss and up to $500 per trip and $1,500 per policy for delay
up to $100,000 for death/dismemberment OR up to $50,000 for death or dismemberment as a result of an accidental bodily injury

Assuming you need to top up the number of days or add on to your existing plan, you can do so with the Top-Up Plan. You would just need to provide details of your existing plan to receive a quote from Manulife. 

To apply for any of the above travel insurance, click here for a quote. Prior to applying, you must ensure you meet the following criteria for Emergency Medical coverage:

  • be a resident of Canada and covered under a government health insurance plan for the entire duration of your trip;
  • be at least thirty (30) days of age;
  • have not been advised by a physician to avoid travel at this time;
  • not have a terminal illness for which a physician has estimated you have less than six (6) months to live;
  • not have metastatic cancer (cancer that has spread from the original site to another place in your body);
  • not require kidney dialysis;
  • not have been prescribed or used home oxygen in the last twelve (12) months;
  • never have had bone marrow, stem cell or organ transplant (except corneal transplant)

What if I am a visitor to Canada?

Visitors to Canada unfortunately are not covered for hospital bills or medical services by the Government of Canada. The good news is visitors to Canada can receive a wide range of protection from Walmart Financial Insurance products as shown below:

  • Emergency medical attention
  • Ambulance transportation
  • Emergency medical return home
  • Expenses related to the insured's death
  • Paramedical services, like licensed physiotherapists, chiropractors, podiatrists and more
  • Emergency dental treatment
visitor to canada

To be eligible, you would need to meet the following requirements:

  • Visitors to Canada;
  • Canadians who are not eligible for benefits under a government health insurance plan;
  • Persons who are in Canada on a work visa or Parent and Grandparent Super Visa;
  • New immigrants who are awaiting Canadian government health insurance plan coverage

Click here to apply for a quote on the insurance for visitors to Canada

What if you are a student studying in Canada?

Yes – you are eligible for protection by Walmart – Manulife insurance as well. 

walmart manulife student insurance

You are entitled for coverage of up to $2 million for the following expenses:

Emergency Medical Benefits Wellness Benefits
Hospital expenses Physician services Diagnostic services Ambulance transportation Prescription drugs
(up to a 30-day supply) Paramedical services,
like licensed physiotherapists,
chiropractors, podiatrists and more Emergency dental treatment And much more
Annual medical examination Annual eye examination

To be eligible, you must be:

  • under the age of 40; and
    • a full-time student with proof of admission or enrolment in a recognized institute of learning; or
    • a student completing post-doctoral research in a recognized institute of learning; or
    • dependant(s) and/or the spouse of and living with a student covered under this insurance, and named on the application; and
  • purchasing coverage of any of the following:
    • as an inbound student, when your home country is not Canada and you are temporarily residing in Canada
    • as an outbound student, when your home country is Canada, and you are covered under a government health insurance plan while temporarily residing outside Canada, or
    • as a national student, when your home country is Canada, and you are covered under a government health insurance plan while you are temporarily residing in another Canadian province or territory

You are not eligible for any coverage from this policy if you have the following:

  • contrary to medical advice;
  • while you require kidney dialysis;
  • if you have used home oxygen at any time during the twelve (12) months prior to the date of application; and/or
  • you have been diagnosed with a terminal illness with less than two (2) years to live.

Is the Walmart insurance by Manulife worth it?

walmart insurance

The great thing is the insurance is not a long term policy that requires you to pay for annual/monthly premiums. You can take them on the go as you require. Even when you take a simple plan at first, you can readily top up as you require during your travel as well. The flexibility makes Walmart's insurance offers worthwhile to consider when you need them. The coverage is not as amazing as other insurance institutions but that is expected since it’s only for a short term premium payment. So if you need insurance that is on a short term basis, Walmart's insurance plans might be for you. Otherwise, if you need something long term, then you may want to consider other options.

Walmart Protection

Walmart provides protection plans/services such as:

  1. Walmart Protection Plan
  2. InfoProtector360® 
  3. Credit Alert Plus® 

Walmart Protection Plan

walmart protection plan

The Walmart Protection Plan allows you to have your purchased product to be repaired and if not, it’ll be replaced or reimbursed back (subject to terms and conditions) with a minimal plan price in accordance to the product type. The products that are usually covered in the Walmart Protection Plan are:

  1. Electronics (TVs, laptops, mobile phones, tablets, cameras)
  2. Power Tools & Temperature Control (HVAC)
  3. Movie, Music & Gaming Equipment
  4. Health, Wellness & Baby
  5. Small Appliances
  6. Automotive
  7. Sporting Goods & Toys

If you purchase items at Walmart stores, you would often hear the cashier asking you – ‘Would you like to purchase the extended warranty?’, or ‘Your product qualifies for the Walmart Protection Plan at $X. Would you like to purchase it?’ This is the product that they are speaking about. Heres the link for the Walmart Protection Plan price breakdown. The price is the only fee that needs to be paid, so there will not be add ons. The cost of shipping, parts and labour is already included in the plan price paid. 

Walmart gives you time to consider the Walmart Protection Plan within 30 days of product purchase. In that time frame, you can purchase the plan online at your convenience here.

The claiming service can be done 24/7 in two ways:

  1. File an online claim here
  2. Call 1-855-308-7295 to speak to the customer care

To claim, you would need your receipt and covered item in hand. 

InfoProtector360® & Credit Alert Plus® 

infoprotector360

InfoProtector360® safeguards your personal and financial data in the following areas:

  • Information Protection
  • Device Protection
  • Travel Protection
  • Lost Wallet Protection

This product is powered by Sigma Loyalty Group. It costs $9.75/month plus applicable taxes for this service.

credit alert plus

Credit Alert® Plus provides information that helps you to protect your identity and credit to avoid  

  • Monitoring & Alerts
  • Credit Reports & Scores
  • Security Software
  • Assistance & Support

This product is also powered by Sigma Loyalty Group and . It costs $$19.99/month plus applicable taxes.

Is the Walmart protection worth it?

walmart protection

With the Walmart Protection Plan, you are paying for the service to be convenient when you file a claim. The valuation of the plan price seems reasonable considering the cost of shipment, labour and parts are included as how an extended warranty functions. The good thing is the Walmart Protection Plan is optional and you have 30 days to think about it if you really need the additional plan or if the warranty that comes with the product is sufficient. As such, that makes this plan a convenient service by Walmart that is customer-friendly. 

As for InfoProtector360 and Credit Alert Plus, it’s a common product that you see across other Canada retailers or financial institutions. There are no add on perks by signing up for this service under Walmart. Rogers Bank allows you to have InfoProtector360 for a free first month trial before you actually need to start paying for the service.

Conclusion

From the four different segments, the flexibility in the services is obvious. The Walmart Rewards Mastercard has a low requirement to be eligible to own one. The drawback would only be the limited benefits that come with it. This wouldn't matter if you are a Walmart loyalist with the Walmart Rewards dollars you stand to earn.

The money transfer service is commendable with the 5% reduction in the standard fee imposed by Western Union and this service is available in all participating Walmart stores. The insurance service provided jointly with Manulife does not scream great coverage but it is decent if you are looking for a one time travel insurance coverage which could save the cost in annual/monthly premiums. The protection services is great if you are purchasing Walmart products with the Walmart Protection Plan since the plan price is rather minimal to a point it is worth it to consider.

Overall, the financial services is considerable in terms of the flexibility in the options that suits you best.

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