Walmart Rewards Mastercard Review (Feb 2023)

January 22, 2023
Reviews

There are quite a few good secured credit cards for businesses in Canada, but some stand out above the rest for their impressive earning rates on business purchases. I constantly keep up with the latest options and policy changes and make my recommendations below based on my years of experience.

The Walmart Rewards Mastercard is an excellent store credit card for people who shop often at Walmart's physical and online stores. With this credit card, you'll earn 1.25% qualifying purchases plus Walmart Reward Dollars, which can be spent at eligible partner stores at a rate of 1:1 with CAD.

What Is The Walmart Rewards Mastercard?

The Walmart Rewards Mastercard is a store credit card issued by Walmart one of the largest chain store companies worldwide. It doesn't have an annual fee and you can earn up to 1.25% cash back when purchasing at qualifying stores. With this credit card you can earn up to $45 Walmart Reward Dollars as a welcome bonus; these points can be used to make purchases and are equivalent to 1 CAD.

Walmart Rewards Mastercard Features

#1 1.25% Cash Back On Qualifying Purchases

The Walmart Rewards Mastercard offers comes with generous cash back rates on eligible purchases. Here's the breakdown:

  • 1.25% cash back for purchases at Walmart.ca
  • 1.25% cash back at Walmart Canada physical stores
  • 1% cash back at any gas stations
  • 1% cash back on other purchases where Mastercard is accepted. 

#2 $0 Annual Fee 

The Walmart Rewards Mastercard doesn't charge annual fees. Compared to other credit cards, it can help reduce and manage your expense while offering reasonable cash back benefits.

#3 $45 Welcome Bonus

As a Walmart Rewards Mastercard new cardholder you can get a welcome bonus of up to $45:

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  • $20 statement credit when you are approved and spend $50 on the same day using the temporary shopping pass from Walmart
  • $15 in Reward Dollars if you purchase at Walmart or anywhere
  • $10 in Rewards Dollars for signing paperless statements

#4 $1 Walmart Rewards Dollars Is Equal To $1

Walmart Rewards Mastercard offers many reward options to choose from. It has its own points system where cardholders can spend Walmart Rewards Dollars at a 1:1 rate with CAD at Walmart stores. 

#5 Zero Liability Protection

If you lost your Walmart Rewards Mastercard, you would not be responsible for any fraudulent activities that occurred using your card. You are not charged for any unauthorized purchase made with your card.  

#6 Optional Insurance Coverages

  • Balance Protection Plan covers your outstanding balance if the cardholder passes away or offers a 5% payment in case of losing a job or disability.
  • Extended Warranty Plan doubles the manufacturer’s warranty to two years.
  • Purchase Assurance Protection provides coverage to eligible purchases against theft, damage, or loss in the first 90 days.

#7 Pay Your Purchases In An Installment Plan

With the Walmart Rewards Mastercard, you can pay back large purchases in installments. However, you must have at least $199.99 or more total purchases at Walmart.ca to qualify. You can choose a plan and pay purchases using the Walmart Rewards Mastercard.

Walmart Rewards Mastercard Pros And Cons

Pros 

  • $0 annual fee
  • Up to $45 welcome bonus from purchases at Walmart and signing paperless statements.
  • Zero Liability Protection prevents cardholders from liabilities if the fraudulent activity or unauthorized purchases using their credit card
  • $1 Walmart Rewards Dollars equals $1
  • You can pay your purchases into an installment plan

Cons

  • Low earning rate to purchases outside Walmart or its participating stores
  • No complimentary insurance coverages unless you pay for its optional plans

Pricing

Before you get a Walmart Rewards Mastercard, ensure you know the substantial fees to pay. It has no annual fee, but transactions and service fees are applied. Some of the fees associated with this card are shown in the table below. 

Fees Cost/Rate
Annual Fee$0/year
Annual Interest Rate (Preferred Rare Card)19.89% interest rate
22.97% cash interest rate
Annual Interest Rate For Quebec Residents (Preferred Rare Card) 19.89% interest rate
21.97% cash interest rate
Annual Interest Rate (Standard Rate Card)25.99% interest rate
27.99% cash interest rate
Foreign Currency Conversion2.5% of the amount 
Cash Advance$4
Cash-like Transactions $4
Balance Transfers$4 for less than $1,000 and within Canada
$8 for equal to or greeted than $1,000
$8 transfer or cheques cashed outside Canada
Dishonoured Payment $20
Rush replacement Card Fee$25

In Summary

There are quite a few good secured credit cards for businesses in Canada, but some stand out above the rest for their impressive earning rates on business purchases. I constantly keep up with the latest options and policy changes and make my recommendations below based on my years of experience.

The Walmart Rewards Mastercard is an excellent store credit card for people who shop often at Walmart's physical and online stores. With this credit card, you'll earn 1.25% qualifying purchases plus Walmart Reward Dollars, which can be spent at eligible partner stores at a rate of 1:1 with CAD.

Walmart Rewards Mastercard FAQs

How much does a Walmart Rewards Mastercard cost?

A Walmart Rewards Mastercard has no annual fee. It only charges transaction and service fees such as cash advance of $4, a dishonoured payment of $20, and more. Other than these, it has two annual interest rates: the Preferred Rare Card and the Standard Rate Card.

Is the Walmart Rewards Mastercard worth it?

Yes, the Walmart Rewards Mastercard is worth it if you often shop at Walmart's physical stores or online shops.

Is the Walmart Rewards Mastercard safe?

Yes, the Walmart Rewards Mastercard is safe. It has Zero Liability Protection preventing cardholders from any liabilities if an unauthorized purchase is made using their card. Optional insurance coverages such as Balance Protection Plan, Purchase Assurance Protection, and Extended Warranty Plan are available.

Is the Walmart Rewards Mastercard legit?

Yes, the Walmart Rewards Mastercard is legit. This card is issued to various locations where Walmart stores are available.

What credit score do I need for a Walmart Rewards Mastercard?

The minimum credit score you need to apply for the Walmart Rewards Mastercard is 640. It requires a good credit score for you to guarantee approval. There are no minimum income requirements to apply. 

What is the difference between Walmart Rewards Card and Walmart Mastercard?

The difference between the Walmart Store Card and Walmart Mastercard is the flexibility of its usage. Walmart Store Cards are only accepted to Walmart stores or participating brands. Meanwhile, You can use Walmart Mastercard in any store where it is accepted, and it provides specific rewards.

Does the Walmart Mastercard affect your credit score?

Yes, the Walmart Mastercard affects your credit score. It works similarly to traditional credit cards, where you can enhance your credit history and scores. Otherwise, failure to balance payments can also result in bad credit scores. 

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