Walmart Rewards MasterCard Canada Review

Walmart Rewards MasterCard

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Walmart Rewards MasterCard
7 / 10 Our Vote
{{ reviewsOverall }} / 10 Card Users's Vote (3 votes)
Pros
No annual fee
$25 welcome bonus
1.25% cashback at Walmart
No interest for the financing term
Easy redemption
Cons
APR is high at 25.99%
High balance transfer rate
1% cash back anywhere else
Summary

There are credit cards that give you different types of rewards as per your usage habits. Some give gas rewards, others give travel rewards and then cash back rewards. The cash back rewards are very appealing as it gives you money back and is almost like getting a discount on your purchases. Who doesn’t like discounts or cash back? Like many of us, you may find yourself shopping at Walmart for everything from clothes to gardening supplies. Then you might want to check out the Walmart MasterCard. They give you up to $25 bonus cash back as per some conditions.

This card may suit someone who shops at mostly at Walmart, does not have an excellent credit score and could not qualify for a higher end rewards card. Plus, you pay no annual fee and may even make a big purchase and choose a 0% financing option. You may earn 1.25% cash back for your purchases at Walmart stores and 1% cash back everywhere else. The prescription drug purchases that you make with this card do not count eligible for rewards.

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Our Review on Walmart Rewards MasterCard

Walmart MasterCard Pros

As a Walmart MasterCard member, you do enjoy some perks that come with their rewards card.

  • You pay no annual fee on the Walmart MasterCard.
  • Get up to $25 welcome bonus as per conditions. When you get the card, use it at Walmart and anywhere else once then they give you $15 as a bonus. To get the remaining $10 bonus you may have to opt for electronic statements.
  • Earn 1.25% cashback when you shop at Walmart stores and 1% cashback on all other purchases.
  • If you pay your minimum payment on or before time then you keep their preferred rate for APR at 19.89% which is less. The standard rate for APR for other cards is around 19.99% in the market.
  • This card helps you to purchase something on financing that you really wanted but could not afford. You pay no interest for the financing term. But you may also remember that if you do not pay off by the due date then it may be very costly. They charge you interest going back to the date you purchased that item on financing.
  • Redemption is very easy and starts at $5 and you may redeem your cash back rewards at any Walmart store in Canada. You may choose to redeem or save your rewards for later as they don’t expire.

Walmart MasterCard Cons

The Walmart MasterCard has few drawbacks as follows.

  • The cash back rate at 1.25% is not the best in the market and there are other cards with better rewards. If you do not shop frequently at Walmart then you may earn only 1%.
  • This card does not have any insurance benefits for travel, emergency medical or purchase protection. You may buy some optional protection coverage at additional cost.
  • APR is high at 25.99% as their standard rate if you happen to miss 2 minimum payments within 12 months.
  • Their balance transfer rate of interest is high at 21.49% when you pay on time. However, this rate jumps to 25.99% if you default on 2 minimum payments within a year.

Walmart MasterCard Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Walmart MasterCard Features & Benefits

Some of the main features of the Walmart MasterCard are as follows.

Annual Fee

There is no annual fee for the primary card and supplementary cards. There are other cards in the market with an annual fee but they may have a better rewards return rate.

Interest Rate

They charge a preferred APR or annual purchase rate of 19.89% if you pay your minimum payments on time. If you miss any 2 minimum payments within 12 months period then they may charge you standard APR at 25.99%.

Balance Transfer

This card comes with a 21.49% interest rate for balance transfer. And if at all you do transfer a balance on this card then it is best to pay it off soon. They charge a balance transfer fee of $4 if you transfer an amount under $1000 within Canada. If you transfer a balance more than or equal to $1000 within Canada then they charge you $8 fee. Any balance transfer outside Canada would also have a balance transfer fee of $8. You may find other cards with lower introductory balance transfer rates and better fees.

Cash Advance

You may get cash advance from any merchant who displays a Cirrus or MasterCard logo. This includes more than 26 million locations in over 210 countries. The interest rate for cash advances is 21.49% which is on the higher end. Even worse, in case you miss 2 payments in a year then this rate may go up to 25.99%.

Foreign Conversion Fees

Any foreign currency credits or debits using this card are converted to an equivalent amount of Canadian dollars. When you use this card abroad then the foreign currency conversion fee is 2.5% which is the standard rate. Most transactions not made in U.S. dollars may be first converted to U.S. dollars and then to equal value of Canadian dollars.

Credit Score Rating

To be eligible for this card you may have a good credit rating. Unlike some competitors who require excellent credit scores, it is easy to qualify for this card. This card has lower rewards rates and if you have a not so great credit then this card might be an option.

Rewards

They give you 1.25% cash back on Walmart store purchases and 1% cash back on everything else. You may see your cash back balance on your monthly credit card statement under Walmart Rewards Dollars balance. This will show how much cash back you had earned and your redemptions if any. You may also call 1888 331 6133 and customer service may tell you the cash back balance.

Walmart MasterCard Cash Back Calculator

CategoryRewards
Total Spending Rewards$240
Groceries:$400
Gas:$300
Restaurants:$200
Bills:$500
Travel:$150
Entertainment:$200
Pharmacy:$0
Everything else:$250

Insurance Features Of  Walmart MasterCard

The Walmart MasterCard does not come with any insurance features except for fraud protection. You may add optional balance protection, extended warranty or product protection plan for an additional price. There are many competitors who give comprehensive travel insurance, purchase protection or extended warranty.

Where Can You Use Walmart MasterCard

You may use the Walmart MasterCard at any locations and merchants who accept MasterCard and Cirrus all over the world. It is easy to find acceptance for MasterCard or Cirrus.

Walmart MasterCard Reward Redemption

It is possible to redeem your cash back rewards from a minimum of $5 and only in the increments of $5. When you shop at Walmart, the associate may ask you if you wish to redeem your rewards or pay for your purchase upfront. Since these rewards do not expire, you may redeem them or save them. Redemptions can be done only at a Walmart store in Canada for purchases and not for cash. To redeem all you have to do is give your rewards card to the Walmart cashier who will swipe it towards your purchase. In case you forgot your rewards card, then you may not redeem as you don’t have the card available with you to swipe.

Walmart MasterCard Contact Information

  • Customer Service Number: 1888 331 6133.
  • Mailing Address: P.O. Box 187, Orangeville, ON L9W2Z6

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

Walmart is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

http://www.walmart.ca/en/financial-services/walmart-rewards-mastercard

http://i.walmartimages.ca/financial-services/pdf/WMCB_Disclosure_Statement_Effective_April_1_2015_EN.pdf


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