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The Walmart advantage.

Walmart is one of Canada’s biggest retailers — more than a million customers visit the 317 retail outlets it operates nationwide. When the company launched Walmart Canada Bank, a subsidiary of Wal-Mart Canada Corp., the multinational’s goal was to bring Canadians financial products and services that help them save money. And it’s done just that. Walmart has only one card on offer right now through its partnership with Mastercard, and it’s aimed at low-income families or individuals.

Here’s what you get when you choose Walmart for your credit card needs.

Low-barrier to entry

It’s relatively easy to qualify for a no-fee Walmart credit card; you only need a household income of $12,000.

A rewards system that’s easy to understand

Unlike other rewards programs, Walmart’s is refreshingly straightforward. It doesn’t operate on a points system. Instead, rewards are earned in dollar equivalents, so it's easy to see how much you’ve earned. However, you can’t redeem your rewards for cold, hard cash — it can only be used for purchases made at Walmart. You can begin redeeming once you’ve earned a minimum of $5. Plus, your balance never expires.

Walmart has you covered

One benefit offered by Walmart that piqued our interest is its Balance Protection Plan. For about $0.95 per $100 balance, this optional insurance plan will pay 5% of your account balance if you suddenly become unable to. Some scenarios that qualify include job loss (the self-employed are excluded), illness, disability, and death.

A few other extras

Each card is enabled with Tap & Go technology and supplementary cards are free. If you’re still in the habit of using cheques, Walmart will hook you up with personalized convenience cheques at no cost.

About Walmart Financial

The first Walmart store opened in 1962 in small-town Arkansas. By 1994, the now-multinational corporation had just expanded into Canada, following the purchase of 122 Woolco stores. Sixteen years later, Walmart shook things up once again by becoming a Canadian credit lender. The multinational corporation is known for competing with other retailers on price. With the roll-out of its first no-fee credit Mastercard, the mega-retailer seems determined to take on other lenders with its own competitive offering.

Credit card news

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Here’s why you should give your teenager a credit card

If my parents and educators had discussed credit with me when I was a teenager and allowed me to practise responsible use, I’d have felt more confident when the time came to sign up for my own card and begin building credit on my own. This is why I believe parents should commit to teaching their teens about the role of credit in our adult lives, which may involve giving them their own card to practise on. 

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