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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 a two credit card options in Canada, the Walmart Rewards® Mastercard and the Walmart Rewards® World Mastercard. Doing a side-by-side comparison of Walmart credit cards will help you narrow down your choice. Walmart also offers credit card deals and promotions that allow you to save money each time you shop with them.
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. Plus, Walmart credits cards have no annual fee.
A rewards system that’s easy to understand
Unlike other rewards programs, Walmart’s is refreshingly straightforward. Walmart doesn’t have a credit card points system. Instead, you earn straight-up cash, 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. You can easily make in-store and online payments with your Walmart credit card. If you’re using your Walmart credit card to make purchases in another country, you’ll be charged the current exchange rate and the Walmart credit card conversion fees.
How to apply for a Walmart credit card online
You can apply for a Walmart credit card by completing an online Walmart credit card application on their website.
To complete the application, you’ll need to provide:
- Your legal name
- Your current and previous addresses
- Your annual income
- Your employment details
Walmart will use all the information to pull your personal credit history and review your overall eligibility for the applied Walmart credit card and credit limit. This hard credit check can temporarily drop your credit score, but don’t worry! Your score will bounce back as long as you don’t miss any of your credit card payments.
On passing the Walmart credit card eligibility check, you’ll receive your new card in the mail. Follow the Walmart credit card activation steps to start using your new card.
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. Walmart credit cards are in the Mastercard network. Walmart currently does not offer any Walmart Amex or Walmart Visa credit cards. Please visit the Walmart credit card site for more information on partnerships.
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