🎁  Say yes to a $45 bonus today!

The Walmart Rewards Mastercard is here, and it has stirred up quite a buzz among Canadian shoppers. The promise of cashback rewards tailored for Walmart purchases seemed like a dream come true for frequent Walmart customers. But does it live up to the hype? We dive deep into its features, compare it with other no-fee credit cards, and help you decide if it’s the right card for you.

Understanding the Walmart Rewards Mastercard

At its core, the Walmart Rewards Mastercard aims to provide cashback on your purchases, specifically targeting those who shop frequently at Walmart. But what does this card actually offer? Let’s break down its cashback rates.

• 1.25% Cashback: You earn 1.25% cash back on every dollar spent at Walmart, whether shopping in-store or online.
• 1% Cashback: For all other purchases made with the card, you’ll receive 1% cash back.

Initially, these rates might sound appealing, especially to dedicated Walmart shoppers. However, the excitement quickly fades when you consider how it stacks up against other popular credit cards available in Canada.

Card Specifications

• Recommended Credit Score: 580 to 850
• Annual Fee: $0
• Earn rewards on every purchase
• Rewards Earning Rate:
  • Always earn 5% back on Apple products at Walmart
  • Earn rewards at Walmart.ca, in-store at Walmart, gas stations, and other retailers

Current Offers and Promotions

Currently, new cardholders can earn 5% cashback on Apple products at Walmart, stores for the first 12 months when using Walmart Pay. This digital wallet allows for quick and secure payments, enhancing the shopping experience while maximizing rewards.

Security Features

The Walmart Rewards Card includes standard security features like zero fraud liability for unauthorized purchases. You can set up alerts to notify you of any suspicious activity, ensuring your account remains secure.

Who Should Consider the Walmart Rewards Card?

This card is best suited for several types of shoppers:

• Deal Seekers: Those who enjoy hunting for the best products and appreciate a good bargain.
• Family Shoppers: Individuals purchasing household items who value quality at a reasonable price.
• Trendsetters: Shoppers who love trying new products and want to be rewarded for their loyalty.
• Brand Loyalists: Regular Walmart customers who want a card that acknowledges their shopping frequency.

Comparing with Other No-Fee Credit Cards

When evaluating any credit card, it’s essential to compare it with similar offerings to gauge its real value. The Walmart Mastercard faces stiff competition from other no-fee cards in Canada, particularly the American Express SimplyCash Card and the Tangerine MoneyBack Card.

The American Express SimplyCash Card

The American Express SimplyCash Card is a solid option frequently recommended for its straightforward cashback structure. Here’s how it compares:

• 1.25% Cashback on All Purchases: Just like the Walmart card, it offers 1.25% cash back on every dollar spent. However, the key difference is that it applies to all purchases, not just at Walmart.
• Higher Flexibility: This card allows you to earn a consistent cashback rate across all spending categories, making it a versatile choice for various shopping needs.

Given that the American Express SimplyCash card provides the same cashback rate at Walmart, it begs the question: why choose the Walmart card? The answer is not straightforward, and many might find the SimplyCash card to be a better option overall.

The Tangerine MoneyBack Card

Now, let’s take a look at the Tangerine MoneyBack Card, which offers a more enticing cashback structure:

• 2% Cashback on Selected Categories: You can choose two categories to earn 2% cash back, and one of those can be groceries, which includes Walmart.
• 1% Cashback on Other Purchases: For all other purchases, you receive 1% cash back, similar to the Walmart card.

What’s particularly noteworthy is that the Tangerine MoneyBack Card categorizes Walmart as a grocery store. This means that if you select groceries as one of your two categories, you can earn 2% cash back on all your Walmart purchases, significantly outpacing the 1.25% cash back offered by the Walmart Mastercard.

Why the Walmart Credit Card Falls Short

After comparing the cashback offerings, it’s clear that the Walmart Rewards Mastercard doesn’t hold up against the competition. Here are a few reasons why it might not be worth your time:

• Low Cashback Rates: The cashback rates are disappointing, especially for a card designed specifically for Walmart shoppers. Compared to the Tangerine MoneyBack and AMEX SimplyCash cards, the Walmart card simply doesn’t deliver.
• Lack of Flexibility: The Walmart card does not offer the same versatility as other cards. If you frequently shop at Walmart but also have other spending needs, the cashback potential is limited.
• Missed Opportunities: With better alternatives available, users could be missing out on higher cashback rates, particularly at grocery stores.