Walmart Rewards Credit Card
Walmart launched a credit card-based company that allows customers to earn cash back bonuses for their purchases. These cards are offered to customers by Walmart in cooperation with Canadian Duobank, and there are two types of them: Walmart Rewards Mastercard and Walmart Rewards World Mastercard.
Types of credit cards
As mentioned above, Walmart offers two credit cards: Walmart Rewards Mastercard and the Walmart Rewards World Mastercard. There are not so many differences between these cards, but some must be noted. The main difference is that the World version has strict income requirements. If Walmart Rewards Mastercard has no income requirements at all, Walmart Rewards World Mastercard requires customers to have $60K personal or $100K household income. However, clients holding the World card will earn more rewards. The earn rates are different but not crucially. For example, Walmart Rewards Mastercard offers a 1.25% return on all in-store and online Walmart purchases, with a 1% return on everything else. In comparison, the World Mastercard gives 3% back pre-tax in Walmart Rewards online at Walmart.ca, 1.25% back pre-tax in Walmart Rewards at Walmart, and 1.25% back in Walmart Rewards on gas, and still 1% on other purchases. Also, one more difference is that Walmart Rewards World Mastercard considers two types of insurance coverages: 1 year for extended warranty and 90 days for purchase protection.
Both don’t require annual fees, and customers can receive up to a $25 welcome bonus. In addition, customers can earn with this card. Each time they make purchases in Walmart stores, the credit card reader will indicate how many Walmart Rewards Dollars they have earned. Customers must have at least $5 in Walmart Rewards Dollars to redeem them.
Also, Walmart Rewards credit cards give customers many other benefits and valuable services. One is concierge service, which helps customers book dinner reservations, show tickets, or other events or entertainment on their itinerary. Also, customers can have more than one such card, which will still have a $0 fee. Finally, Walmart offers customers to use their online portal to manage their cards from home.
The preferred interest rate for this credit card is 19,89%, and the preferred cash rate is 22,97%. Also, customers will have an interest-free-grace period that takes 21 days.
How to open a credit card
To open a credit card by Walmart and Duobank, customers need to find a website of Walmart Rewards and choose the credit card that fits their needs most. After that, they need to click the “Apply now” button, and they will be redirected to the card details page. They need to read it and then choose “Accept and continue.”
After that, they will need to fill out the online application and enter the required information, such as:
First and second name;
Email address
Address and postal code;
Social insurance number;
Date of birth.
Requirements
To be eligible for the credit card by Walmart and Duobank, customers need to be Canadians older than 18 years.
To apply for the Walmart Rewards Mastercard, they must have an estimated credit score of over 560 - 659, and that’s it. There are no other requirements for this card except being a Canadian resident who has reached the provincial age of majority.
To apply for the Walmart Rewards World Mastercard, customers still must be over the age of majority for their province but also must have a $100,000 household income, and their credit score mustn’t be lower than 660.
Pros and cons
As Walmart offers two types of credit cards, several pros and cons must be considered.
Both credit cards have no annual fees and valuable benefits such as concierge services. Also, customers can receive up to $25 welcome bonuses and manage their accounts online using the Walmart Rewards portal. Besides, there is Mastercard's anti-fraud Zero Liability Protection service so customers can use their cards safely.
On the other hand, customers must use it in Walmart and can’t exchange their reward points for a cashback. Also, Walmart Rewards World Mastercard has strict requirements. For example, customers must have a $100,000 household income and a credit score over 660 minimum. Moreover, they will need to pay $0.95 per $100 to get balance protection and $3.99 per month for purchase/extended warranty protection. Finally, there is no mobile application for the card, so customers may have difficulty tracking their card usage.
How to make a payment
Customers need to create an account in Walmart Rewards online portal to make a payment. They can make payments within its interface as soon as they have done that. First, they must sign in with the username and password they chose during registration. Next, select the “Make a Payment” tab. Adjust the amount they want to pay, the date they want to make the payment, and where the funds will come from to complete the transaction.
Unfortunately, there is no mobile application for these credit cards, so customers need to use the online banking service.