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Banks
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Walmart Canada Bank

Finanso.Multilogin™

About bank

Before its rebranding, Walmart Canada Bank provided low-cost financial services operating as a subsidiary of Wal-Mart Canada Corp., part of Wal-Mart Stores Inc.Walmart Rewards is a credit card-based program launched by Walmart and initially administered by Walmart Canada Bank. This credit card allows clients to receive bonuses for purchases. Credit cards are provided by Walmart in cooperation with Canadian Doubank and are represented by two variations: Walmart Rewards Mastercard and Walmart Rewards World Mastercard.

Features

Originally the Walmart Rewards program was launched in cooperation with Walmart Canada Bank. Still, later this bank was bought by Stephen Smith and Centerbridge Partners, L.P. and renamed Duo Bank Canada. Since then, all the credit cards that customers get from Walmart have been issued by Duo Bank. However, in 2022 Duo Bank of Canada was rebranded as Fairstone Bank of Canada, but all credit cards are still emitted.

By getting a Walmart Rewards credit card, customers get access to a possibility to earn by making purchases. Whenever customers make purchases in Walmart stores or online, they receive Walmart Rewards dollars equal to 1 Canadian Dollar.

Pros and cons

Pros

  • Credit Cards offered by Walmart have a $0 annual fee

  • Customers have 24/7 access to the online portal

  • An extended warranty plan is provided

  • Customers are protected from fraud

  • Credit cards can be used anywhere where Mastercard is accepted

  • Customers can redeem Walmart Rewards into dollars

  • Two credit card variants are offered

Cons

  • Customers do not receive cash back

  • Walmart Rewards World Mastercard has stringent requirements

  • There is no mobile application

  • Walmart Rewards dollars can be used only for purchases in Walmart

As we can see, the Walmart Rewards program has several advantages. Customers can use the online portal to manage their cards 24/7. Also, credit cards have no annual fee and have fraud protection.

However, this program has some significant disadvantages. For example, customers can use rewards dollars only for purchases in Walmart. Also, there is no cash back considered and no mobile application.

Products

Basically, credit cards are the only products customers can get from the Walmart Rewards program.

There are two credit cards: Walmart Rewards Mastercard and Walmart Rewards World Mastercard. The annual fee is $0 for both cards, but there are some differences in rewards percentages. For example, customers who make online purchases on Walmart.ca have 3% rewarded with a Walmart Rewards World Mastercard while Walmart Rewards World Mastercard has only 1,25%. Also, there is a little difference in percentages for purchases at gas stations. Customers with regular cards receive only 1%, while clients with the World version will have 1,25% rewarded.

On the other hand, Walmart's Rewards World Mastercard has strict requirements. For example, to get this type of card, customers need to have an annual household income of more than $100,000, while the regular Mastercard doesn’t have such requirements.

Services

Customers can get several additional services if they hold a credit card provided by Walmart. For example, they can set up account alerts. This tool helps customers to track all their account activities by receiving text messages on their phones.

Also, customers can set up a balance protection plan that covers their outstanding balance in cases of emergency like death or critical illness, or a terminal illness. Moreover, it can pay a monthly benefit of 5% of their account balance if they become disabled or lose their job through no fault.

What’s more, clients can get an extended warranty plan for $3,99 per month that can double the manufacturer’s warranty for up to two additional years or set up zero liability protection on any unauthorized purchases or transactions made on their cards by phone, online, in-store, or at any ATM.

Finally, there is one more protection plan for purchase assurance. It protects customers against theft, loss, or damage in the first 90 days on eligible purchases made on their cards.

FAQ

Where can I earn rewards dollars?

Customers can earn rewards dollars by making any purchases everywhere where Mastercards are accepted.  

What can I use my redeemed dollars for?

Customers can use their redeemed dollars for any purchases in Walmart except for tobacco, lottery tickets, alcohol, and prescription medication.

Can I apply for a Walmart Rewards World Mastercard if I have a Walmart Rewards Mastercard?

Yes. Customers who hold a regular Walmart Rewards Mastercard can be approved for the World version if they have spent $15,000 or more on their Walmart Rewards Mastercard in the previous 12 months.

Company documents

Privacy Statement

Credit rating

i

Shows the level of financial reliability of a credit company

DBRS AA Superior credit quality

The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

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