Walmart Canada announced a few weeks back that they had registered a Canadian bank and today was the launch of their first product - a Walmart MasterCard® credit card. This card offers shoppers the opportunity to earn Walmart Rewards that can be redeemed for Walmart goods and services. Here are the main features of the card:
- Earn 1% of your purchases in Walmart Rewards, virtually anywhere you shop
- Plus earn 1.25% when you shop at Canadian Walmart stores
- Free supplementary cards to help you earn Walmart Rewards faster
The Walmart Rewards program offers dollar equivalents for shopping not points, with the idea it's easier for people to know how much they've earned, and they are offered on all everyday spending.
The cardholder earns 1.25% for shopping in Walmart and 1% elsewhere MasterCard is accepted. Walmart Rewards can be redeemed in $5 increments in any Walmart store and as an introductory offer if the card is used once in Walmart and once elsewhere within the first 30 days of issue then car earn a one-time bonus of $15 in value, and $10 for opting for paperless statements, they can earn a one-time Walmart Rewards bonus redeemable for a $15 value. When they opt to have paperless statements, cardholders can earn a one-time Walmart Rewards bonus redeemable for a $10 value.
Many retailers are branching out into financial services in order to grow their businesses. Loblaws offers financial services under the PC Financial brand, Canadian Tire offers credit cards, and HBC Financial Services offers several products too.
Many other products are expected from Walmart Bank Canada in the future and it could become a strong niche player with its large customer base.