Best Walmart credit card (and the better alternatives)

The official Walmart Rewards™️ Mastercard® is a great way to begin saving instantly at Walmart stores across Canada. Its earn rate is strong considering its $0 annual fee: each purchase at any Walmart store (or Walmart.ca) earns 1.25% back in Walmart Reward Dollars. Purchases made elsewhere earn these rewards at a rate of 1%. Walmart Reward Dollars are redeemable online and at the register in any Walmart, where cardholders can simply tap their card and redeem as little as $5 instantly. Customers can also order a Walmart credit card for their spouse or partner at no extra charge and will get up to 25 Walmart Reward Dollars the first time they sign up.

Though its earn rates are good for such an accessible, no annual fee card, it does have a notable achilles heel: Reward Dollars can only be redeemed at Walmart itself, so it’s somewhat inflexible compared to regular cash back cards, which usually allow you to redeem your cash back directly against your card’s balance.

If you're someone who frequently shops online at Walmart.ca, grabbing the Walmart Rewards World Mastercard could be a smart move.

Picture this: every time you fill up your online shopping cart, you're earning more than double the rewards rates on your Walmart hauls (it's also a bit better on your gas purchases). IPlus, imagine not fretting over the cost of a coffee maker breaking down shortly after purchase or the annoyance of unexpected foreign transaction fees during your travels. With the World Mastercard, you're covered with extended warranties and potentially no foreign transaction fees, among other perks. It's tailored for you, the savvy shopper who maximizes every dollar spent.

Choosing this card means you're looking beyond just rewards. You value the peace of mind that comes with additional protections on your purchases and the convenience of a card that matches your lifestyle and spending habits. It's about making your money and your rewards work harder for you. So, if your shopping list often leads you to Walmart and you enjoy the finer things in card benefits, the World Mastercard is your ally, ensuring every swipe or tap brings more value back into your pocket.

The BMO CashBack® Mastercard® is the ideal fit for people who prefer not to pay an annual fee for their credit card and who shop a lot at Walmart Supercentres, where the Mastercard’s 3% cash back rate on groceries applies*. Cash back can be redeemed against your card statement whenever you want, which is a particularly flexible policy.

That said, keep in mind that the card will earn a relatively meagre 0.5%* at regular Walmart discount stores, so it’s not such a boon unless you do the lion’s share of your Walmart shopping in Supercentres. Another potential drawback is that the high 3% earn rate* is limited—it only applies to $500 spent on groceries per month ($15 in cash back); after you cross that maximum you’ll only earn 0.5% per month on groceries until the next month starts*. If you find that you’re spending more than $500 per month on groceries it probably makes sense to pay an annual fee for an upper-tier card with a higher earn rate.

*Terms and conditions apply.

The BMO CashBack® World Elite®* Mastercard®* has an amped-up 5% cash back rate for up to $500 spent on groceries per month* (i.e., up to $25 in cash back per month). Those who max out that monthly limit at Walmart Supercentres can earn up to $300 in cash back over the course of a year, which is way more than double the card’s $120 annual fee.

Unfortunately its base cash back earn rate, which will apply to regular Walmart stores, is only 1%*. That said, its welcome offer is among the strongest offered by any cash back card in Canada (see below), and items you buy with the card benefit from some of the best extended warranty and purchase protection coverage offered by any credit card in Canada as well.

Regular Cash Back Rates: 5% back on groceries (up to $500 spent per month)*; 4% back on ground transit (up to $300 spent per month)*; 3% back on gas and electric vehicle charging (up to $300 spent per month)*; 2% back on recurring bills (up to $500 spent per month)*; and 1% back on everything else (unlimited)*

Shopping Coverage: Extra two years added to purchased items’ extended warranties* + 180 days of purchase protection coverage if the items are stolen or damaged*

*Terms and conditions apply.

The regular SimplyCash® Card from American Express (not to be confused with the SimplyCash® Preferred Card from American Express below) works well for saving money at Walmart or any of the other Canadian stores where Amex cards are accepted.

New cardholders start off with an impressive welcome offer: In your first 10 months as a new SimplyCash® Card from American Express Cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card. This could add up to $100 in statement credits in the first 10 months. Conditions apply.

Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases. Though this makes it even with the 1.25% collected by Walmart’s Mastercard at Walmart stores, unlike the official Walmart card, the cash back you earn with this Amex card can be redeemed directly against your card balance. SimplyCash® Card from American Express cardholders will also appreciate that the card has no annual fee.

Though the insurance benefits for the standard SimplyCash® Card from American Express aren’t as impressive as the insurance benefits for the Preferred card version, you’ll still get coverage for travel accidents, as well as extended warranties and insurance on newly purchased items.

Extra Benefits: Travel accident insurance; extended warranties and purchase protection; Access events and special offers curated for Cardmembers with American Express® Experiences

In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Conditions apply. Though its annual fee of $9.99/month (Equals a total fee of $119.88 annually) is on the higher end, the earn rate makes it easy to earn this much and more in one year. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. And cardholders can also get $100 cash back for every referral they make (up to $1,500 per year). Add in a suite of comprehensive travel insurance and shopping coverage and this Amex card really starts to look like “the complete package.”

Regular Cash Back Rate: Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.

Other Benefits: Comprehensive insurance coverage, referral bonuses, access events and special offers curated for Cardmembers with American Express® Experiences

The Rogers™ World Elite® Mastercard® has a high 1.5% flat cash back rate on all purchases in Canadian dollars, which makes it a great option for earning back at regular, non-Supercentre Walmart stores in Canada. Its 3% cash back on USD purchases also makes it ideal for snowbirds who shop at any Walmart store in the United States. This means that while you travel (or shop online at foreign eCommerce retails that accept US dollars), you’ll earn 0.5% above the universal 2.5% foreign transaction fees.

For such a comprehensive cash back deal, it’s surprising that the card has no annual fee. The cash back you earn is more flexible than Walmart’s Mastercard as well, as it can either be redeemed as a statement credit once yearly, or on-demand via the Mastercard app Pay with Rewards. A cherry on top comes in the form of a nice insurance package, which includes coverage for new purchases, rental vehicles, emergency medical needs and trip interruption and cancellation.

Just remember that the card’s annual income requirements can be prohibitive—$80,000 for individuals or $150,000 for households. It also has a rare annual $15,000 spending requirement just to maintain eligibility for the card; spend less than that and your card may be cancelled or demoted to another Rogers card with less favourable cash back rates.

Cash Back Rates: 1.5% cash back on all purchases made in CAD; 3% cash back on all purchases made in USD.

Extra Benefits: Impressive insurance coverage for travelers; complimentary membership to Mastercard Travel Pass provided by DragonPass