Capital One Walmart Rewards Mastercard Review: Pros and Cons [Reviewed in 2022]

Overview

Capital One Financing Corporation is a US bank holding company headquartered in McLean, Virginia. It branched out in Canada about 20 years ago and offers a variety of personal and business financial products, including credit cards. Its overall market presence is admirable, with about 50 million customers in the US and Canada.

In particular, the Capital One Walmart Mastercard was launched in 2014 and has since then amassed a large number of users. As of 2020, there were over 10 million active Walmart Rewards Mastercard users.

Main Features

The Walmart Mastercard comes with a range of beneficial features, making it an excellent choice for those who frequently shop at that store.

Not only that, but it’s also a good option for people who want to avoid paying interest on their credit card balance as well as foreign transaction fees when travelling abroad. Let’s take a quick look at some of the key features.

Walmart Rewards

The biggest draw of the Capital One Walmart Card is the rewards program. With this card, you’ll earn 5% cash back on purchases made at Walmart.com or through their dedicated app. This includes online purchases for in-store pickup and the Walmart Grocery Pickup and Delivery service.

The welcome bonus will give you an additional 5% cash back option at Walmart stores for the first 12 months after the approval of your card. Once that promotional period ends, you’ll receive the standard 2% cash back for in-store purchases every time you use your Rewards Mastercard.

To make the most out of your card, make sure you use it every time you shop at Walmart. And when you do, making online or in-app purchases might boost your overall earnings.

Gas Station Rewards

In addition to the standard 5% cashback, you can also earn 2% cashback on fuel purchases made at gas stations that Walmart has partnered with. These include  Murphy USA and Sam’s Club gas stations. By using your Rewards Mastercard, you can save up quite a bit of money on fuel if you frequently fill up at these locations.

Travel Rewards

The Capital One Walmart Mastercard also offers some great travel benefits. Apart from not having any foreign transaction fees, you can also redeem your rewards trips and all sorts of travel purchases made with your Walmart Rewards Mastercard.

Retail Rewards

And if all of that wasn’t enough, you can also receive a 1% cashback at all other retail locations that accept Mastercard. This is on top of the 5% and 2% cashback you’ll earn at Walmart, meaning you could potentially rack up many rewards if you use your Walmart Rewards Card pretty often.

Additional Perks and Benefits

The Capital One Walmart Mastercard comes with a few extra perks and benefits that cardholders can take advantage of. Let’s jump into a few notable mentions.

Easy Setup and Instant Access

Once you’ve received your approval for the Walmart Credit Card in Canada, you’ll gain access to a card number almost immediately via the Walmart app. When you’ve successfully verified your account, you’ll be able to make instant purchases and check your Walmart Mastercard balance at any given time.

Fraud Protection and Security Alerts

The Capital One Walmart Rewards Card comes with 0% fraud liability,  which means you’re not responsible for any unauthorized charges made to your account.

In addition, cardholders will also receive security alerts if there are any suspicious activities going on with their account. In this way, you can take prompt action if necessary and avoid any financial damages.

Credit Card Lock

Another great security feature that the Capital One Walmart Mastercard offers is the Credit Card Lock. This allows cardholders to temporarily lock their credit card if it gets lost or stolen. By doing this, you can avoid any fraudulent charges from being made on your account. 

Simply contact customer service to activate this feature on your credit card. Once it’s been set up, you can lock missing cards immediately and even request a new one if you think it’s necessary.

Trip Insurance

Cardholders can also take advantage of the Walmart insurance benefit that comes with the Capital One Walmart Mastercard. This can provide you with some financial protection if your trip is cancelled or interrupted due to reasons outside of your control.

Some of these reasons include severe weather conditions, illness, and more. Be sure to review the terms and conditions of this benefit before you travel to see what features it offers.

Rates and Fees

Despite not having an annual fee, the Walmart Canada Mastercard does come with a few additional expenses that cardholders should be aware of. These include:

– A purchase APR of 17.99% – 26.99%, depending on your creditworthiness

– A balance transfer rate of 3% of each transferred amount to your account

– A cash advance rate of 3% or $10 of each amount, whichever is greater

Each due date is at least 25 days after the close of the previous billing period. You won’t face any additional charges on new purchases if you pay off your previous balance by the designated due date. Cash advance and transfer rates will be charged on their respective transaction dates.

Eligibility Requirements

To apply for the Capital One Walmart Mastercard in Canada, you should meet the following criteria:

– You must be a Canadian citizen or permanent resident

– You must be at least the age of majority in your province or territory of residence

– You must have a good to excellent average credit score

If you meet these requirements, you can apply for the Capital One Walmart Mastercard online or in-store at any Walmart location. In general terms, the criteria are similar to other cards of the same ballpark, including the BMO Cashback Mastercard.

User Reviews

Capital One Walmart Rewards Mastercard users across review sites such as Trustpilot and TrustRadius have generally given the card high marks for its convenience, security features, and lack of annual fee.

Some users have also reported taking advantage of special financing offers when making large purchases at Walmart. Moreover, compliments were also given to the customer service team for being helpful and efficient.

On the other hand, some users did note that the interest rates on balance transfers and cash advances are relatively high, so it’s essential to factor that in if you’re considering this card. The no-fee plan doesn’t make up for these additional expenses, particularly if you’re on a tight budget.

Want to Consider Other Options?

If you’re not sure if the Capital One Walmart Financial Mastercard is suitable for you or you’re not a frequent shopper at the brand’s stores, there are a few other no-fee credit cards to consider.

Walmart Rewards Mastercard vs MBNA Amazon Card

The MBNA Amazon World Elite Mastercard is another no-fee credit card with great rewards programs.  Cardholders can earn 5% cashback on purchases made at Whole Foods, 2.5% cashback on all Amazon.ca purchases, 1% on fuel expenses and 1% on everything else purchased in stores where Mastercard is accepted.  

Furthermore, the card’s rates and fees are somewhat more affordable, too, with cash advance and balance transfer APR clocking in at 22.99%, while the purchase APR goes a bit lower at 19.99%.

Walmart Rewards Mastercard vs Tangerine World Mastercard

While not exactly store-specific, the Tangerine World Mastercard is a great option for those who want to earn rewards on their everyday purchases. You can earn up to 2% cashback on up to two categories of your choice, including groceries, gas, restaurants and hotels.  You’ll also get 0.5% cashback on everything else.  

In certain conditions, there’s no limit to the amount of cashback you can earn, and your rewards never expire. This is what puts this specific card ahead of its competitors since most other cards will only give you a set amount of cashback per year regardless of how much you spend.

Plus, the interest rates and fees are relatively low with the Tangerine Mastercard. The purchase and balance transfer and cash advance rates both come in at 19.95%, which is undoubtedly on the low end of the scale.

Final Verdict

At the end of the day, choosing the right no-fee credit card for you depends on your spending habits and where you shop the most. The Walmart Credit Card in Canada is a great choice for frequent Walmart shoppers and cashback strategists, as well as those who want to avoid high-fee credit cards.