Shoppers at Walmart Canada are now able to
earn rewards on their purchases through the launch of the
retailer’s branded MasterCard credit card.
The credit card, issued through Walmart Canada
Bank, a subsidiary of Wal-Mart Canada Corp, offers its rewards in
dollar equivalents. This is aimed at making the reward process more
transparent for cardholders and allows them to know exactly how
much they have to redeem.
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The move places it in competition with rival retailer
Canadian Tire.
“Customers are always asking Walmart for more
ways to help them save money and stretch their budgets further,”
said Trudy Fahie, president and CEO of Walmart Canada Bank.
“The Walmart Rewards MasterCard was developed
with our customers in mind and the Walmart Rewards program focuses
on giving them value when they spend on and need life’s everyday
things.”
Cardholders can earn 1.25 per cent of their
purchases in Walmart Rewards for virtually every dollar spent at
Walmart Canada, and one per cent of their purchases when used
virtually anywhere else MasterCard is accepted. There are no limits
on how many Walmart Rewards cardholders can earn.
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By GlobalDataCustomers can apply for the Walmart Rewards
MasterCard credit card in store and those who qualify and are
approved can begin using the credit card immediately.
Canadian publication the Financial
Post reported that the arrival of Walmart’s new credit card is
expected to offer stiff competition to Canadian Tire as it too
offers its own Mastercard product.
“While the addition of a new credit card in
the Canadian market undoubtedly increases the competitive intensity
in the marketplace over time, at this stage, it is difficult to
determine how significant the impact to Canadian Tire will be,”
Jessy Hayem, an analyst at TD Newcrest said in a note to
clients.
Walmart Rewards can be redeemed instantly on
future purchases, in $5 increments, at the cash register of
any Walmart Canada store nationally. Five Walmart Rewards points
equal $5 in redemption value.
