Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

Fairstone Bank of CanadaRetail Rewards Card

Walmart Rewards Mastercard

Our take: strongest for everyday spending — about 1% back in value (est.) with no annual fee, plus a welcome bonus we value at roughly $25.

Welcome bonus$25 in Walmart Reward Dollars for new cardholders

Apply on Fairstone Bank’s site →

Goes straight to Walmart Rewards
Our review

The Walmart Rewards Mastercard is a no-annual-fee Mastercard issued by Fairstone Bank of Canada, relaunched with enhanced rewards in September 2025. It earns 3% in Walmart Reward Dollars on purchases at Walmart stores, Walmart.ca, and Walmart Marketplace, and 1% everywhere else Mastercard is accepted. It suits frequent Walmart shoppers who want fee-free rewards on spend they’d make there anyway, but Reward Dollars can only be redeemed at Walmart, so it’s a weaker fit for anyone who shops there only occasionally.

2.7out of 5

MoneyMint rating

#33 of 34 no-fee rewards cards · How we rate

Rewards value

1/10

Insurance

0/10

Flexibility

8/10

Welcome bonus

0/10

Fee value

10/10

Perks

0/10

≈ $127

estimated first-year value after the annual fee, on a typical $2,050/month budget. See it for your spending →

At a Glance

Annual Fee

Foreign Transaction Fee

2.5%

Suggested Credit Profile

Not discloseddual-rate tier system suggests some flexibility, but no published minimum

Rewards

~1%on everyday spending (est. value)

Purchase APR 21.99% · Cash Advance APR 22.99%

Pros & Cons

Pros

3% Reward Dollars on Walmart spending (in-store, online, and Marketplace)
Simple dollar-based rewards, no confusing points conversion
Reward Dollars redeemable in small $5 increments
Potential free Walmart+ Delivery Pass (up to 6 months) with an annual Walmart+ subscription
No annual fee
Standard Mastercard Zero Liability fraud protection

Cons

Only 1% back on purchases outside Walmart
Reward Dollars redeemable only at Walmart, not as flexible cash back
Applicants not approved for the Preferred Rate face a much higher Standard Rate APR (26.99%/27.99%)
No published minimum credit score or income requirement
2.5% foreign transaction fee
$25 welcome bonus requires $75 of Walmart spend in the first 30 days

Rewards & Earn Rates

Walmart stores (in-store)3%calculated pre-tax

Walmart.ca (online)3%calculated pre-tax

Walmart Marketplace3%calculated pre-tax

All other purchases1%calculated after-tax; everywhere Mastercard is accepted

The welcome bonus is “5 in Walmart Reward Dollars after you spend $75 at Walmart within the first 30 days. An earlier Fairstone press release described the “5 without mentioning the spend condition, but Walmart’s current card pages state the $75 requirement.

Who It’s For

Best for

Frequent Walmart shoppers (in-store, online, or Marketplace) who want fee-free rewards on everyday spending
Consumers who pay their balance in full each month
Applicants likely to qualify for the Preferred Rate tier

Not ideal for

Consumers who rarely shop at Walmart, since the 1% rate elsewhere trails competing no-fee cash-back cards
Anyone who wants rewards redeemable as flexible cash back at a broad range of merchants
Applicants who may only qualify for the Standard Rate tier, given the large APR gap
Frequent foreign-currency purchasers, given the 2.5% conversion fee

Not Sure? Three Cards People Compare It With

All cash back cards →

Neo Mastercard

Pick this instead if you’re building credit and want a no-fee card with a secured option (it requires Neo’s Build membership).

Fee $0Rating 2.9 ★

Read review

Neo World Mastercard – Shop & Dine

Pick this instead if most of your spending is dining (~2% est.).

Fee $0Rating 2.7 ★

Read review

Scotia Momentum No-Fee Visa Card

Pick this instead if most of your spending is groceries (~1% est.).

Fee $0Rating 2.8 ★

Read review

2.7MoneyMint rating

Walmart Rewards Mastercard

Best for everyday spending · No annual fee · ~$25 welcome bonus (est.)

Apply on Fairstone Bank’s site →Find a better fit

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against Fairstone Bank’s official card page on September 25, 2026. How we rate cards →

This is general information, not personalized financial advice — consider your own spending habits and consult a professional for decisions specific to your situation. Rates, fees, and offers are set by Fairstone Bank of Canada and can change without notice; always confirm current terms on the issuer’s official page before applying.

Frequently Asked Questions

What is the annual fee for the Walmart Rewards Mastercard?

The Walmart Rewards Mastercard has an annual fee of $0.

What is the rewards rate on the Walmart Rewards Mastercard?

The Walmart Rewards Mastercard offers: 3% Walmart Reward Dollars at Walmart stores, Walmart.ca, and Walmart Marketplace (pre-tax); 1% on all other purchases (after-tax). Accès pharma chez Walmart (Quebec) and Klarna purchases earn 1%, not 3%.

Does the Walmart Rewards Mastercard have a welcome bonus?

$25 in Reward Dollars for new cardholders. Conflict between two official sources: Fairstone’s press release states no spend condition; the walmart.ca product page states it requires $75 spend in the first 30 days. Verify live offer terms before you apply.

What credit score do I need to qualify for the Walmart Rewards Mastercard?

Generally, you’ll want a good credit score to be considered for the Walmart Rewards Mastercard. Approval also depends on income and overall credit history, not credit score alone.

Does the Walmart Rewards Mastercard charge foreign transaction fees?

2.5%