Walmart Canada Bank launches credit card

New York City Wal-Mart Canada Corp. said its newly licensed bank, Walmart Canada Bank, has launched Walmart Rewards MasterCard. It plans to offer more banking products in the future.

“Over time, we would expect to launch additional products in the financial services area,” said Trudy Fahie, president CE) of the Canadian banking unit, in a Bloomberg report. “For now, it’s truly a singular focus on the cards.”

With the new card, holders can earn 1.25% of their purchases in Walmart Rewards for virtually every dollar spent at Walmart Canada and 1% of their purchases in Walmart Rewards for dollars spent at “virtually” all other stores where MasterCard is accepted, the company said. The no-fee cards will be sold at checkout counters as well as about 200 kiosks that have been installed in Wal-Mart locations,

Walmart Rewards can be redeemed instantly on future purchases, in five dollar increments, at the cash register of any Walmart Canada store nationally. Five Walmart Rewards equal five dollars in redemption value.

With the launch of the card, Wal-Mart joins other retailers, including Loblaw and Canadian Tire Corp., that offer banking services in Canada.