Discussions

Just wondering if you have one of the Walmart credit cards, how do you like it? Do you find you get much of a savings? I almost signed up for it but would love to hear other's opinions who have experience with it. Thank you!

I found the interest was a killer. I’m someone who couldn’t pay off the entire balance every month, but could make more than the minimum payment. Will never get another one

Yes, credit cards are a bad idea if you spend more money then you have. The interest will kill ya for sure. There are definitely better cards out there. Tangerine has a cash back one and the BMO World Elite and RBC Westjet World Elite are some good ones.

Here are some good rewards cards:  
 
http://www.moneysense.ca/spend/credit-cards/canadas-best-rewards-credit-cards-fees-2017/

All credit cards will kill you in interest if you don't pay it off. That is a no brainer. If you can't afford to pay off what you spend there is no point in getting a credit card. I did have the Westjet regular card and was getting about 35-45 dollars a month in westjet dollars. I have since upgraded to the Elite. I haven't got my first bill yet but the extra .5% I gain more than pays for the card fees each year. Only downside for some of the higher end cards is the min. income requirements needed. Now not sure if it is true or not but the westjet elite needs 80 grand or 140 grand combined household. I don't know if they are sticky on the income level or not. We put on about $45 grand a year on the card and don't pay a single penny in interest yet will get about $700 a year in travel dollars plus a companion coupon which saves us airfare. We fly vacation or family visits so a flight card makes sense.

Love my Walmart MasterCard! I do pay mine off monthly though. Really only use it for Walmart purchases (mainly groceries) and the occasional online shopping purchase that won’t take Visa. I’ve likely gotten back $250 in the last 2-3 years. It’s free and I don’t pay interest so it’s worth it for me