Monday, June 13, 2016

June 13 Update: Walmart Canada to no longer accept Visa, BMO SPC sign up bonuses increased and more!

News, Tips & Tricks

The big news over the weekend came to us from Walmart Canada who announced they will stop accepting Visa branded cards. The first store will be in Thunder Bay and others across Canada wil follow suit. Walmart states that Visa is charging them too high of fees and they could not come to an agreement to continue accepting Visa cards.
 Following an evaluation of credit card transaction fees in Canada and the rest of the world, we have concluded the fees applied to Visa credit card purchases remain unacceptably high.

Walmart’s purpose is to save customers money so they can live better. We are committed first and foremost to this purpose, which requires us to keep costs as low as possible.
To ensure we are taking care of our customers’ best interests and delivering on our promise of saving customers money, we constantly work to reduce our operating costs, including credit card fees. Unfortunately, Visa and Walmart have been unable to agree on an acceptable fee for Visa transactions. As a result we will no longer accept Visa in our stores across Canada, starting with our stores in Thunder Bay, on July 18, 2016.  This change will then be rolled out in phases across the country.
This leaves MasterCard, American Express, Discover, Interac and Cash as the methods of payment at Walmart. Of course this will mean an even bigger push by Walmart for their own Walmart Rewards MasterCard and many, unfortunately, will jump on the card when at the cash register finding out Walmart no longer accepts Visa. The sad thing is there are many other options that are better than the Walmart MasterCard here in Canada (whether it is a MasterCard or Amex card).

As we stated on Twitter over the weekend, this further solidifies our constant push for our readers to hold onto at least one Visa card, one MasterCard and one American Express card. We normally state this due to promotions that are available to each individual brand but now it is even holding true just for being able to use cards at certain retailers. Here is the excerpt from our Maximize Your Miles article:
Carry different credit cards

Some bonus mile offers or other offers like free gift cards (see Cash in on other rewards below) require that you only use a specific credit card like a Visa. So if it is economically viable for you to do so, carry a Visa card, a MasterCard and an American Express. Think it may be expensive? Well there are quite a few no fee credit cards that earn points like the American Express Blue Sky credit card. Of course you don't even have to get a mileage card for your additional card, you could go for cash back rebates or merchandise but since this is an article on miles, why wouldn't you?"
The whole idea of carrying all three major card brands is the premise of our Ultimate Credit Card Portfolios, so if you only carry a Visa card but want to continue shopping at Walmart and continue earning your favourite rewards like Aeroplan miles be sure to check out our Ultimate Credit Card Portfolios.

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Another Rexall AIR MILES coupon for you. 80 bonus Reward Miles if you $50 or more until the 16th. Get the coupon here.


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BMO has increased the sign up bonuses for their SPC MasterCards!

BMO SPC AIR MILES MasterCard 500 Bonus AIR MILES when you apply for and receive the BMO AIR MILES MasterCard!
- and there’s No annual fee
- SPC discounts (Student Price Card Ltd.) of 10% to 15% at hundreds of your favourite stores*
- 1 AIR MILES reward mile for every $20 that you spend on your credit card
Apply online
Limited Time
BMO SPC®** CashBack® MasterCard®* · Get a $60 CashBack BONUS*
- and there’s No annual fee
- SPC discounts (Student Price Card Ltd.) of 10% to 15% at hundreds of your favourite stores*
- Earn 1% CashBack on ALL card purchases* without restrictions!*
Apply online
Limited Time


Posts since our last update:

Travel Deals
Fly British Airways
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