Published 2:30 AM EDT Sep 18, 2019
Walmart and Capital One are teaming up to make shopping at the retail giant more “rewarding.”
On Wednesday, the companies announced the Sept. 24 launch of the Capital One Walmart Rewards Credit Card Program with two new cards offering up to 5% back on Walmart purchases.
The program’s Mastercard will be accepted everywhere and the private-label Walmart Rewards Card is only for store purchases.
Daniel Eckert, senior vice president, Walmart services and digital acceleration, said in a statement, the company’s “mission has always been to help customers save money so that they can live better” and the new program “helps customers earn more when paying for things in and outside of Walmart.”
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Walmart is taking a page from Apple with its new Apple Card by offering higher cashback earnings on select purchases made by mobile payments versus the physical card.
The 5% cashback in-store offer, which is an introductory offer for the first 12 months, only applies to store purchases using Walmart Pay, the retailer’s exclusive mobile payment.
After the introductory offer, the cards will offer 2% back on Walmart store purchases. Walmart.com purchases, including Walmart Grocery Pickup and Delivery, give 5% back.
Current Walmart cardholders will be converted to one of the two new cards and can start earning the rewards Oct. 11 with Walmart Pay before the new cards arrive beginning in November, according to the news release.
Current cardholders also will be eligible for the 5% in-store Walmart Pay introductory offer through Oct. 14, 2020.
Rival Target is taking its Target Circle loyalty program nationwide Oct. 6 and offering shoppers who don’t have a Target credit or debit card the ability to earn 1% back on all purchases. Target RedCard holders will continue to save 5% at Target and can take advantage of the program’s other perks.
“The Capital One Walmart Rewards Mastercard is definitely helping to cement 5% back as the gold standard among retail cards,” said Sara Rathner, NerdWallet credit cards expert. “The previous Walmart card issued by Synchrony Bank only offered 3% back on Walmart.com and a paltry 1% back in-store, so the new card is a huge step up.”
Capital One Walmart Rewards Mastercard
5% back on purchases at Walmart.com, inclusive of Walmart Grocery Pickup and Delivery.
5% back on in-store purchases when using Walmart Pay for 12 month introductory offer.
2% back on Walmart purchases in stores after the introductory offer.
2% back on restaurants and travel.
1% percent back everywhere else.
Walmart Rewards Card
5% back on purchases made at Walmart.com and on the Walmart app.
5% introductory offer for using Walmart Pay in stores for the first 12 months after approval.
2% back on Walmart store purchases after the introductory offer.
2% back at Walmart Fuel Stations.
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