Walmart, Capital One Team On New Credit Card Program

Walmart is introducing a Capital One Walmart Rewards Credit Card program, which launches with two new cards and makes tapping the retailer’s online operations, including grocery pickup and delivery, more attractive.

The new program also gives consumers fresh reasons to consider the retailer’s Walmart Pay function.

The retailer and the bank have teamed up to offer the co-branded Capital One Walmart Rewards Mastercard and a private label card exclusively for Walmart purchases, the Walmart Rewards Card.

The no-fee Capital One Walmart Rewards Mastercard offers unlimited 5% back on Walmart.com purchases including Walmart grocery pickup and delivery; 5% back on in-store purchases when using Walmart Pay for the first 12 months after approval as a special introductory offer, and 2% back on Walmart purchases in stores after the introductory offer; 2% back on restaurants and travel; and 1% percent back on everything else.

Consumers can apply for the card at Walmart.com, through the Walmart app or at CapitalOne.com. In addition, Walmart and Capital One have created a mobile feature that allows consumers to text from anywhere and get an application they can complete on their personal mobile devices.

The private label Walmart Rewards Card offers consumers the same 5% back on purchases made at Walmart.com and on the Walmart app as well as the 5% introductory offer for using Walmart Pay in stores for the first 12 months after approval and an unlimited 2% back on Walmart purchases in stores outside of the introductory offer. It also provides 2% back at Walmart fuel stations.

Walmart will convert consumers holding its existing credit card to the new Mastercard or Rewards card. The new card program officially begins September 24, and Walmart cardholders will begin earning the new rewards starting October 11 with updated cards arriving in the mail beginning in November. Current cardholders will earn 5% back when they use their card with Walmart Pay for in-store purchases through October 14.

“Walmart’s mission has always been to help customers save money so that they can live better, and our new credit card program— which both helps customers earn more when paying for things in and outside of Walmart and offers many other incredible benefits— is squarely aligned with that mission,” said Daniel Eckert, svp/Walmart services and digital acceleration. “As our company has evolved to serve customers shopping in stores, online and on the Walmart apps, we also recognized the need to fully digitally enable the cardholder experience. That’s why we’ve worked with Capital One to make it possible for cardholders to manage essentially every interaction with the program right from the palm of their hands.”