Walmart has announced it is teaming up with Capital One on a new credit card to be released on Sept. 24, according to a release. There will be two versions available: the Capital One Walmart Mastercard and the private-label Walmart Rewards Card.
The cards feature 5 percent back on everything purchased for the first year, either on Walmart.com or inside the store using Walmart Pay. After a 12-month introductory period, the cashback offer will change to 2 percent for in-store purchases, but eCommerce purchases will remain at 5 percent. The card also gives back 2 percent on restaurant and travel purchases. There is no annual fee or charges for transactions when the cardholder is in another country. The rewards can be used at any time.
Consumers can apply for the card on Walmart’s website or at CapitalOne.com. They can apply with their phones to get immediate access to a digital card once their identity is confirmed. If someone already has a Walmart Pay account, they can instantly integrate the card.
“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, senior vice president, 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.”