Walmart, Capital One Introduce Co-Branded Credit Cards

The Capital One Walmart Rewards Credit Card Program is launching with two new credit cards that reward customers for shopping at the mega-retailer and on purchases they make wherever the card is accepted.

The program’s signature co-branded card, the Capital One Walmart Rewards Mastercard, and the private label card exclusively for Walmart purchases, the Walmart Rewards Card, will roll out Sept. 24.

The Capital One Walmart Rewards Mastercard offers unlimited 5% back on purchases at Walmart.com, including the company’s Grocery Pickup and Delivery; 5% back on in-store purchases when using the Walmart Pay mobile payment solution, for the first 12 months after approval, as a special introductory offer; 2% back on Walmart purchases in stores, outside of the introductory offer; 2% back on restaurants and travel; 1% percent back everywhere else; no annual fee and no foreign transaction fees; and the ability to redeem rewards at any time for travel, gift cards, during online checkout at Walmart.com, for recent purchases, and statement credits.

The card additionally provides a range of digital-first features, including the ability for consumers to text to apply from anywhere and complete their application from their personal mobile devices. If new cardholders sign up for Walmart Pay or already have an account, they can easily load the card into the Walmart app for use in-store and on Walmart.com, with no need to wait for the card to come by mail.

“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,” noted 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.”

Cardholders can also access many digital tools from Capital One, among them intelligent, real-time purchase notifications; security alerts; 0% fraud liability if the card is lost or stolen; and the ability to lock and unlock their card directly through the Capital One mobile app.

“We are using our technology expertise to transform the customer experience through a digital-first approach,” said Daniel Mouadeb, SVP, head of Walmart partnership at McLean, Va.-based Capital One. “We worked with Walmart to deliver a credit card program that offers meaningful rewards combined with simple, intuitive digital tools that help people get more from their money by rewarding them for the things they buy at Walmart and everywhere else they shop.”

The Walmart Rewards Card enables cardholders to earn the same 5% back on purchases made at Walmart.com and on the Walmart app; 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; and 2% back at Walmart Fuel Stations.

Current Walmart cardholders will be switched to the Capital One Walmart Rewards Mastercard or the Walmart Rewards Card and start earning the new rewards starting Oct. 11, with updated cards arriving in the mail beginning in November. Current cardholders will also be eligible to earn 5% back when they use their card with Walmart Pay, for in-store purchases through Oct. 14, 2020.

Walmart and Capital One and Walmart said that they would add new products and capabilities to the program over time.

Bentonville, Ark.-based Walmart operates more than 11,300 stores under 58 banners in 27 countries, and ecommerce websites, employing 2.2 million-plus associates worldwide. The company is No. 1 on Progressive Grocer’s 2019 Super 50 list of the top grocers in the United States.