Walmart Launching Credit Cards With Capital One

Capital One Financial Corp. (NYSE: COF) and Walmart Inc. (NYSE: WMT) are partnering to launch the Capital One Walmart Rewards Card Program, which will offer two new rewards cards to customers of the big box retailer. Soon, customers will be able to apply for a co-branded Capital One Walmart Rewards MasterCard and a private-label Walmart Rewards Card. The companies announced that the cards will debut on September 24.

The Capital One Walmart Rewards MasterCard can be used at Walmart and anywhere else that MasterCards are accepted. The card offers a variety rewards, including 5 percent cash back on Walmart online orders and 2 percent cash back on Walmart purchases in stores. Customers can get 5 percent cash back on Walmart purchases in stores for 12 months if they sign up for the company’s Walmart Pay mobile payment option.

These cardholders will also benefit from other types of purchases. They will get 2 percent cash back on charges made at restaurants and for travel, as well as 1 percent back on all other purchases. The card will have no annual or foreign transaction fees.

Walmart will also offer a private-label card with Capital One exclusively for purchases through the company. It offers the same perks as the MasterCard for Walmart purchases and for using Walmart Pay. It also offers 2 percent back on purchases made at Walmart Fuel Stations.

The new card with Capital One nearly doubles the rewards Walmart offered through its previous credit card program with Synchrony. Walmart will convert those cardholders over to its new program beginning in October and they will receive a new card in the mail in November. Walmart says that current cardholders will also be eligible to earn 5 percent cash back when they use their card with Walmart Pay for in-store purchases through October 14, 2020.

Daniel Mouadeb, senior vice president, head of Walmart partnership at Capital One, said, “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 for their money by rewarding them for the things that they buy at Walmart and everywhere else they shop.”

Once the cards are available, consumers can apply at, or through the Walmart app. Customers can also send a text to apply for the card and complete the application using a smartphone. 

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