Published on September 27th, 2019 | by Chuck108
[Live] Walmart Launches New Credit Card with Capital One; 5% Back for Online Purchases & Introductory 5% In-Store
Update 9/27/19: Card is now live. Added the direct application link and image below, along with a bit more detail.
Small update 9/19/19: Reader Don notes that a letter being sent out makes it clear that gift card purchases earn 2% across all channels, including online. So no 5% on gift cards. Updated below.
Walmart Credit Card
The anticipated new Walmart credit card, issued by Capital One, will become available on September 24, 2019. The card will offer 5% cash back on walmart.com purchases, and an introductory offer of 5% back at Walmart stores for 12 months when using Walmart Pay.
The launch will include two new credit cards:
- The Capital One Walmart Rewards Mastercard – this is a credit card which can be used anywhere.
- The Walmart Rewards Card – this is a store card which can only be used at Walmart.
Both cards will earn unlimited:
- 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 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 gift card purchases online and in-store at Walmart (certain financial products are excluded from earning any cash back)
- 2% back on restaurants and travel
- 1% percent back everywhere else with the Capital One Walmart Rewards Mastercard version
- No annual fee
- No foreign transaction fee on the Capital One Walmart Rewards Mastercard version
- The ability to redeem rewards at any time for travel, gift cards, during online checkout at Walmart.com, for recent purchases and statement credits
- Card will be available for use instantly upon approval
- TPG confirmed with Capital One that this card does not count toward your limit of 2 Capital One credit cards
- All 3 credit bureaus will be pulled according to reports, as with a typical Capital One application
- There are two card options: “We will consider you for the Capital One® Walmart Rewards™ Mastercard®. If we are unable to approve you for this card, we will automatically consider you for the Walmart Rewards™ Card.” You can scroll down on the landing page, and the system will give an option to apply only for the store card version.
Current Walmart cardholders will be converted to the Capital One Walmart Rewards Mastercard or the Walmart Rewards Card and will start earning these new rewards starting October 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’s mobile payment solution, Walmart Pay, for in-store purchases through October 14, 2020.
Previously, the card earned 3% online and the regular 1% in store, I believe. This new Walmart card is actually interesting for online shopping with 5% back. Other major retailers like Amazon and Target already have stores cards offering 5% back on all purchases. Walmart isn’t quite as good since the 5% does not work in store, but still interesting for online shoppers. For real heavy Walmart shoppers, the 12-month introductory offer of 5% in store could be pretty interesting too.
If you get the store card version, that will help somewhat negate any 5/24 affect of getting the card, as store cards aren’t supposed to count against 5/24. By default, the system gives you whichever card they deem you eligible (the Mastercard or the store card), but if you scroll down on the landing page, you’ll find an option to apply only for the store card. That’s a smarter option for those concerned about 5/24.
I’m surprised to be saying this, but this launch may actually be useful for some people.