Walmart launched 2 new credit cards offering 5% cashback

Ben StevensNews Payment

Walmart has launched two new credit cards in partnership with Capital One which will offer its users five per cent cashback on all Walmart purchases.

The Capital One Walmart Rewards Credit Card Programme will officially launch on September 24, offering two new cards, including a Mastercard which will be accepted anywhere, and a private-label card for use in Walmart stores only.

In a bid to take on Apple’s recently released Apple Cards, Walmart will offer five per cent cashback on any purchases made using its Walmart Pay app for the first 12 months, dropping to two per cent on all Walmart purchases after a year.

READ MORE: Apple Card begins official launch

Anyone who currently holds a Walmart card will be converted to one of the two new cards, and can start earning rewards using the Walmart Pay app from October 11 before the new cards arrive in November.

“The Capital One Walmart Rewards Mastercard is definitely helping to cement 5% back as the gold standard among retail cards,” NerdWallet credit cards expert Sara Rathner said.

“The previous Walmart card issued by Synchrony Bank only offered 3% back on Walmart.com and a paltry 1% back in-store, so the new card is a huge step up.”

The rewards details for both cards are as follows:

Capital One Walmart Rewards Mastercard

  • 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 12 month introductory offer.
  • 2% back on Walmart purchases in stores after the introductory offer.
  • 2% back on restaurants and travel.
  • 1% percent back everywhere else.

Walmart Rewards Card

  • 5% back on purchases made at Walmart.com and on the Walmart app.
  • 5% introductory offer for using Walmart Pay in stores for the first 12 months after approval.
  • 2% back on Walmart store purchases after the introductory offer.
  • 2% back at Walmart Fuel Stations.

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