Wal-Mart Stores, Inc. (NYSEARCA: WMT) offers two types of credit cards: the Capital One Walmart Rewards Mastercard and the Walmart Rewards Card. While the Capital One Walmart Rewards Mastercard can be used at any retailer that accepts Capital One, the Walmart Rewards Card is only accepted at Walmart and Sam’s Club stores, including their associated gas stations and the Walmart website. The Walmart Rewards Card cannot be used for online purchases at samsclub.com, or on Sam's Club's app or for purchases from in-store sellers.
Capital One is the new provider of Walmart Rewards cards, as of Oct. 11, 2019; previously Synchrony Bank administered the cards.
- There is a new Capital One Walmart Rewards Mastercard for all purchases including Walmart and a Walmart Rewards Card for Walmart-only purchases; the cards were rolled out on October 11, 2019.
- The old Synchrony Bank Walmart Rewards Cards are being replaced by Capital One; consumers don't need to apply for a new card, but they do need to set up an online account with Capital One; details are here.
- With both cards, members earn 5% for 12 months on all purchases affiliated with Walmart if paired with Walmart Pay; after that, the return is 5% on the Walmart website or app and 2% in stores or gas stations.
- For the Capital One Walmart Rewards Mastercard only, there is also a 1% reward earned for so-called everyday purchases.
- The APR is between 17.99% and 26.99% for the Capital One Mastercard, depending on your credit, and a flat rate of 26.99% for the Walmart-only card.
Capital One Walmart Rewards Mastercard Details
As of November 2019, the Capital One Walmart Rewards Mastercard has no annual fee. This card has an annual percentage rate (APR) for purchase, quick cash, and transfers of between 17.99% and 26.99%, based on creditworthiness. The cash advance APR is 26.99% variable and the balance transfer fee is 3% of the amount of each transferred balance that posts at a special promotional rate, and zero for balances transferred at the transfer APR rate. The fee for cash advances is either 3% or $10, whichever is more.
The late payment fee can be as much as $39, depending on how many recent late payments you've had. The card comes with $0 fraud liability protection against charges by unauthorized users and a free FICO score check when signing up for online statements.
The maximum APR for using either the Capital One Walmart Rewards Mastercard or the Walmart Rewards Card.
Capital One Walmart Rewards Mastercard Benefits
In terms of benefits, you earn 5% back in Walmart Stores for your first 12 months if you use your card with the smartphone-enabled Walmart Pay. Beyond the introductory period, you can earn 5% back when you buy from Walmart's website or app, 2% back from Walmart stores, gas stations, restaurants and travel, and 1% back everywhere else you use your card.
Cardholders of the old Synchrony Bank Walmart Rewards Card can still use their card until their new Capital One card arrives either later this year or in early 2020; at that time, they would need to activate and use the new card.
Walmart Rewards Card Details and Benefits
As of November 2019, this card can only be used at Walmart stores, Walmart online and app, gas stations, and Sam's Club stores. The card comes with a 26.99% APR and is subject to late payments of up to $39.
The card offers similar benefits as the Capital One Walmart Rewards Mastercard, except the benefits don't extend to so-called everyday purchases. The introductory offer is to earn 5% back when used in Walmart Stores in combination with Walmart Pay, during the first 12 months, After that, you will earn 5% back when you buy from Walmart's website or app, and 2% back from Walmart stores, gas stations, restaurants, and travel.
If you aren't a frequent Walmart shopper and are looking for something more versatile, you may want to start looking for rewards credit cards that aren't limited to a specific number of stores.