[Live] Walmart Launches New Credit Card with Capital One; 5% Back for Online Purchases & Introductory 5% In-Store

Update 7/7/20: Card also has a bonus of $50 after $300 in spending.

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

Direct Application Link

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.

Press Release | Another One

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.

Reward Details

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

Other Details

  • 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.

Existing Cardholders

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.

You can see full transition details here.

Our Verdict

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.
    Chuck
  • On September 27, 2019, 09:54

View Comments (118)

  • Does this card earn 5% if you buy Walmart gift cards through Walmart.com? I want to spend those gift cards in the Walmart physical stores to earn overall 5% on my physical store purchases

  • I recently signed up for Walmart plus so now I kind of want this card... but capital one. Ugh. They denied me back in March for too many accounts for a quicksilver so not sure if this would be any different. Maybe the store card... but blah, why did they have to go with capital one?

  • i was hilariously denied by capitalone for the walmart store card (not the mastercard) for having too many recent inquiries. capitalone is the worst. walmart would not be happy.

  • Now that the 12-months of 5% back on in-store purchases has ended or nearly ended for those early cardholders, what are you planning to do? Start using Grocery Pickup instead to keep the 5% discount alive? Switch to a different card? My 12-months ends soon and I need to weigh my options. Walmart is my go-to for groceries and household goods and the 5% back on in-store purchases was money in the bank.

  • List of abbreviations that are used in your conversations? The conversations are at times riveting, but I find myself literally lost in translation. I am very interested in understanding how credit decisions and credit scores work.

  • Many sites have been reporting this card has price protection. Can anyone confirm this with their guide to benefits.

  • If you scroll all the way for the bottom of the application page you can apply for just the store card.

  • Odd choice to launch it 4 days before Discover does 5% back at Walmart for Q4.

    Anyways, no thanks to a card with a triple pull, no SUB, and minimal introductory increase in cashback.

Leave a Comment