Love Walmart? New Cards Offer up to 5% Back on Purchases There

Walmart
Photo by Sundry Photography / Shutterstock.com

If you love to shop at Walmart, a new credit card might help you hold on to more of your hard-earned cash.

Walmart and Capital One have teamed up to unveil the Capital One Walmart Rewards Credit Card Program. It features two credit cards — which became available this week — that pay up to 5% cash back on Walmart purchases.

The Capital One Walmart Rewards Mastercard can be used at Walmart and anywhere else that accepts Mastercard. It offers a slew of perks to shoppers, including:

  • 5% back on purchases at Walmart.com, including on grocery pickup and delivery orders
  • 5% back on in-store purchases when using Walmart Pay (mobile checkout) for the first year
  • 2% back on in-store purchases after the first year
  • 2% back on restaurants and travel
  • 1% percent back on purchases elsewhere

Cardholders can redeem their rewards at any time, including during checkout at Walmart.com or as a statement credit.

The Capital One Walmart Rewards Mastercard also boasts no annual fee or foreign transaction fees.

In addition to that card, Capital One and Walmart also are offering the Walmart Rewards Card. While you can only use this card at Walmart, it offers some perks of its own, including 5% back on purchases made at Walmart.com and via the Walmart app, unlimited 2% back on purchases in stores after the introductory offer and 2% back at Walmart Fuel Stations.

To apply for the new cards, stop by Walmart.com.

Walmart says its current cardholders will be upgraded to either the Capital One Walmart Rewards Mastercard or the Walmart Rewards Card and start earning the new rewards as of Oct. 11. Updated cards will arrive by mail starting in November.

Is a Walmart card right for you?

As great as earning up to 5% back on Walmart purchases might sound to a Walmart fan, understand the downsides before jumping at the opportunity.

As with many rewards credit cards, the biggest downside to Walmart’s new cards is steep interest rates.

There is little point in signing up for any rewards card if you’re unable to pay off the balance in full each month to avoid incurring interest charges. Otherwise, what you pay in interest can easily exceed what you earn in rewards.

According to the fine print on the retailer’s site, the Capital One Walmart Rewards Mastercard’s interest rate can be as low as 17.99% and as high as 26.99%, depending on your credit. The Walmart Rewards Card’s interest rate is 26.99%.

Also note that opening any new credit card account might cause your credit score to dip temporarily, according to credit reporting company Experian. So, if you plan to apply for a mortgage or other loan in the near future, you might want to hold off on getting a new credit card.

Still unsure whether a shiny new Walmart card is for you? Shop around. Using a free online resource like Money Talks News’ credit card search tool enables you to compare multiple cards at once.

What’s your favorite credit card? Let us know in comments below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
6 Ways to Guarantee Yourself a Steady Retirement Income
6 Ways to Guarantee Yourself a Steady Retirement Income

Saving is just one part of the retirement equation. Do this now to guarantee income in your golden years.

16 Products You Absolutely Do Not Need
16 Products You Absolutely Do Not Need

There are plenty of great ways to spend your money, but you can safely leave these products on the store shelf.

3 Ways to Downsize Your Life to Save Money, Time and Stress
3 Ways to Downsize Your Life to Save Money, Time and Stress

Downsizing can cut the bloat in your finances — and give you more free time and less stress.

14 Uses for WD-40 That Save Money, Time or Headaches
14 Uses for WD-40 That Save Money, Time or Headaches

WD-40 is handy in a lot more situations than you likely realize.

10 Times You’re Right to Be a Cheapskate
10 Times You’re Right to Be a Cheapskate

Sometimes, clever shoppers can save money without sacrificing quality. Here are some great examples of how to do it.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Things Retirees Should Always Buy at Costco
11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines
Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

11 Household Items That Go Bad — or Become Dangerous
11 Household Items That Go Bad — or Become Dangerous

When you get the impulse to stockpile these everyday items, pay close attention to their expiration dates.

8 Things You Can Get for Free at Pharmacies
8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

The 10 Most Commonly Stolen Vehicles in America
The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

This Is the Cheapest Place to Buy a Used Car
This Is the Cheapest Place to Buy a Used Car

Looking for a good deal on a set of wheels? This should be your first stop.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

The 15 Worst States for Retirees in 2020
The 15 Worst States for Retirees in 2020

Based on dozens of metrics tied to affordability, quality of life and health care, these are not ideal places to spend retirement.

9 Deep Discounts Available on Amazon This Friday
9 Deep Discounts Available on Amazon This Friday

These items are all steeply discounted — but the deals won’t last long.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

11 Senior Discounts for Anyone Age 55 or Older
11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

26 States That Do Not Tax Social Security Income
26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

10 Reasons Why You Should Actually Retire at 62
10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

5 Keys to Making Your Car Last for 200,000 Miles
5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

7 Surprising Features That Boost Your Home Value
7 Surprising Features That Boost Your Home Value

You can add value to your home without hiring a contractor to do expensive renovations.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.