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If you do regular shopping at WalMart then you might be interested in a new Capital One product coming out very soon. Capital One will soon be launching two new credit cards: the The Capital One Walmart Card and the Walmart Rewards Card (store card to be used only at Walmart). These cards will be available beginning September 24, 2019.
Tip: Use WalletFlo to help you optimize your credit cards. It’s free and will help you get approved for some of the best travel cards!
The Capital One Walmart Rewards Mastercard
The Capital One Walmart Rewards Mastercard will offer the following perks.
- 5% back on in-store purchases when using Walmart Pay for the first 12 months after approval as a special introductory offer
- 5% back on purchases at Walmart.com, inclusive of Walmart Grocery Pickup and Delivery.
- 2% back on Walmart purchases in stores outside of the introductory offer.
- 2% back on restaurants and travel.
- 1% percent back everywhere else.
This could be a great option for people who are heavy WalMart shoppers, as getting 5% back on all of these purchases is very nice. For those who combine daily-needs shopping with groceries at Walmart, this could amount to significant earning potential that would out perform some of the best daily drivers and grocery store cards. And you might be able to leverage 5% on popular gift cards as well but we’ll see.
The rest of the bonus categories are pretty average and I wouldn’t want to use this card to maximize rewards for them but it’s still nice having a 2% minimum cash back rate on popular categories like restaurants and travel. If you don’t want to mess around with many different cards, this could be a good option.
Here are some of the additional features:
- No annual fee and no foreign transaction fees.
- The ability to redeem rewards at any time for travel, gift cards, during online checkout at Walmart.com, for recent purchases, and statement credits.
Credit card strategy tip
I’d be sure to hit up the best Chase cards first like the Chase Sapphire Preferred which offers 60,000 points after spending $4,000 in the first three months. As long as you haven’t opened up five accounts in the past 24 months, the Chase Sapphire Preferred or Chase Sapphire Reserve are going to be better options to go with first before choosing to go with store cards.
Capital One will make the application process a little bit easier for a lot of people. Customers will be able to apply for the new card at Walmart.com, the Walmart app, or at CapitalOne.com, and also text to apply from anywhere (I imagine they’ll be placing many ads in Walmart stores for this).
Once an applicant is approved, they will receive immediate access to their card for Walmart purchases.
Walmart Rewards cardholders will earn the same 5% back on purchases made at Walmart.com and on the Walmart app; the 5% introductory offer for using Walmart Pay in stores for the first 12 months after approval and an unlimited 2% back on Walmart purchases in stores outside of the introductory offer; and 2% back at Walmart Fuel Stations. So even the store cards will offer pretty decent earnings.
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.
This is a very interesting option for WalMart shoppers. Earning 5% online (and in-store the first 12 months), could set some people up for great long-term earning potential. The other bonus categories aren’t very special since you can do just as good or better with a 2% cash back card but for the heavy WalMart shopper, this could be a great option to go with.
H/T: Press Release
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.