Walmart and Capital One Introduce Lucrative Cash Back Credit Card

Walmart and Capital One Introduce Lucrative Cash Back Credit Card

September 18, 2019         Written By Bill Hardekopf

Today, Walmart and Capital One announced the introduction of a new rewards credit card: the Capital One Walmart Rewards Mastercard.

The co-branded card, which will be available to consumers on September 24, provides some lucrative payouts to Walmart shoppers. Cardholders earn 5% cash back on online purchases on Walmart.com and on the Walmart app, as well as 2% on any in-store transactions and gasoline purchases made at Walmart or Murphy USA fuel stations. During the first 12 months of card membership, they will also earn 5% back on in-store purchases made with Walmart Pay.

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Offering responsible credit without fees, Petal 2 is Petal’s most advanced card. It has no fees of any kind, is designed to help you build credit, and with cash back on every swipe, competes with other prime rewards cards.

Outside of Walmart, the card pays 2% cash back on any travel and restaurant purchases, and 1% on all other transactions.

There is no limit to the amount of rewards a cardholder can earn, and the rewards can be redeemed at any time.

The Capital One Walmart Rewards Mastercard has no annual fees or foreign transaction fees. The card provides real-time purchase notifications to cardholders to help combat fraud, as well as having a locking feature through the Capital One mobile app, allowing the consumer to freeze the card if it was ever lost.

Consumers with good or excellent credit can apply for the card, which has an APR of 17.99% to 26.99% depending on the applicant’s credit worthiness.

Current Walmart credit card holders will be automatically converted to this card and start earning these enhanced rewards on October 11. They will receive their new card in November.

Walmart and Capital One are also introducing a credit card that is just good for Walmart purchases. This Walmart Rewards Card has the same features and rewards payouts for purchases at Walmart.com, the Walmart app, in Walmart stores and for fuel transactions at Walmart and Murphy USA fuel stations, but does not function at other locations. This private label card has an APR of 26.99% for new customers after September 24, and is available for anyone with good credit.

A large percentage of consumers in the United States will be exposed to these cards. According to Walmart executives, 160 million Americans shop at one of the 4,700 Walmart stores each week. An estimated 90% of the country lives within 10 miles of a Walmart store.

The information contained within this article was accurate as of September 18, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.