In a NutshellThe Capital One® Walmart Rewards™ Mastercard offers bonus rewards in several categories, but Walmart loyalists might be able to maximize their value only if they do the bulk of their shopping online.
- Great rewards rate when you shop at Walmart.com, including grocery pickup and delivery
- Solid rewards offers in several flexible bonus categories
- No annual fee and no foreign transaction fee
- In-store rewards offers are not as good
- Introductory offer requires the use of Walmart Pay mobile wallet
- High variable purchase APR means interest could outweigh rewards if you need to carry a balance
- You could end up with a more-limited card you don’t want
What you need to know about the Capital One® Walmart Rewards® Mastercard
Great rewards at Walmart … depending on how you shop
The rewards rates offered by the Capital One® Walmart Rewards® Mastercard are likely to stand out to frequent shoppers at the retail giant. You can earn up to 5% back on purchases at Walmart.com, which includes grocery pickups and deliveries. But if you shop at a physical Walmart store, you’ll earn just 2% back on purchases when you use the card.
As part of an introductory offer, you’ll earn 5% back on in-store Walmart purchases for the first 12 months of card membership — but only if you use the Walmart Pay mobile wallet for your purchases. And after the intro period is up, you’ll earn 2% back for in-store purchases.
These offers mean that different kinds of shoppers will get different value out of their Walmart purchases. If you already do most of your Walmart shopping online or are comfortable using Walmart Pay, then those 5% rewards rates provide a lot of potential value.
On the other hand, the regular 2% rate on in-store purchases doesn’t stand out as a can’t-miss bonus. Anyone who prefers going through checkout lanes with a credit card might have to put in more effort and change habits to maximize their value with this card.
The non-Walmart rewards rates might not appeal to everyone
In addition to the Walmart-specific rewards described above, you’ll earn 2% back on travel, restaurants and at Murphy USA and Walmart fuel stations. You’ll also get 1% back on all other purchases where Mastercard is accepted.
Additionally, your rewards can be redeemed in several ways — as statement credit, a travel purchase, gift cards or toward a recent purchase on your card.
These rewards rates are solid, but other cards might include more valuable or more flexible rewards offers in these categories. So if you don’t already have a card that offers bonus rates in these categories and don’t want to apply for a number of different cards at once, then the value of the Capital One® Walmart Rewards® Mastercard is clear. But if you already like your options in these categories, these rewards rates might not convince you it’s worth an application.
No annual fee or foreign transaction fee, but the interest rates could cost you
The Capital One® Walmart Rewards® Mastercard charges neither an annual fee nor a foreign transaction fee. That means you can use this card without having to pay for the privilege of holding it.
But the card’s variable purchase APR could end up costing you if you need to carry a balance. You’ll see a variable APR of either 17.99%, 23.24% or 26.99% based on your credit profile. And depending on the balance you carry from month to month, you could end up paying far more in interest than you earn in rewards.
Even if your application is denied, you could end up with another card
When you apply for the Capital One® Walmart Rewards® Mastercard, you won’t just be approved or denied for one card. Instead, you will also be considered automatically for the Walmart Rewards® Card.
If you’re primarily looking for a card to use at Walmart, then you might not have a problem with the Walmart Rewards® Card. It offers the same rates — 5% back online and 2% back in-store — for Walmart purchases, and it offers the same 5% back rate for using Walmart Pay during the first 12 months of card membership (then 2% after that).
But the rewards offers and payment options outside of Walmart are very different. Cardholders get just a few options — 2% back at Murphy USA gas stations and 1% back at Sam’s Club (in-store only) and Sam’s Club gas stations.
You won’t be able to use the card anywhere else, either, and all cardholders get the same variable purchase APR of 26.99%.
Those card features might be fine for some, but it’s worth considering if you’re OK settling for the Walmart Rewards® Card. Otherwise, you might not want to apply at all.
Who this card is good for
The Capital One® Walmart Rewards® Mastercard offers loyal Walmart shoppers a chance to maximize their rewards, but it might appeal only to those who do the bulk of their shopping online. While the 5% back on Walmart.com purchases holds tremendous value, the 2% back on in-store purchases doesn’t stand out as a can’t-miss offer. And even the introductory offer of 5% back on in-store purchases for the first 12 months (then 2%) requires using the Walmart Pay mobile wallet.
But people who don’t mind using this card as their primary method of payment everywhere might find it quite useful. The 2% back offered on dining, travel, and at Murphy USA and Walmart gas stations is solid, especially if you don’t already have a card with bonus rewards in those categories.
Last, consider if you’re OK settling for the Walmart Rewards® Card, which offers fewer payment options and rewards opportunities. If you end up with a card you don’t even want, then the application might not be worth it.
Not sure this is the card for you? Consider these alternatives.
If you’re not sure that the Capital One® Walmart Rewards® Mastercard is the right choice for you, take a look at these options.
- Citi® Double Cash Card: This card may be a good choice if you want the chance to earn bonus rewards no matter where you shop.
- Capital One Venture Rewards Credit Card: If you want to use your rewards for travel and don’t mind an annual fee, this card might be worth consideration.