Walmart and Capital One team up to launch two new credit cards

Walmart is partnering with Capital One to issue two new rewards credit cards: the Capital One Walmart Rewards Mastercard and the Walmart Rewards Card.Here are some key features of both cards.

No annual fee5% refund on purchases at, including Walmart Grocery Store Delivery and DeliveryReferral offer: 5% refund on in-store purchases when using Walmart Pay for the first 12 months (2% if you didn't use Walmart Pay during that time)2% refund on walmart purchases at stores after first 12 monthsMastercard Capital One Walmart Rewards has some extra privileges.

No foreign transaction fees2% refund on restaurant and travel purchases1 percent refund for all other purchasesIf you're a regular Walmart shopper, these new cards can deliver good value, especially in the first year. But make sure that the type of Walmart shopping you make matches these card benefits even after the recommended 5% Walmart Pay offer.
You can apply for either card starting September 24, and existing Walmart cardholders will be converted to one of the new cards starting Oct.

Want to know more?

What's new about these cards?What else should you note?What's new about these cards?What really makes the new Walmart credit card stand out is the fact that they offer 5% back to the store in the first year and 5% back when buying online – including groceries.

If you're doing most grocery shopping and shopping with Walmart, this can simplify the reward process for you. Because unlike other cards that offer 5% refunds, you won't need to keep track of revolving refund categories to get rewards when shopping at Walmart. And there's no limit to the 5% refund you can get with a Walmart rewards card, which can be a limitation on some other refund cards.

Also, if you already have a card that offers an unlimited 5% refund when shopping online or grocery shopping, or you're not a Walmart loyal, the new Walmart card may offer less value to you.

What else should you note?

Before deciding whether to sign up for one of the new Walmart cards, it's important to think about how you'll use it if approved. Capital One is offering a number of ways to redeem rewards with cards, including traveling with Capital One Walmart Rewards Mastercard. But keep in mind that it's not worth spending more than you normally spend on purchases just to get extra rewards.

Also, like with any credit card, you'll be charged interest if you don't pay your balance in full on your monthly statement before the due date. And of course, if you sign up for one of these cards, make sure you've carefully read all the terms and know your rights as a cardholder.