Capital One Walmart Rewards Card Review
- No annual fee
- Attractive cash back and additional benefits in the first year when clubbed with Walmart Pay
- A wide variety of ways to redeem your rewards
- Instant approval is available
- Points do not expire
- APR can be quite high, depending on your creditworthiness
- Walmart Pay is more suitable for getting 5% rewards in store
- High late fees
Capital One Walmart Rewards Mastercard Overview
The Capital One Walmart Rewards Mastercard offers cash back between 1% and 5%, depending on where you use it. It is especially suitable for people who shop at Walmart.com regularly, since those purchases offer the highest percentage of rewards.
You can redeem these rewards for a variety of purposes, including gift cards, travel and statement credits — and with no annual fee, you keep more of your cash back instead of using it to offset fees. Moreover, the Capital One Walmart Rewards Mastercard provides you with a $0 Fraud Liability if your card is ever lost or stolen. This means that you will not be responsible for any fraudulent purchases made on the card.
Here are some of the key features of the Capital One Walmart Rewards Mastercard.
Annual Percentage Rate
The Capital One Walmart Rewards Mastercard has an APR of , which is based on your creditworthiness. The APRs in all the cases vary with the market, based on the prime rate.
The APR does not increase even if you make a late payment, which makes the Capital One Walmart Rewards Mastercard extremely attractive — though you’ll want to pay off your balance monthly to avoid interest, especially if you land on the higher end of the APR.
The Capital One Walmart Rewards Mastercard offers the following cash back.
- 5% cash back at Wallmart.com, including pickup and delivery
- 2% cash back in Walmart stores, at restaurants and on travel, including Walmart and Murphy USA gas stations
- 1% cash back everywhere else
As an introductory offer, you can also get 5% cash back in Walmart stores for the first 12 months when you use Walmart Pay with your Capital One Walmart Rewards Mastercard.
You can redeem your rewards for cash — in which case, the company will send you a check — or you can use it as a credit on your statement. The rewards can also be used to cover purchases, buy gift cards from Walmart and other retailers, or for travel purchases.
Although there is no annual fee, the Capital One Walmart Rewards Mastercard has some transaction charges that you will might incur if you are using this card. While there is no fee for balance transfers at the regular APR, any balance transfers with a promotional APR come with a 3% fee. For cash advances, you will incur the greater fee of $3 or 3%.
Late payment penalty fees can be up to $39, but your APR will not increase because of that.
You must have an average credit score of 640 or higher to qualify for a Capital One Walmart Rewards Mastercard. This means anyone with slightly above-average scores can easily get this card.
How the Capital One Walmart Rewards Mastercard Stands Out
The Capital One Walmart Rewards Mastercard is a great credit card especially because there is no penalty APR — unlike many credit cards, making a late payment won’t increase the interest you pay on your purchases.
Moreover, you get the benefit of instant access, which means you can start using it right after your application has been accepted, which is very convenient. And since it is a Mastercard, you can use it in other stores, as well.
In case the Capital One Walmart Rewards Mastercard isn’t right for you, here are a couple of other cash-back credit cards that you can check out.
The Blue Cash Preferred® Card from American Express has an annual fee of $95 after the first year. However, the rewards rate goes up to 6% on U.S. supermarket purchases — limited to $6,000 in purchases per year, then 1% thereafter — and it also offers 6% cash back on qualifying U.S. streaming subscriptions. You can also earn 3% on transit and at U.S. gas stations.
Costco Anywhere Visa® Card by Citi®
If you shop at Costco more than Walmart, the Costco Anywhere Visa is worth a look. Both of these cards have no annual fee, but the Costco Anywhere Visa® Card provides 4% cash back on gas purchases and electric vehicle charging, 3% at restaurants and on travel and 2% on your purchases from Costco. However, to get this card, you need a Costco membership, which is not free.
How to Apply
You can apply for a Capital One Walmart Rewards Mastercard directly from Capital One. Just click “Apply Now” on the card’s webpage. It will ask for your name, date of birth, Social Security number and other personal and financial information.
When you apply for this card, it will lead to a credit inquiry. However, if you’re not approved for the Mastercard, you may be approved for the Walmart Rewards card, which can only be used on Walmart and Sam’s Club purchases. If you’re not sure about your approval chances, you can see if you’re pre-approved before you apply.
Who the Capital One Walmart Rewards Mastercard Is Best For
The Capital One Walmart Rewards Mastercard is a great choice for people who shop regularly at Walmart.com, since it provides 5% cash back on those purchases. It might not be the best option for people who don’t just shop at Walmart, due to the potentially high APR and lower cash back rates in other categories.
The Capital One Walmart Rewards Mastercard has plenty of perks. However, like all credit cards, you must be careful about using it and make sure you are making payments regularly. This will help you to avoid interest and get the most out of your Capital One Walmart Rewards Mastercard.
FAQHere are the answers to some common questions about the Capital One Walmart Rewards Mastercard.
- How does the Capital One Walmart Rewards Mastercard work?
- Once you have made your purchases, you can redeem your cash back through Capital One. Usually, it takes two to three days for the credit to be applied to your account.
- Is the Capital One Walmart Rewards Mastercard a real credit card?
- Yes, the Capital One Walmart Rewards Mastercard is a real Mastercard credit card. Apart from using it at Walmart, you can use it anywhere that accepts Mastercard.
- Can the Capital One Walmart Rewards Mastercard be used anywhere?
- Yes, the Capital One Walmart Rewards Mastercard can be used in all places that accept Mastercard.
- Is it hard to get a Capital One Walmart Rewards Mastercard?
- If you have a credit score of at least 640, you have a good chance of being approved for a Capital One Walmart Rewards Mastercard.
- Is the Capital One Walmart Rewards Mastercard worth it?
- If you shop frequently at Walmart.com and pay off your balance each month, the Capital One Walmart Rewards Mastercard is worth it, because it provides the highest cash back on online shopping, which includes pickup and delivery.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
All information about the Blue Cash Preferred® Card from American Express has been collected independently by GOBankingRates. The Blue Cash Preferred® Card from American Express is not available through GOBankingRates.