Capital One Walmart Rewards Card Review: Cash Back at Walmart
Written by
Suchetana Bhattacharyea
Edited by
Lindsey Kloosterman
Commitment to Our Readers
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20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
-
APR
4.2
-
Rewards Rate
4.4
-
Annual Fee
4.6
-
Credit Score
4.4
Pros
- No annual fee
- Attractive cash back and additional benefits in the first year when used with Walmart Pay
- A wide variety of ways to redeem your rewards
- Instant approval is available
- Points do not expire
Cons
- APR can be quite high, depending on your creditworthiness
- 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. You’ll get access to these benefits without paying an annual fee. 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.
Key Features
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. Keep in mind that you should pay off your balance monthly to avoid interest, especially if you land on the higher end of the APR.
Rewards Rate
The Capital One Walmart Rewards Mastercard offers the following cash back.
- 5% cash back at Walmart.com, including pickup and delivery.
- 2% cash back at restaurants, on travel and in Walmart stores and fuel 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. To qualify for this offer, you will have to 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.
Fees
Although there is no annual fee, the Capital One Walmart Rewards Mastercard has some transaction charges that you might incur if you are using this card. There is no fee for balance transfers at the regular APR but any balance transfers with a promotional APR will 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.
Credit Score
You must have a credit score in the good to excellent range to qualify for the Capital One Walmart Rewards Mastercard. This means you would want your credit score to be at 670 or higher.
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 anywhere Mastercard is accepted.
Comparable Options
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.
Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card from American Express, Member FDIC, has an annual fee of $95 after the first year. But you can easily make up that fee with the rewards rates. This card offers 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. Purchases at U.S. gas stations and on transit, like rideshares, parking and buses, will get you 3% cash back.
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.
Costco Anywhere Visa® Card by Citi®
If you shop at Costco more than Walmart, the Costco Anywhere Visa is worth a look. This card has no annual fee, and it provides 4% cash back on gas purchases and electric vehicle charging. In addition, you can earn 3% on travel and at restaurants 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 higher APR and lower cash back rates in other categories.
Final Take
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.
FAQ
Here 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 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 670, 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.
- Does Capital One automatically raise your credit limit?
- Capital One may increase your credit limit automatically. In general, this automatic credit limit increase is prompted by responsible credit usage or changes in your financial situation.
- How do I increase my Capital One credit limit?
- You can request a credit limit increase to your Capital One credit card by calling the company or submitting a request through the online platform. Be prepared to provide information about your income, employment situation and housing payment.
- How fast does Capital One increase your credit limit?
- After you make a request for an increased credit limit, the speed of approval varies. In some cases, you'll receive the increased credit limit immediately. In other cases, it might take days to hear back from Capital One.
- How high of a credit limit does Capital One give?
- The size of the credit limit issued by Capital One varies based on your unique financial situation.
Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 14, 2023.
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.
