Capital One Walmart Rewards Card Review: Is It A Good Deal?

Capital One Walmart Rewards Card Review

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The Capital One® Walmart Rewards® Card has outstanding earnings for online Walmart purchases but does not for most other purchases.

Citi is an advertising partner

The Capital One® Walmart Rewards® Card is a Mastercard that offers outstanding earning potential when shopping with Walmart. You can get up to 5% cash back when shopping online at Walmart, including on pickup and delivery.

The Capital One® Walmart Rewards® Card comes with no annual fee and there is no cap on the rewards that you can earn. One major drawback to the card is that you will only earn 1% on the majority of your non-Walmart purchases. This makes the card ill-suited to be your primary or only credit card.

Pros

  • 5% cash back on Walmart.com including pickup and delivery
  • No limit to the amount of rewards that you can earn
  • Annual fee: None

Cons

  • Poor earning potential on non-Walmart purchases
  • No large upfront welcome offer
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Earning cash back

With the Capital One® Walmart Rewards® Card, you'll earn 5% Cash Back At Walmart.com, including pickup and delivery. 2% Cash Back In Walmart stores, at restaurants and on travel. 1% Cash Back Everywhere else Mastercard® is accepted.

The earning potential you have with the Capital One® Walmart Rewards® Card is outstanding for online Walmart purchases. On other purchases, you will earn a maximum of 2%, with 1% earning on most purchases. There are several other credit cards (see the Citi® Double Cash Card – 18 month BT offer below) that earn a higher up to 2% on ALL your purchases with no annual fee. While it can make sense to have the Capital One® Walmart Rewards® Card for shopping at Walmart, most people will want to have a card that gets 2% back on all purchases.

Earn 5% cash back in Walmart stores for the first 12 months

The Capital One® Walmart Rewards® Card does not have an upfront sign-up bonus like many other cards. Instead, you will Earn 5% cash back in Walmart stores for the first 12 months after approval when you use your Capital One® Walmart Rewards® Card with Walmart Pay – the quick and touch-free way to pay with your phone at Walmart.

Walmart Pay allows you to store payment information securely in the Walmart app. Then when you check out, you simply scan the QR code from the register on your phone.

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Redeeming cash back

The cashback rewards that you earn with the Capital One® Walmart Rewards® Card are worth 1 cent per point, and there are a variety of different ways that you can redeem your cash back.

You can redeem your rewards as a statement credit or request a check be mailed to you. You can also use your rewards to cover the cost of a previously made purchase. You can also use your rewards points for travel booked through your rewards account. Because your rewards points are worth 1 cent per point no matter how you use them, most people will find it easier to just redeem rewards as a statement credit. That way you can book directly with your travel provider rather than having to go through the Walmart / Capital One travel center.

Other Capital One® Walmart Rewards® Card benefits

In addition to the cashback rewards that you can earn, the Capital One® Walmart Rewards® Card also has several other benefits that may be useful.

With the Capital One® Walmart Rewards® Card, you are eligible for purchase assurance protection. If an item that you bought entirely with the card is damaged or stolen within 90 days of purchase, you may be eligible for reimbursement. Terms and conditions apply, and your coverage is limited to the lesser of the purchase price or $1,000 per loss.

If you purchase an item entirely with your card, and the price later drops, you may be eligible for a reimbursement of the difference in price. To qualify, you must file a claim within 120 days of the initial purchase, and there is a maximum price difference of $250. Certain types of purchases are not eligible for price protection, so make sure to check out the fine print of the card benefits guide.

The Extended warranty that comes with the Capital One® Walmart Rewards® Card will double the manufacturer's warranty, up to a maximum of 24 months from the date of purchase. Most items that you purchase are eligible, though there is a maximum reimbursable amount which is the lesser of the purchase price and $10,000.

As long as you charge your monthly cellphone bill to your Capital One® Walmart Rewards® Card, you are also eligible for cellphone protection coverage. Your coverage will begin the first day of the calendar month after you pay your bill with your card. This can cover you if your phone is stolen or damaged (not just lost). The maximum coverage amount is $600, and there is a $50 deductible. You are limited to two claims per 12-month rolling period.

How does the Capital One® Walmart Rewards® Card compare to other cards?

Here's a quick look at how the Capital One® Walmart Rewards® Card compares to other similar cards:

Capital One® Walmart Rewards® Card vs. Citi® Double Cash Card – 18 month BT offer

  • On Citibank's Secure Website

The Citi® Double Cash Card lets you Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. It also comes with $0 annual fee.

If you make a majority of your purchases online at Walmart, the Capital One® Walmart Rewards® Card may make sense for you. Otherwise, it may be wise to pick up a card like the Citi® Double Cash Card that gets 2% everywhere. Similar to the Capital One® Walmart Rewards® Card, the Citi® Double Cash Card does not come with an initial welcome offer or higher rewards amount. For the first 12 months, earning 5% in-store (with Walmart Pay) with the Capital One® Walmart Rewards® Card might be more attractive if you make a lot of Walmart purchases.

Capital One® Walmart Rewards® Card vs. Chase Freedom Flex℠

  • On Chase's Secure Website

The Chase Freedom Flex℠ also has a $0 annual fee and can earn rewards as cash back. With the Chase Freedom Flex℠, you'll Earn 5% cash back on eligible purchases in rotating categories, 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases. You'll need to enroll each quarter to earn the 5% bonus, and the bonus is limited to $1,500 in purchases per quarter.

There are two other big factors that weigh in favor of the Chase Freedom Flex℠. It comes with an initial upfront bonus offer and you can also combine the Chase Ultimate Rewards® points you earn with your Chase Freedom Flex℠ with points earned on other Chase cards to maximize their value. It will depend on how much you shop at Walmart, but most people will get more value with the Chase Freedom Flex℠ card.

Capital One® Walmart Rewards® Card vs. Sam's Club Mastercard

As the name suggests, the Sam's Club Mastercard earns bonus rewards primarily for purchases at Sam's Clubs. Although Sam's Club is owned by Walmart, the Capital One® Walmart Rewards® Card does not earn bonus rewards for purchases at Sam's Club — you'll only earn the standard 1% cash back.

Deciding which of these two cards to get will depend on which of the two stores you shop at most frequently.

Is the Capital One® Walmart Rewards® Card worth it?

The Capital One® Walmart Rewards® Card is targeted towards frequent Walmart shoppers. Deciding whether or not the card is worth it to get will depend on how much you shop at Walmart. 5% cash back on Walmart purchases (either online or in-store for the first 12 months with Walmart Pay) is an attractive rewards rate that you're not likely to find with other credit cards.

While there are some other non-Walmart bonus categories with the Capital One® Walmart Rewards® Card, there are other credit cards that offer better value. Unless you do an overwhelming majority of your shopping at Walmart, the Capital One® Walmart Rewards® Card is not a great card to use as your only card. But if you have another credit card that gives solid rewards on everyday purchases and you shop frequently at Walmart, you might consider applying for the Capital One® Walmart Rewards® Card to use on your Walmart purchases.

How do you apply for a Walmart credit card?

You can apply for a Walmart credit card by visiting Capital One's website. If you're not approved for the Capital One® Walmart Rewards® Card, you may be considered for the Walmart-only Walmart Rewards Card.

What credit score is needed for a Walmart credit card?

The Capital One® Walmart Rewards® Card specifies that it is looking for applicants with Excellent/Good credit. That generally specifies a credit score of 600 or higher. It's possible if you are not approved for the Capital One® Walmart Rewards® Card you may be approved for the similarly named Walmart Rewards Card which you can only use at Walmart.

Can you prequalify for a Walmart card?

Yes — by filling out the form on Capital One's site, you can find out if you qualify with no risk to your credit score. Capital One will also consider you for the Walmart Rewards Card if you are unable to qualify for the Capital One® Walmart Rewards® Card.

Can I use my Walmart credit card anywhere?

The Capital One® Walmart Rewards® Card is a Mastercard that can be used anywhere that Mastercard is accepted. The similarly-named Walmart Rewards Card is a credit card that can only be used at Walmart.

What bank does the Walmart credit card use?

The Capital One® Walmart Rewards® Card is issued by Capital One bank.

Does the Walmart credit card have interest?

Like most credit cards, the Capital One® Walmart Rewards® Card charges interest on all purchases. Your APR ranges from 17.99% - 26.99% variable, depending on your credit profile. There are currently no promotional introductory rates offered.

Is there an app for the Walmart credit card?

You can add your Capital One® Walmart Rewards® Card to the Walmart mobile app. This can be a great way to use Walmart Pay for shopping at Walmart. During the first 12 months of having the Capital One® Walmart Rewards® Card, using your card with Walmart Pay allows you to get 5% cash back at Walmart stores in addition to at walmart.com.

Can you use a Walmart credit card online?

You can use your Capital One® Walmart Rewards® Card online. It is a Mastercard and can be used online or anywhere Mastercards are accepted. The Walmart Rewards Card can only be used at Walmart properties and can't be used at other online websites.

The information related to Capital One® Walmart Rewards® Card, Sam's Club Mastercard and Walmart Rewards Card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).