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Why Walmart Rewards Cards Are Winning in 2024
December 11, 2024
When it comes to shopping at Walmart, using the right credit card can make a big difference in your savings. Walmart offers two main payment options: the Capital One Walmart Rewards Mastercard (no longer open to new applicants) and the Walmart MoneyCard. In this article, we'll explore these options in detail, highlighting their features, benefits, and how they compare to other credit cards, market comparison, user reviews, and coverage. We'll also answer common questions like "Can I use my Walmart Capital One card at Target?" and "How do Walmart reward dollars work?" to help you make the most of your credit card rewards.
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An Overview of Credit Card Options with Walmart
Walmart offers two primary payment options for customers looking to maximize their savings and earn rewards:
While the Capital One Walmart Rewards Mastercard is a credit card that allows you to earn cash back rewards on your purchases, the Walmart MoneyCard is a reloadable prepaid card that offers its own set of benefits. Let's take a closer look at each option.
Capital One Walmart Rewards Mastercard
The Capital One Walmart Rewards Mastercard is a top choice for frequent Walmart shoppers looking to earn cash back rewards on their purchases.
Features and benefits of the Capital One Walmart Rewards Mastercard
If you frequently shop at Walmart and rely on it for a variety of purchases ranging from daily essentials to larger items like electronics and furniture, the Capital One Walmart Rewards Mastercard offers significant advantages tailored to enhance your shopping experience. The card is particularly rewarding for those who allocate a substantial portion of their budget to Walmart, as it maximizes rewards on these expenditures.
5% cash back on purchases made at Walmart.com, including grocery pickup and delivery, ensures that whether you're buying household items online or scheduling your groceries for pickup, you're earning substantial rewards. Additionally, the 2% cash back on in-store purchases at Walmart, as well as on restaurants and travel, complements your lifestyle by rewarding you not only for your Walmart shopping but also for dining out and traveling.
The benefit of 1% cash back on all other purchases means that every other expense outside of Walmart still contributes to your rewards, making everyday spending more rewarding. With no annual fee, this card is an economical choice, reducing the cost of managing credit while still providing valuable rewards.
The signup bonus for new cardholders is particularly appealing: Earn 5% cash back in Walmart stores for the first 12 months when you use your Capital One Walmart Rewards Card with Walmart Pay - the quick and secure way to pay with your phone at Walmart. This feature not only simplifies the checkout process but also maximizes your rewards right where you spend the most.
Redeem rewards as statement credits, travel, gift cards, or during checkout at Walmart.com, offering flexible options to utilize the rewards in a way that best suits your needs.
Applying for the Capital One Walmart Rewards Mastercard
To apply for the Capital One Walmart Rewards Mastercard, you'll generally need a credit score in the fair to good range (580 or higher). You can apply online or in-store, and if approved, you'll typically receive your card within 7-10 business days.
Maximizing rewards with the Capital One Walmart Rewards Mastercard
To get the most out of your Capital One Walmart Rewards Mastercard, be sure to use it for all your purchases at Walmart.com and in-store at Walmart. You can also earn bonus cash back on restaurants and travel purchases. Consider also using Kudos, a free AI-powered wallet, to ensure you always use the Capital One Walmart Rewards Mastercard at checkout, earn more rewards, and receive personalized recommendations for using your card.
By strategically using the Capital One Walmart Rewards Mastercard for your most frequent shopping needs at Walmart and beyond, you can significantly enhance your savings and enjoy a more rewarding shopping experience."
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Walmart MoneyCard
The Walmart MoneyCard is a reloadable prepaid card that offers a convenient and secure way to manage your money.
Features and benefits of the Walmart MoneyCard
- 3% cash back on purchases made at Walmart.com, including grocery pickup and delivery
- 2% cash back on Walmart fuel stations
- 1% cash back on eligible purchases at Walmart stores
- No overdraft fees or monthly maintenance fees ( see rates & fees)
- Direct deposit your paycheck and access your funds up to 2 days early
- Easily reload your card at Walmart stores or with the Walmart MoneyCard app
- Manage your account online or through the Walmart MoneyCard app
Getting started with the Walmart MoneyCard
To get a Walmart MoneyCard, you can purchase a starter kit at any Walmart store or sign up online. Once you have your card, you can activate it online or by calling the number provided. You'll need to provide some personal information, such as your name, address, date of birth, and Social Security number.
Using the Walmart MoneyCard for budgeting and saving
The Walmart MoneyCard can be a helpful tool for budgeting and saving money. By loading a set amount of funds onto your card, you can easily track your spending and avoid overspending. Plus, with features like direct deposit and cash back rewards, you can maximize your savings and make the most of your money.
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Comparing the Walmart Rewards Mastercard
When deciding which credit card to use for your Walmart purchases, it's important to compare the Capital One Walmart Rewards Mastercard and Walmart MoneyCard to other options.
Walmart credit cards vs. other retail store cards
While some retail store cards may offer higher cash back rates at their specific stores, the Capital One Walmart Rewards Mastercard stands out for its versatility. You can earn cash back not only at Walmart but also on restaurants and travel purchases, making it a more well-rounded option.
Walmart credit cards vs. general cash back credit cards
General cash back credit cards, such as the Citi Double Cash Card or the Chase Freedom Unlimited® offer a flat cash back rate on all purchases. While these cards may not provide bonus rewards for Walmart purchases specifically, they can be a good choice if you want a simple rewards structure and the ability to earn cash back on all your purchases.
Are there credit cards that offer generous rewards for dining out, travel, and other specific categories?
Yes, there are credit cards available that offer generous rewards for dining out, travel, and other specific spending categories. For example, the Chase Sapphire Preferred Card is particularly rewarding for those who spend frequently on travel and dining. This card offers 5 points per dollar spent on travel booked through Chase and 3 points per dollar on dining, including certain delivery services and online grocery purchases (some exclusions apply). For travel expenses not booked through Chase, the card provides 2 points per dollar, and 1 point per dollar on all other purchases.
There is a $95 annual fee associated with the Chase Sapphire Preferred Card, but the benefits can offset this cost. Upon signing up, new cardholders can earn a considerable bonus of 75,000 points after spending $4,000 on purchases within the first three months—a potential travel redemption value of over $900 when booking through Chase Travel. Additionally, the value of points increases by 25% when redeemed for travel through Chase, enhancing the overall reward. Cardholders also benefit from the option to transfer points to numerous travel partners, increasing flexibility and potential value.
How can I choose a credit card that offers a consistent high rewards rate on all purchases?
To select a credit card that provides a consistently high rewards rate on every purchase, you should focus on flat-rate cash-back cards. These cards don't involve tracking rotating categories and generally offer straightforward rewards programs. Aim for a card that provides a minimum of 1.5% cash back on all purchases, as this is generally accepted as the baseline in the industry. However, some cards offer even better rates, providing 2% cash back or more on all expenditures, without any restrictions on where you make your purchases, enhancing flexibility and the potential to earn more on day-to-day spending.
Why Might You Pass on the Capital One Walmart Rewards Mastercard?
You might consider skipping the Capital One Walmart Rewards Mastercard for a few reasons:
- Shopping Habits with Other Retailers: If you find yourself frequently shopping at stores like Target or frequently purchasing items from Amazon that don't meet Walmart's $35 threshold for free shipping, this card may not be very beneficial. It's important that a store card aligns with where you already do most of your shopping.
- Preference for In-Store Shopping Experiences: If you value the ability to physically examine products before purchasing, this card becomes less rewarding over time. After the first year, the reward rate for in-store purchases drops from 5% to 2% when using Walmart Pay, limiting the incentive to shop offline. In contrast, the Target Circle Credit Card offers a consistent 5% discount for purchases both in-store and online, along with free shipping on eligible items, which could be more aligned with the needs of those who shop in person.
Walmart Rewards Mastercard FAQ
How does Walmart reward dollars work?
Walmart reward dollars are the cash back rewards you earn by using your Capital One Walmart Rewards Mastercard. You earn a percentage back on every purchase, and these rewards accumulate in your account as reward dollars. You can redeem your reward dollars for statement credits, travel, gift cards, or during checkout at Walmart.com.
Use Kudos to maximize your Walmart rewards and cash back
Regardless of which credit card you choose for your Walmart purchases, using Kudos can help you maximize your rewards and savings. Kudos is a free AI-powered wallet that integrates seamlessly with your credit cards, providing personalized recommendations and insights to help you get the most value from your spending.
Can I use my Walmart Capital One card at Target?
No, you cannot use your Capital One Walmart Rewards Mastercard at Target. This card is specifically designed for use at Walmart and on Walmart.com.
Does Walmart give credit?
While Walmart does not offer traditional store credit, they do offer the Capital One Walmart Rewards Mastercard, which allows you to make purchases on credit and earn cash back rewards on your spending.
The Bottom Line
When shopping at Walmart, choosing the right payment method can significantly impact your savings and rewards. The Capital One Walmart Rewards Mastercard and the Walmart MoneyCard each offer unique benefits and features designed to help you maximize your money.
For frequent Walmart shoppers looking to earn cash back rewards, the Capital One Walmart Rewards Mastercard is an excellent choice, offering high cash back rates on Walmart.com purchases, restaurants, and travel. On the other hand, if you're looking for a convenient and secure way to manage your money and stick to a budget, the Walmart MoneyCard may be the better option.
To get the most out of your Walmart credit card or MoneyCard, consider using Kudos, a free AI-powered wallet that helps you pick the best card at checkout to maximize your rewards, autofill your credit card information in one click, and receive personalized recommendations and insights. By integrating Kudos with your Walmart payment method of choice, you can ensure that you're always getting the best possible value from your purchases.
Regardless of which option you choose, be sure to use your Walmart credit card or MoneyCard responsibly, paying your balances on time and staying within your budget. By doing so, you can enjoy the benefits of shopping at Walmart while maximizing your savings and rewards.
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