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Capital One Walmart Rewards® Mastercard® review: Great rewards for customers of one of the largest retail chains

Great rewards for Walmart customers despite its thin perks portfolio.

 /  13 min
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for and how we rate our cards . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Snapshot

4.0

Bankrate rating
Info
Rating: 4 stars out of 5

Bottom line

This card will be great for Walmart customers who live near a fully equipped Walmart, and those who shop online at Walmart.com. Although it’s a store-branded card, Walmart is a large enough chain to make this a worthwhile option in a card category saturated with choice.
Image of Capital One Walmart Rewards® Mastercard®

Capital One Walmart Rewards® Mastercard®
*

  • Rewards value
    Rating: 4 stars out of 5
    4 / 5
    APR
    Rating: 1 stars out of 5
    1 / 5
    Rewards flexibility
    Rating: 4.8 stars out of 5
    4.8 / 5
    Features
    Rating: 3 stars out of 5
    3 / 5
Fair to Good (580 – 740)
Info
Recommended Credit

Intro offer

Info

1% - 5%

Rewards rate

Info

Annual fee

Regular APR

Card Match meet your matches
Want to see similar cards you may be approved for? Get my matches

Capital One Walmart Rewards Mastercard Card Overview

For fans of online shopping and Walmart stores, the Capital One Walmart Rewards® Mastercard®* could be one of the best credit cards for groceries, everyday products, electronics and home furnishings.

Boasting no annual fee, it offers an impressive 5 percent cash back on Walmart.com purchases, including grocery pickup and delivery orders. The card also earns 2 percent cash back for in-store purchases, which is the same as what you’ll earn with flat-rate cash back cards. And, since this is an instant-use credit card, you can start earning rewards with the big-box retailer within minutes of approval.

As long as you take advantage of the card’s high-earning potential and pay your balances in full and on time, the Walmart Rewards Mastercard is a solid pick. But if you prefer to shop elsewhere, a flexible rewards credit card that earns bonus cash back in various categories may provide greater value.

Rewards
  • Credit Card Cash Back

    Rewards

    • 5 percent cash back at Walmart.com, including pickup & delivery
    • 2 percent cash back in Walmart stores & fuel stations, at restaurants and on travel
    • 1 percent cash back everywhere else Mastercard is accepted

    Expert Appraisal: Typical
    See our expert analysis

  • Rewards

    Welcome offer

    • Earn 5 percent cash back in Walmart stores for the first 12 months when you use your Capital One Walmart Rewards Card with Walmart Pay

    Expert Appraisal: Weak
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • APR: 19.48 percent to 29.99 percent variable
    • Annual fee: None
    • Balance transfer fee: $0 at the Transfer APR, 3% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
    • Cash advance fee: 3 percent of the amount of the cash advance, but not less than $3
    • Late payment fee: Up to $39

    Expert Appraisal: Weak
    See our expert analysis

  • Congrats

    Other cardholder perks

    • This card does not have any additional perks that cardholders can take advantage of

    Expert Appraisal: Weak
    See our expert analysis

Capital One Walmart Rewards Mastercard pros and cons

Pros

  • Checkmark

    No annual fee to offset with rewards earnings

  • Checkmark

    Multiple redemption methods offer flexibility and convenience

  • Checkmark

    Great rewards rate for Walmart.com purchases, grocery pickup and delivery

  • Checkmark

    Card available to use instantly in the Walmart app upon approval

Cons

  • Must use the Walmart Pay app to earn this card’s welcome offer

  • Lacks valuable perks that many other cards offer

  • Ongoing rewards rate for in-store Walmart purchases is just 2 percent

  • Soft pull preapproval is not currently available for the Walmart card

Why you might want the Capital One Walmart Rewards Mastercard

The Capital One Walmart Rewards Mastercard can be a great option for loyal Walmart customers who shop regularly online to take advantage of its boosted rewards rate. This card also has a solid flat rate for in-store Walmart purchases and big-budget staples like gas, restaurants and travel.

Rewards: Great rewards for Walmart.com regulars

If you make most of your purchases online at Walmart and only want to hold one rewards card, you’d be the perfect candidate to make the most of this cash back card. You can outpace the rewards you would earn with several other cash back and rewards cards by using the Walmart Rewards Mastercard for online Walmart purchases. 

However, you might also squeeze decent value from this card for restaurant, Walmart gas and travel purchases. The combination of boosted rewards for store loyalty and a solid flat rate for regular purchases sets this card apart from other retail-branded credit cards.

The only downside is that the card’s highest ongoing cash back rate only applies to online purchases at Walmart.com. A restriction like this won’t be a problem for savvy online shoppers, but in-store shoppers won’t earn the same rate of cash back. But you’ll still benefit from the best available cash back rate for in-store Walmart purchases —  2 percent back. You will have difficulty finding another credit card that rewards more than or equal to this rate at Walmart because many cards with boosted rates exclude Walmart purchases from rewards categories.

APR: Potentially low ongoing APR without penalty rates

Depending on your creditworthiness, the Walmart Rewards Mastercard can offer a fairly low regular APR. Although its high end aligns with what you should expect on most cash back cards, you can qualify for an APR a few percentage points lower than the current average credit card APR

Many cash back cards have favorable APRs, but store-branded cards like the Walmart Rewards Mastercard usually have relatively steep APRs that can inflate your credit card balance with interest.

On the other hand, a card like the Costco Anywhere Visa® Card by Citi has one variable APR that applies for all approved cardholders, but it could charge a high penalty APR if you make a late payment or a payment is returned to you. Fortunately, the Walmart Mastercard doesn’t charge a penalty APR. While you shouldn’t make late payments a habit, you’ll have peace of mind knowing your APR won’t rise substantially for missing your due date.

Why you might want a different cash back card

Although this card has its strengths for Walmart customers, it has several drawbacks that make it a poor choice for everyday cardholders who want a simple, hassle-free cash back card. 

Welcome offer: Requires heavy spending to remain competitive

You can earn 5 percent cash back on purchases in Walmart stores for the first 12 months when using your card with Walmart Pay, which is only 3 percent more than your card’s ongoing rate for the same purchases. And if you shop online at Walmart.com, this welcome offer is nearly valueless since it matches your ongoing cash back rate for online purchases on the retailer’s website.

Standard welcome offers on comparable cash back cards hover around $200 in value and require you to spend anywhere from $500 to $3,000 to earn. The Walmart Rewards Mastercard has a welcome offer that doesn’t place a ceiling on your cash bonus and doesn’t have a spending requirement to earn it. You can spend as little or as much as you please in stores to earn 5 percent back, but you’ll need to spend heavily to match the $200 value of competing offers.

To make this offer competitive, you’ll need to spend $6,700 or more in-store at Walmart. At this spending amount, you’ll get $335 of cash back, earned at a rate of 5 percent. Without the extra 3 percent the welcome offer, provides, you’d only earn about $134 for spending the same amount at a cash back rate of 2 percent for in-store Walmart purchases.

No intro APR: Interest can accrue early on 

Many of the best cash back cards come with introductory APR offers for either balance transfers or new purchases. Several of these cards have offers for both, letting cardholders curb interest until the offer term ends. The Walmart Rewards Mastercard doesn’t have any intro APR offer, meaning your balance will accrue interest at the card’s regular APR if you carry a balance.

Lacking an intro APR isn’t necessarily a glaring drawback on most cash back cards, but it’s a larger drawback on this card because of how cardholders might take advantage of its welcome offer. You can maximize this card’s rewards potential with its boosted cash back welcome offer for the first year by earning an additional 3 percent on in-store purchases for a total of 5 percent back. It would be much easier to squeeze value out of that welcome offer if you had an intro APR to help you keep your balance low, especially if you plan on racking up large charges to make the most of your in-store cash back rate for the first year.

Perks: Limited perks compared to similar cards

The Walmart Rewards Mastercard doesn’t have any rewarding perks or benefits. Several issuers like American Express, Citi and Chase include solid perks on their rewards cards, such as statement credits and travel protections. Cards from these issuers have various cash back and rewards rates, and may not be great options for Walmart purchases, but different perks will appeal to different cardholders.

Of course, if you’re a Walmart regular, the Walmart Mastercard can be a great choice. However, if you don’t shop at Walmart, you should look at other cards because they may have perks that appeal to your spending habits.

How the Capital One Walmart Rewards Mastercard compares to other cash back cards

The Capital One Walmart Rewards Card is a great cash back card if Walmart is your go-to place to shop. But if you’re looking for more versatility, here are two other cash back credit cards that offer solid all-around rewards.

Image of Capital One Walmart Rewards® Mastercard®

Capital One Walmart Rewards® Mastercard®

Annual fee

$0

Intro offer

5%
Info

Rewards rate

1% - 5%
Info

Recommended Credit Score

Fair to Good (580 – 740)
Info
Image of Blue Cash Preferred® Card from American Express
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on American Express's secure site

Annual fee

$0 intro annual fee for the first year, then $95.

Intro offer

Earn $250
Info

Rewards rate

1% - 6%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of Citi Custom Cash® Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Citi's secure site

Annual fee

$0

Intro offer

$200
Info

Rewards rate

1% - 5%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info

Best cards to pair with this card

If you value cash back above other rewards, it makes sense to pair the Capital One Walmart Rewards Card with a flat-rate cash back card or another cash back card that offers boosted rewards in different categories. 

Who is the Capital One Walmart Rewards Mastercard right for?

Walmart customers are the most likely to want this card. Although it has some utility for a handful of everyday categories, it isn’t the most ideal pick for earning maximum cash back or rewards unless you’re a dedicated Walmart.com shopper.

Bankrate’s Take—Is the Capital One Walmart Rewards Card worth it?

For many, Walmart is more than a retailer—it’s the primary hub for groceries, home goods, auto care and more. With unlimited 5 percent cash back on purchases at Walmart.com, which includes grocery pickup and delivery, there’s a lot to love for those who can shop online at the superstore.

However, if you prefer shopping at different stores or do not live close to a Walmart or a Walmart supercenter with an expanded grocery section, getting the card may not be worthwhile. Instead, consider adding a rewards card to your wallet that offers rewards in broader categories that match your spending habits.

*The information about the Chase Freedom Flex℠ and the Capital One Walmart Rewards Mastercard have been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

How we rated this card

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We rate credit cards using a proprietary card scoring system that ranks each card’s estimated average rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more against those of other cards in its primary category.

Each card feature is assigned a weighting based on how important it is to people looking for a card in a given category. These features are then scored based on how they rank relative to the features on other cards in the category. Based on these calculations, each card receives an overall rating of 1-5 stars (with 5 being the highest possible score and 1 being the lowest). 

We analyzed over 150 of the most popular rewards and cash back cards to determine where each stacked up based on their value, cost, benefits and more. Here are some of the key factors that influenced this card’s overall score and how the score influenced our review:

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Written by
Robert Thorpe
Editor, Personal Finance

Most recently before joining Bankrate, Robert worked as an editor and writer at The Ascent by The Motley Fool, covering a number of personal finance topics, including credit cards, mortgages and loans.

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* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.