Capital One Walmart Rewards Mastercard Review: Best for Online and Mobile Walmart Shoppers

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Capital One Walmart Rewards® Mastercard® Capital One Walmart Rewards® Mastercard®
Editor’s Score: (N/A)
Learn more externa link icon At our partner’s secure site
Capital One Walmart Rewards® Mastercard®
Editor’s Score: (N/A)
  • Intro bonus:
    5%
  • Annual fee:
    $0
  • Regular APR:
    17.99% – 26.99% (Variable)
  • Recommended credit score:
    580-740 (Fair to Good)
Rewards rate:

Earn 5% cash back on Walmart.com purchases, including pickup and delivery Earn 2% cash back on purchases in Walmart stores and fuel stations and 2% cash back on restaurants and travel purchases. 1% cash back on all other purchases everywhere else Mastercard® is accepted.

NextAdvisor’s Take

Pros
  • Earn 5% back on Walmart.com purchases, including pickup and delivery (and grocery delivery)
  • 5% back in Walmart stores the first year
  • No annual fee
  • Flexible rewards redemptions
Cons
  • Highest ongoing bonus category for online purchases only, not in-store
  • Weak on cardholder benefits
  • No introductory APR for purchases or balance transfers
  • No cash welcome bonus
The Bottom Line
The Capital One Walmart Rewards Mastercard offers 5% back at Walmart.com (including pickup and delivery), making it a great choice for frequent Walmart shoppers who prefer the superstore’s online services. You’ll also save in Walmart stores, at Walmart fuel stations, at restaurants, and on travel. There’s no annual fee, and you can redeem your rewards for cash, to cover purchases, and more.

Additional Card Details

  • For the first 12 months, earn 5% back in Walmart stores when you use your card to pay with Walmart Pay
  • Capital One’s Card Lock feature prevents new purchases if your card is lost or stolen
  • Zero fraud liability
  • Security alerts via text or email when suspicious activity is noticed on your account
  • Access to the Capital One mobile app to pay bills or track purchases

Full Review

Card Type

The Capital One Walmart Rewards Mastercard is a co-branded cash back credit card. Unlike some retail cards, you’re not limited to only purchases at Walmart. Since it’s a Mastercard credit card, you can use it anywhere Mastercard is accepted — and you’ll even earn bonus rewards in some non-Walmart categories.

Annual Fee

The Capital One Walmart Rewards Mastercard does not charge an annual fee.

Welcome Offer

There is no cash welcome offer on this card, which is one of its biggest downsides. However, there is a first-year bonus rewards category. For the first 12 months after account opening, you can earn 5% back in Walmart stores (instead of the regular 2% rate) when you use Walmart Pay at checkout.

Introductory Offer

The Capital One Walmart Rewards Mastercard doesn’t offer an introductory 0% APR on purchases or balance transfers, which is pretty standard among co-branded retail cards.

Rewards

With this card, you can earn 5% back on Walmart.com and Walmart mobile app purchases, including pickup and delivery. You’ll also get 2% back at Walmart stores and fuel stations (including Murphy USA), at restaurants, and on travel. Every other purchase earns 1% cash back.

For the first 12 months, you can boost your rewards at Walmart stores to 5% back when you use your card to pay with the Walmart Pay mobile wallet. You can access Walmart Pay through the Walmart mobile app on your phone.

Fees

The Capital One Walmart Rewards Mastercard doesn’t charge an annual fee or any foreign transaction fees. However, you will pay a high variable APR of 17.99%, 23.24%, or 26.99% on any balances you carry.

Other fees to watch out for include a 3% (minimum $10) cash advance fee if you use your card to get cash at an ATM and a 3% balance transfer fee — though because this card has no intro 0% APR offer on balance transfers, it’s not a good choice for debt payoff. 

Other Benefits

Beyond rewards for your Walmart shopping, this card doesn’t have many added features or benefits; that’s fairly common among cash back credit cards affiliated with retail stores. 

Because it’s a Capital One card, you’ll get a few standard benefits and protections from the issuer. This includes zero fraud liability, a Card Lock feature that lets you freeze your card if it’s lost or stolen, security alerts you can set up to notify you of suspicious activity, and access to the Capital One mobile app.

If you don’t qualify for the Capital One Walmart Rewards Mastercard, your application will automatically be considered for Walmart’s closed loop retail card, the Walmart Rewards™ Card. If you’re approved for this version of the card instead, you can only use it at Walmart (since it’s not a Mastercard), though you’ll earn the same rewards on Walmart and Walmart.com spending. The Walmart Rewards Card has no annual fee and a 26.99% variable APR.

Benefits of Capital One Walmart Rewards Mastercard

The biggest draw of the Capital One Walmart Rewards Mastercard is the amount you can save with the superstore, considering Walmart and other big box retailers are typically excluded from grocery rewards categories. If Walmart is where you do the majority of your everyday spending — especially online or via the grocery delivery/pickup service — you can earn a considerable amount in rewards over time.

In fact, we estimate you could save up to $680 on food purchases within a year, based on average spending data from the U.S. Department of Agriculture (USDA). The average family of four with two children (between ages 6 and 11) spends $1,134.80 per month on groceries, given a moderate budget, or $13,617.60 per year. If you do all your grocery shopping at Walmart, and choose online grocery pickup or delivery you could yield more than $680 in rewards over 12 months at the 5% rate.

If you are willing to download the Walmart app and use Walmart Pay for in-store purchases, you could even earn this rate for other miscellaneous purchases you make in Walmart brick and mortar stores the first year.

Drawbacks of Capital One Walmart Rewards Mastercard

While the Capital One Walmart Rewards Mastercard lets you earn rewards at the superstore without an annual fee, it may not be the best option for you. Even if you do prefer shopping at Walmart, the card’s highest rewards category only applies to online purchases. If you prefer in-store shopping, you’ll only earn 5% for the first 12 months — if you use Walmart Pay. 

Beyond Walmart rewards, bonus categories at restaurants and on travel can boost your earnings, but if those are your top spending categories, there are other cash back or travel rewards cards with better rewards, even for no annual fee. The Capital One Walmart Rewards Mastercard is also light on benefits; you’ll get little more than some safety features and access to the Capital One mobile app.

How to Use Capital One Walmart Rewards Mastercard

Use the Capital One Walmart Rewards Mastercard for Walmart mobile app and Walmart.com purchases, including pickup and delivery. For most people, the best way to maximize these rewards is by using Walmart.com for all your grocery pickup and delivery purchases.

Through your first year of account ownership, also make sure to download the Walmart app and connect your card to Walmart Pay so you can earn 5% back when you visit Walmart stores the first 12 months. If you don’t have another card that earns more on dining or travel, you can also use this card for additional 2% rewards in those categories.

When you’re ready to redeem your rewards, you can choose from a number of redemption options, including statement credits, to cover purchases at Walmart.com, gift cards, or even redeem for trips and travel purchases you make with your card. 

Over time, remember to charge only what you can afford to pay off, and avoid carrying a balance on your card. The Capital One Walmart Rewards Mastercard has an exceptional rewards rate at the superstore, but it’s not enough to make up for the high APR you’ll pay if you carry a balance.

Capital One Walmart Rewards Mastercard Compared to Other Cards

  • Intro bonus:
    5%
  • Annual fee:
    $0
  • Regular APR:
    17.99% – 26.99% (Variable)
  • Recommended credit:
    580-740 (Fair to Good)
  • Learn more externa link icon at our partner’s secure site.
  • Intro bonus:
    $300
  • Annual fee:
    $0 introductory annual fee for the first year, then $95.
  • Regular APR:
    13.99%-23.99% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon at our partner’s secure site. See Rates & Fees, Terms Apply.
  • Intro bonus:
    Up to $150 Amazon Gift Card
  • Annual fee:
    $0
  • Regular APR:
    14.24% to 22.24% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon at our partner’s secure site.

Is the Capital One Walmart Rewards Mastercard Right for You?

The no annual fee Capital One Walmart Rewards Mastercard is an excellent card for Walmart.com or Walmart mobile app purchases, including pickup and delivery. If you shop at Walmart.com often or use this retailer for groceries, you won’t find many rewards cards that offer a higher rewards rate.

If you prefer shopping in-store at Walmart, you’ll still earn 2% rewards (after the 12-month 5% cash back offer when you use Walmart Pay). That can still give you great value over time  — especially since Walmart is often excluded from grocery categories with other cards — but it’s not as lucrative as the cash back you’ll earn shopping online.

While this card is a solid choice for Walmart purchases, you may also consider pairing your Capital One Walmart Rewards Mastercard with another card that offers better rewards in other categories, or instead choose a card with broader grocery and gas rewards not limited to a single retailer. Before you apply, make sure to check out other rewards credit cards, including cash back credit cards and travel credit cards, to find the right fit.

Frequently Asked Questions

How do I earn cash back with my Walmart Rewards Mastercard?

As a Capital One Walmart Rewards Mastercard cardholder, you’ll earn 5% back on Walmart.com purchases, including pickup and delivery. You can also earn 2% back in Walmart stores and Walmart fuel stations, at restaurants, and on travel, and 1% back on everything else you buy.

What is Walmart Pay?

Walmart Pay is a mobile payment tool you can download using the Walmart app. You can add your Capital One Walmart Rewards Mastercard as a payment method then earn 5% back on purchases in Walmart stores for the first 12 months.

Does the Capital One Walmart Rewards Mastercard charge foreign transaction fees?

The Capital One Walmart Rewards Mastercard does not charge foreign transaction fees.

What is the difference between the Capital One Walmart Rewards Mastercard and the Walmart Rewards Card?

The Capital One Walmart Rewards Mastercard is a Mastercard credit card you can use anywhere Mastercard is accepted. By contrast, the Walmart Rewards Card is a store card that you can only use at Walmart and Sam’s Club.