The Capital One Walmart Rewards Card is an excellent choice for online shoppers who frequently spend at Walmart.com. The card earns 5% cash back at the store’s website, which makes it the only card from a major issuer to consistently earn such a high rewards rate at Walmart. These generous rewards at America’s largest retailer are the reason we have named the Capital One Walmart Rewards one of the Best Store Credit Cards of 2022.
Besides earning rewards online, the card also offers 2% back at Walmart stores, restaurants and on travel. Additionally, cardholders get 5% back in Walmart stores with Walmart Pay, the retailer’s mobile wallet, in the first year with the card. All other purchases earn 1% back.
Capital One Walmart Rewards® Card
- Base rewards rate: 1% cash back
- Bonus rewards: 5% cash back at Walmart.com, 2% cash back at Walmart stores, restaurants, and on travel
- Sign-up bonus: 5% cash back in Walmart stores with Walmart Pay for the first 12 months
- Annual fee: $0
- APR: 17.99% to 27.74%, variable
Are the fees worth the rewards?
The Capital One Walmart Rewards can yield significant cash back. For instance, let’s say you spend $1,000 with the card monthly: $500 on purchases at Walmart.com, $250 on travel and dining and $250 in other categories. In this scenario, you’ll earn $390 in annual cash back. If you do your Walmart shopping in-person instead of online, your annual rewards earnings will total $240.
However, if purchases at Walmart.com only comprise a small portion of your shopping budget, a general cash back credit card may be a better option for you. By contrast the most generous general-purpose cash back credit cards typically offer 2% cash back on general spending, equivalent to $240 a year on $1,000 in monthly spending.
Card details you might miss
At Buy Side from WSJ, we judge rewards credit cards based on potential earnings they can offer. However, it can be helpful to consider other benefits a store credit card can provide.
The Capital One Walmart Rewards offers:
- Extended warranty, which extends a manufacturer’s original warranty on items you buy with the card
- Price protection, which reimburses you the difference in price if you find the item you purchased with the card at a lower cost advertised elsewhere
- No foreign transaction fees
Another thing to note is the credit level recommended to qualify for the card. In general, store credit cards are known as more accessible to consumers of all credit levels. That’s not necessarily the case with the Capital One Walmart Rewards card. According to the issuer’s website, you need good to excellent credit to be approved for the card.
For that reason, if your credit score could use some work or you’re new to credit, you might not be able to qualify for the Capital One Walmart Rewards. On the bright side, if your application is denied, the issuer will automatically consider you for the Walmart Rewards® Card which you can only use at Walmart.
Who benefits most from this card?
If Walmart is your go-to for all kinds of online shopping, from groceries to clothing to electronics, the Capital One Walmart Rewards can be an excellent option for you. The 5% cash back rate at Walmart.com is hard to beat, and rewards earnings can be outstanding if you shop on the website regularly.
On the other hand, if you prefer to shop in-store, you might do better with a general cash back credit card. For example, the Wells Fargo Active Cash® Card, our pick for the Best Cash Back Credit Card of 2022, earns 2% on all purchases. This matches the rate the Capital One Walmart card offers on in-store purchases, dining, and travel. Moreover, it’s double the rate the Capital One card earns on purchases outside of bonus categories.
Further, the Capital One Walmart Rewards card might not be the best choice if you’re planning a big purchase. The card features no 0% APR offer or any special financing. As an alternative, you can consider the Amazon Prime Rewards Visa Signature. An online retail behemoth, Amazon also sells countless types of merchandise, and the card comes with the option to use 0% promo APR for six to 18 months on purchases of at least $50.
The advice, recommendations or rankings expressed in this article are those of the Buy Side from WSJ editorial team, and have not been reviewed or endorsed by our commercial partners.
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