Capital One Walmart Rewards® Card Review [2022]: Earn Points With Every Swipe

The partnership between Capital One and Walmart gives consumers a robust rewards program that can really pay off.
Last updated Sept. 11, 2022 | By Robin Kavanagh

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The Capital One Walmart Rewards® Card brings together Capital One’s popular rewards program and Walmart to help you earn points while you shop. It's especially useful if you do most of your shopping at Walmart, Walmart.com, or through the retailer's mobile app.

But how does it compare with other cash back rewards credit cards, and is it right for your wallet? In this Capital One Walmart Rewards Card review, we'll look at this card's benefits, drawbacks, and more to help you decide if it's a good option for you.

Great rewards on Walmart purchases

Capital One Walmart Rewards® Card

Capital One Walmart Rewards® Card

Capital One Walmart Rewards® Card

Intro Offer

Earn 5% back on purchases in Walmart stores for the first 12 months when you use this card with Walmart Pay

Annual Fee

$0

Rewards Rate

5% back at Walmart.com, on the Walmart app, and on Walmart pickup and delivery; 2% back in Walmart stores, at Walmart and Murphy USA gas stations, and on restaurant and travel purchases; and 1% back on everything else

Benefits and Drawbacks

Benefits

  • No annual fee
  • Unlimited rewards in and out of Walmart
  • Bonus rewards on select gas purchases

Drawbacks

  • Relatively high APR
Card Details
  • Earn 5% back on purchases in Walmart stores for the first 12 months when you use this card with Walmart Pay
  • 5% back at Walmart.com, on the Walmart app, and on Walmart pickup and delivery; 2% back in Walmart stores, at Walmart and Murphy USA gas stations, and on restaurant and travel purchases; and 1% back on everything else

In this Capital One Walmart Rewards Card review:

Who should get the Capital One Walmart Rewards Card?

The Capital One Walmart Rewards Card is best for Walmart shoppers and those who will use Walmart Pay to shop in-store for the first year of having the card, as these purchases get you the most in cashback rewards. This card prioritizes digital use, so if you’re more likely to turn to your phone or computer to shop with Walmart, it could be a smart choice for you.

If you’re also someone who appreciates earning cash back at Walmart, but also wants to earn rewards for using your card elsewhere, the Capital One Walmart Rewards Card might be a good fit. Unlike many other store credit cards, it’s accepted virtually anywhere.

Card basics

Card type Cash back
Credit card issuer Capital One
Credit card network Mastercard
Annual fee $0
Intro bonus Earn 5% back on purchases in Walmart stores for the first 12 months when you use this card with Walmart Pay
Reward rate 5% back at Walmart.com, on the Walmart app, and on Walmart pickup and delivery; 2% back in Walmart stores, at Walmart and Murphy USA gas stations, and on restaurant and travel purchases; and 1% back on everything else
Recommended credit score Excellent, Good, Fair
Foreign transaction fee None

Capital One Walmart Rewards Card benefits and perks

  • Earn extra points as an early spend bonus: Unlike some other credit cards, this card doesn’t reward you with a large number of rewards when you sign up, but you can get extra cash back: Earn 5% back on purchases in Walmart stores for the first 12 months when you use this card with Walmart Pay.
  • Decent rewards: The Capital One Walmart Rewards Card has a diversified rewards system, offering a number of ways to earn cash back. You’ll earn 5% back at Walmart.com, on the Walmart app, and on Walmart pickup and delivery; 2% back in Walmart stores, at Walmart and Murphy USA gas stations, and on restaurant and travel purchases; and 1% back on everything else.
  • Flexible redemptions: You have quite a few ways to use your rewards. You can use them during online checkout at Walmart.com, as a credit for recent purchases, statement credits, gift cards, or even travel.
  • Travel and shopping perks: This card offers benefits outside of Walmart, too. You’ll have no foreign transaction fees, travel accident insurance, extended warranties on eligible purchases, and even complimentary concierge service if you need help with dining, entertainment, or travel.

Drawbacks to the Capital One Walmart Rewards Card

  • Bonus category earnings: While this card does offer generous rewards for your Walmart spending, other cards may offer a higher earnings rate in more general categories like travel and dining. 
  • No intro APR: Some cards offer 0% intro APR periods for new purchases and balance transfers. These can be useful if you're buying something expensive or want to transfer debt from a card with a higher interest rate. Unfortunately, the Capital One Walmart Rewards Card does not offer this benefit. Cardholders get the regular APR, which varies based on their creditworthiness.

Earning & redeeming cash back with the Capital One Walmart Rewards Card

Potential earnings in years one and two

Here's a look at how your cash back can add up with the Capital One Walmart Rewards Card.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $421

Year two earnings: $421

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model which takes a look at cash back earned via spending and the annual fee. 

It's important to note that these amounts don't reflect the sign-up bonus or bonus rewards you'd earn from your Walmart purchases. For instance, if you did all your grocery shopping at your local Walmart and paid with your card, your earnings could increase to $889 in the first year and $538 in the second year.  

Best ways to earn

The Capital One Walmart Rewards Card gives cardholders the chance to earn up to 5% back in rewards:

Categories Rewards rate
Walmart.com, Walmart app, Walmart pickup and delivery 5%
Walmart stores, Walmart and Murphy USA gas stations, restaurant and travel purchases 2%
All other purchases 1%

New cardholders can also get additional cash back: Earn 5% back on purchases in Walmart stores for the first 12 months when you use this card with Walmart Pay.

This card places an emphasis on digital use and account management, so online purchases at Walmart.com and using Walmart Pay or Walmart apps will get you the most rewards. Also, taking advantage of the extra rewards during the first year can boost your earnings.

After that, using the card at Walmart stores, while dining out, or for booking travel are likely your best bets for optimal rewards.

Maximizing your redemptions

The Capital One Walmart Rewards Card offers several rewards redemption options, including travel — including flights and hotel stays — gift cards, during online checkout at Walmart.com, statement credits, and more. Your points will never expire as long as your account remains in good standing, and there’s no cap to the rewards you can earn.

Capital One Walmart Rewards Card FAQs

What credit score is needed for a Capital One Walmart Rewards Card?

You’ll likely need fair, good, or excellent credit to be approved for the Walmart Rewards Card.

Capital One also offers another Walmart credit card. If you're not eligible for the Capital One Walmart Rewards Card, you could potentially get approved for its sister card, the Walmart Rewards Card.  

Will the Capital One Walmart Rewards Card hurt my credit score?

When you apply for the Walmart Rewards Card, the issuer will do a hard credit pull, which could cause your FICO score to drop by a few points. However, if you pay off your full balance each month on or before the due date, your score could potentially increase as you build a positive payment history.

Can I use my Capital One Walmart Rewards Card for gift cards?

You can use your Capital One Walmart Rewards Card to purchase anything from a retailer that accepts Mastercard. This includes gift cards. You can also redeem your rewards for gift cards through Capital One.

How do you get cash from your Capital One Walmart Rewards Card?

The Capital One Walmart Rewards Card allows you to make cash advances, though they come with a fee and a high APR.


Other cards to consider

If the Capital One Walmart Rewards Card isn't the best credit card for you, these could be better options for your wallet.

Citi® Double Cash Card - 18 month BT offer

The Citi® Double Cash Card - 18 month BT offer card offers users the chance to earn up to 2% cash back on all purchases: 1% as you buy and 1% as you pay for those purchases. It also has a 0% introductory APR on balance transfers for the first 18 months (then 16.24% to 26.24% (variable)), which could save you some significant money in interest charges if you have existing credit card debt.

Read our Citi Double Cash Card review.

Chase Freedom Unlimited®

With the Chase Freedom Unlimited®, cardmembers earn 5% on travel purchased through Chase Ultimate Rewards, 3% on dining and drugstore purchases, and 1.5% on all other purchases. Plus, this $0-annual-fee credit card offers perks like a 0% introductory APR on purchases for 15 months (then 17.24% to 25.99% (variable)) and a generous sign-up bonus. Earn an extra 1.5% cash back on all eligible purchases, on up to $20,000, in the first year.

Read our Chase Freedom Unlimited review.

Great rewards on Walmart purchases

Capital One Walmart Rewards® Card

Capital One Walmart Rewards® Card

Capital One Walmart Rewards® Card

Special Offer

Earn 5% back on purchases in Walmart stores for the first 12 months when you use this card with Walmart Pay

See how these cards compare:

Citi® Double Cash Card - 18 month BT offer
Citi® Double Cash Card - 18 month BT offer
  • Earn $200 cash back after spending $1,500 in the first 6 months (limited time offer)
  • 0% intro APR on balance transfers for 18 months, then 16.24% to 26.24% (variable) APR
  • Up to 2% cash back on all purchases: 1% as you buy and 1% as you pay for those purchases
  • No annual fee
Chase Freedom Unlimited®
Chase Freedom Unlimited®
  • Earn an extra 1.5% cash back on all eligible purchases, on up to $20,000, in the first year
  • Bonus rewards on travel, dining, and drugstores
  • No annual fee
  • 0% intro APR on purchases and balance transfers

Author Details

Robin Kavanagh Robin is a freelance writer who lives on the South Carolina beach. She has spent the last 20 years writing about all kinds of topics for publications such as The New York Times, Yes! Magazine, Next Tribe, Parenting, and various trade magazines. On FinanceBuzz.com, you’ll find her mostly writing about smart ways to use credit cards, navigating personal loans, how to save when traveling, and ways to improve your financial health.