What Walmart's upgraded cards have in store for buyers
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With the launch of Capital One Walmart Rewards Mastercard and Walmart Rewards Card – which replaces the Walmart cards issued by Synchrony Bank – existing cardholders get a much improved product, with rewards rates competing with some of the best store cards on the market.
"These are the richest rewards we have ever offered to our customers," says Daniel Eckert, senior director, Walmart Services and Digital Acceleration.
But when credit cards change issuers, it can get complicated quickly. Here's what existing customers should know about the transition:
If I already have a Walmart credit card, what should I do first?
You do not need to do anything immediately beyond ensuring that your contact information is current so that you receive all notifications about the switch. October 1[ads1]1, 2019, the new Capital One Walmart program officially begins, and your existing card can start earning rewards at the new prices. For Capital One Walmart Rewards Mastercard there are:
Card image courtesy of Capital One
- 5% back on Walmart.com and the Walmart app buy.
- 2% back on store purchases at Walmart (including at Walmart gas stations), travel and restaurants.
- 1% back on everything else.
The Walmart Rewards Card has the same benefits of Walmart, Walmart.com and within the Walmart app.
14. October you can download the Capital One mobile app and start setting up your new account. If you already have another credit card account with Capital One, simply enter your existing credentials to see all your accounts at once.
Do I have to request a new card?
You haven't. You will automatically receive the new card in the mail over the next few months. (Capital One says it will take until the beginning of 2020 to get all cardholders a new card.)
If you have a Walmart Mastercard, it will be replaced with the new Capital One Walmart Rewards Mastercard. If you have a Walmart store card that can be used on Walmart and Walmart.com, it will be replaced with the new version, the Walmart Rewards Card.
When your new card arrives, you must activate it and destroy the old one.
Do I get a new card number?
No, as the primary card holder, you will keep the same credit card number, even if you get a new expiration date and three-digit verification number. [19659003] Authorized users will receive a new 16-digit card number that differs from the primary cardholder's number.
Do I need to change my repeated payments on my card?
Yes, you need to update the recurring payments, such as for tools or monthly subscriptions, so that they continue to process properly. Any automatic monthly payments or payments scheduled after October 10 will be canceled, and you must schedule them from October 14 when you have access to the new Capital One experience.
Is there anything that changes with the way I pay my monthly card bill?
The payment date for the card itself is likely to change, and the payment address will also be made if you pay by snail mail. Be on the lookout for the first billing statement from Capital One, which will arrive in the mail starting in October or November and will have the new due date and address. This first statement will also include any changes to the minimum payment and / or card interest rate.
As part of the transition to Capital One, which begins October 11, you will no longer be able to make payments to your Sam's Club account. Walmart stores can accept payment "as a courtesy" if you have your card with you.
Are my existing rewards moving too?
Reward on your old Synchrony card will be used as a final statement for your account.
From October 11, you can start earning rewards at the new awards.
Will the debt balance be automatically transferred?
Yes, if you have a balance on the card, it will eventually be automatically forwarded to your new account.
Where can I use the new card?
If you have Capital One Walmart Rewards Mastercard, you can use it anywhere Mastercard is accepted. If you have a "closed-loop" Walmart Rewards Card, you can only use it on Walmart (including Walmart gas stations), as well as on Walmart.com and in the Walmart app.
How can I redeem my reward?
Technically, the cards earn points that can be converted into several types of redemption options, including statement credit, gift cards and travel. You can also use rewards at Walmart.com. Points are worth a penny each regardless of the redemption method.
Your rewards will not expire, and there is no minimum redemption requirement.
Is it a sign up bonus?
No, but for the first 12 months that you have the card, you earn 5% back on store purchases through Walmart Pay, a mobile wallet available through the Walmart app. This applies to both Capital One Walmart Rewards Mastercard and Walmart Rewards Card.
Who do I contact if I have problems with this transition?
Contact Capital One with any questions or concerns. The phone number on the back of your old card is automatically redirected to connect you to Capital One.
