With the launch of the Capital One Walmart Rewards Mastercard and the Walmart Rewards Card — which are replacing the Walmart cards issued by Synchrony Bank — existing cardholders are getting a much improved product, with rewards rates that rival some of the best store cards on the market.
“These are the richest rewards we’ve ever offered our customers,” says Daniel Eckert, senior vice president, 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 changeover:
If I already have a Walmart credit card, what should I do first?
You don’t need to do anything immediately beyond ensuring that your contact information is current, so that you receive all notifications about the switch. On Oct. 11, 2019, the new Capital One Walmart program officially begins, and your existing card can start earning rewards at the new rates. For the Capital One Walmart Rewards Mastercard, that’s:
- 5% back on Walmart.com and Walmart app purchases.
- 2% back on in-store purchases at Walmart (including at Walmart fuel stations), travel and restaurants.
- 1% back on everything else.
The Walmart Rewards Card comes with the same rewards at Walmart, Walmart.com and within the Walmart app.
On Oct. 14, 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, just enter your existing credentials to view all your accounts at once.
Do I need to request a new card?
You do not. You’ll automatically get your new card in the mail within the next few months. (Capital One says it will take until early 2020 to get every cardholder 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, usable at Walmart and Walmart.com, it will be replaced with the new version, the Walmart Rewards Card.
When your new card arrives, you’ll need to activate it and destroy your old one.
Will I get a new card number?
No, as the primary cardholder, you will keep the same credit card number, although you’ll get a new expiration date and three-digit verification number.
Authorized users will receive a new 16-digit card number that differs from the primary cardholder’s number.
Do I need to change my recurring payments on the card?
Yes, you’ll need to update your recurring payments, such as for utilities or monthly subscriptions, so they continue to process properly. Any automatic monthly payments or payments scheduled for after Oct. 10 will be canceled, and you’ll need to reschedule them starting Oct. 14 when you have access to the new Capital One online experience.
Is anything changing with the way I pay my monthly card bill?
Your payment due date for the card itself will likely change, as will the payment address if you pay via snail mail. Be on the lookout for your 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 your minimum payment and/or your card’s interest rate.
As part of the switch to Capital One, starting Oct. 11, you will no longer be able to make payments on your account at Sam’s Club. Walmart stores may accept payments “as a courtesy” if you have your card with you.
Do my existing rewards also move over?
Rewards on your old Synchrony card will be applied as a final statement credit to your account.
Starting Oct. 11, you can begin earning rewards at the new rates.
Will my debt balance transfer automatically?
Yes, if you have a balance on the card, it eventually will be automatically forwarded to your new account.
Where can I use the new card?
If you have the Capital One Walmart Rewards Mastercard, you can use it anywhere Mastercard is accepted. If you have the “closed-loop” Walmart Rewards Card, you can use it only at Walmart (including Walmart fuel stations), as well as on Walmart.com and within the Walmart app.
How can I redeem my rewards?
Technically, the cards earn points that can be converted into several kinds 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 redemption method.
Your rewards don’t expire, and there’s no minimum redemption requirement.
Is there a sign-up bonus?
No, but for the first 12 months that you have the card, you’ll earn 5% back on in-store purchases made through Walmart Pay, a mobile wallet accessible via the Walmart app. That applies to both the Capital One Walmart Rewards Mastercard and the Walmart Rewards Card.
Whom 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 will be automatically redirected so it connects you to Capital One.