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Walmart Rewards Card Available From Next Week

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Walmart (WMT) on Wednesday announced that it is teaming up with Capital One to roll out two new credit cards designed to compete with cards from Apple and Amazon.

The companies said the Capital One Walmart Rewards Credit Card Program with two new cards will launch on September 24. The program's Mastercard will be accepted everywhere and the private-label Walmart Rewards Card is only for store purchases.

"Walmart's mission has always been to help customers save money so that they can live better, and our new credit card program—which both helps customers earn more when paying for things in and outside of Walmart, and offers many other incredible benefits—is squarely aligned with that mission," said Daniel Eckert, senior vice president, Walmart services and digital acceleration.

The Capital One Walmart Rewards Mastercard offers unlimited 5% back on purchases at Walmart.com and on in-store purchases when using Walmart Pay for the first 12 months as a special introductory offer. The card also does not have any annual fee and no foreign transaction fees.

Apple had launched Apple Card in collaboration with Goldman Sachs earlier this year. That card offers 2% back on any purchases made using Apple Pay.

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