Walmart has made a fresh comeback in the credit card arena, launching a revamped credit card program in collaboration with fintech company OnePay and familiar issuer Synchrony Bank. This marks Walmart’s second relaunch in just a few years, aiming to offer new rewards options for shoppers without charging an annual fee.
Two New Walmart Credit Card Options — Both With $0 Annual Fee
1. OnePay CashRewards Card (Open-Loop Mastercard)
This card functions like a typical Mastercard, meaning you can use it anywhere Mastercard is accepted. Rewards include:
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5% cash back at Walmart for Walmart+ members
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3% cash back at Walmart for non-members
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1.5% cash back on all other purchases
Cash back is awarded as OnePay Points, valued at 1 cent each. You can redeem these points as a statement credit or deposit them into a OnePay Cash account. For those interested, we have a detailed review of the OnePay CashRewards Card.
2. OnePay Walmart Spend Card (Closed-Loop Store Card)
This card can only be used at Walmart stores and Walmart.com. Unlike the CashRewards Card, it doesn’t offer an ongoing rewards structure, though Walmart may provide occasional bonus offers.
Welcome Bonus and Application Process
Both cards currently come with a modest sign-up bonus: $35 cash back when you spend $75 within the first 30 days of account opening.
When you apply, Walmart will first consider you for the more flexible OnePay CashRewards Card. If you don’t qualify, you’ll be offered the OnePay Walmart Spend Card instead. Thanks to OnePay’s pre-qualification feature, you can check which card you’re likely to get without a hard credit inquiry, so your credit score won’t be affected initially. A hard inquiry will only occur if you formally apply.
While you don’t need a OnePay account to apply for the cards, you’ll need the OnePay app to manage your account and rewards.
A Return to Synchrony — Walmart’s Credit Card History
Walmart’s renewed partnership with Synchrony Bank marks a return to its roots. Synchrony managed Walmart’s credit cards for decades until 2018, when Walmart filed a lawsuit citing issues with underwriting practices.
Following that, Walmart partnered with Capital One for the Capital One® Walmart Rewards™ Mastercard® launched in 2019. However, that relationship ended in 2023 amid customer service complaints, leading to the card’s discontinuation in 2024.
Should You Apply for a Walmart Credit Card?
If you’re loyal to Walmart, the OnePay CashRewards Card offers genuine cash back — not just store credits or rewards you can only spend at Walmart — making it a flexible option for everyday use.
The card’s rewards shine brightest if you’re also a Walmart+ member, which costs $98 per year or $12.95 monthly. Walmart+ brings perks like:
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Savings on eligible gas purchases
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Access to streaming services
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Free grocery delivery with minimum orders
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And more
If Walmart is your go-to store, the combined value of Walmart+ perks and the 5% cash back on the OnePay CashRewards Card could justify the membership fee.
However, compared to the discontinued Capital One Walmart Rewards Card, the new card has mixed benefits:
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The old card gave 5% back on Walmart.com and app purchases without requiring Walmart+, plus 2% back on travel and dining.
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The new card offers 5% or 3% back at Walmart stores only (depending on membership), and a flat 1.5% back on everything else, which is better than the old card’s 1% but lacks bonus categories.
If you’re not a Walmart fanatic, a general cash-back card without a store affiliation might be a smarter choice. For Walmart online shoppers who want to avoid the membership fee, cards like the Chase Freedom Flex® or Discover it® Cash Back often feature Walmart as a rotating 5% bonus category — all with no annual fee.
Final Thoughts
Walmart’s new credit card program offers fresh options, especially for frequent Walmart shoppers who also subscribe to Walmart+. The ability to earn flexible cash back through an open-loop Mastercard is a welcome upgrade over traditional store cards.
If you shop elsewhere regularly or want broader rewards, consider a no-annual-fee general rewards card with rotating bonus categories that include Walmart.
Note: Information about the OnePay CashRewards and Walmart Spend Cards was gathered from NerdWallet and has not been independently verified or provided by the card issuers.
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