If you have a Walmart credit card, it’s about to get a major upgrade, thanks to a new partnership between Capital One and Walmart.

The revamp, which includes more generous and flexible rewards, comes as Capital One replaces Synchrony as Walmart’s credit card partner. Cards will be available to new applicants starting Sept. 24, 2019. For existing Synchrony cardholders, the rewards changeover takes effect Oct. 11.

There are two new credit cards. The Capital One Walmart Rewards Mastercard will be an “open-loop” card, meaning it can be used anywhere Mastercard is accepted. The Walmart Rewards Card will be a “closed-loop” card that can be used at Walmart and Walmart.com.

That’s an improvement over the two soon-to-be-defunct Synchrony Bank-issued versions of the card, which offer 3% cash back on Walmart.com purchases, 2% cash back on Murphy USA and Walmart gas stations, and 1% cash back on other purchases, including in-store Walmart purchases.

The new rewards structure is also on par with other retailer co-branded credit cards: The Amazon Prime Rewards Visa Signature Card offers 5% back on Amazon and Whole Foods purchases; 2% back at restaurants, gas stations and drugstores; and 1% back everywhere else. The Target REDcard™ Credit Card, which can be used only at Target, offers a 5% discount on eligible Target purchases.

“Within a Walmart context, 5% and 2% back has a whole different meaning,” says Wilbert Noronha, vice president of financial services and innovation architecture at Walmart. “We are a price leader. You get extraordinary value every day.”

The cards don’t come with a sign-up bonus, but for the first 12 months you get 5% back on in-store purchases if you use the cards with Walmart Pay, a mobile wallet that you access via the Walmart app.

With the new Capital One Walmart cards, all rewards points are worth one cent apiece, although they may be redeemed in multiple ways, including:

With the Synchrony versions of the cards, cash back is available only as a credit on your next statement, and rewards are automatically turned into statement credit the next month — meaning you can’t “bank” rewards for a big purchase.

As with other Capital One credit cards, cardholders will be able to lock or unlock the card easily if it’s lost or misplaced, receive alerts about things like potential fraud or purchasing errors, and track spending through text alerts.

It’s important to know what to expect when your credit card moves to a different issuer. Here’s a brief timeline for this switch:

If you don’t already have a Walmart credit card, you’ll be able to apply online or in Walmart stores starting Sept. 24. Applicants who don’t qualify for the Capital One Walmart Rewards Mastercard will be considered for the Walmart Rewards Card instead.

Time Relay

The article Revamped Walmart Mastercard Greets Holders With Richer Rewards originally appeared on NerdWallet.

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