Walmart's Back... With a New Credit Card! Is It Worth It?
Hey friends, Philip here with Points with Phillip, and I'm coming at you with some breaking news: Walmart has officially announced their NEW credit card!
Deja Vu?
You might be thinking, "Wait, didn't Walmart already have a credit card?" You're right! They've been playing the credit card partner game, bouncing from Synchrony to Capital One, and now… they're back with Synchrony. It's a reunion!
So, What's the Deal? The One Pay Card
The big news is this is the "One Pay" rewards card, co-branded with Walmart and issued by Synchrony. There's also a debit/spend card option if you don't qualify for the One Pay card. Let's dive into why this might be something YOU should care about.
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My Walmart Card History
I actually have some history here! I had the old Walmart card from Capital One, and it became a go-to for me, kinda like my Amazon Prime Visa. I was getting 5% cashback during the first year, but it was only good in-store. Eventually, Capital One converted those cards to Quicksilver cards, and I turned mine into a Venture card (which was awesome because it had my highest credit limit with Capital One at the time!).
The Nitty-Gritty: One Pay Card Perks
No Annual Fee: Always a win!
5% Cashback at Walmart: BUT, there's a catch. You need to be a Walmart+ member to snag that sweet 5%. If not, you get 3% at Walmart (including online) and 1.5% on everything else.
The BIG Question: What Can You DO With Your Cashback?
You earn rewards as "One Pay Points" that can be redeemed as a statement credit OR transferred to a One Pay account (if you have one). I'm actually going to apply and see if Synchry will give me one!
Signup Bonus: Nothing to Write Home About
It's a pretty slim bonus: $35 back after spending $75 in the first 30 days. Basically, it's like getting $35 off your first Walmart+ order. Walmart's definitely playing the "store card" game here, similar to Macy's or Belk.
Why Points People Should Pay Attention: The Amex Angle
Okay, here's where it gets interesting for those of us in the points and miles world. If you have an American Express Business Gold or Personal Platinum card, you get a FREE Walmart+ membership!
I use my Walmart+ all the time for essentials like Greek yogurt, blueberries, paper towels, etc. It all gets delivered weekly, which is a game-changer!
Plus, Walmart+ gets you:
10 cents off per gallon at Exxon, Walmart, and Sam's Club gas stations
Access to the ad-supported tier of Paramount+
Burger King perks (though I haven't tried those yet!)
The Problem This Solves
Without this card, there's no great way to maximize Walmart purchases with Amex. Regular Walmart purchases code as regular retail, meaning you're stuck with 1x points.
Why Not Just Use...?
City Custom Cash: Great for 5% cashback, but it's limited to $500 per month.
PayPal Debit Card: Unlimited, but it's a debit card.
The One Pay card is similar to the Amazon Prime card or Target Circle card – it's designed for maximizing rewards at one specific retailer.
The Synchrony Factor: Are They Trustworthy?
Okay, let's talk about the elephant in the room: Synchrony. Are they a card issuer you want to mess with?
My Experience: I have a City Furniture card (only usable at City Furniture – ha!). I also have a Virgin Red Rewards card (which I'm about to cancel to try and cycle the signup bonus – wish me luck!). And I have a Venmo credit card (which earns awesome rewards: 3% on your top spending category, 2% on your second, and 1% on everything else).
Synchrony Quirks: Watch out for paper statement fees ($1.99/month!). But they don't have shady monthly fees like Credit One. They also have a Cathay Pacific card, which is on my radar!
Overall, I'm not opposed to Synchrony. It wouldn't be a dealbreaker for me.
Final Thoughts
The One Pay card could be an interesting option, especially if you're already in the Amex ecosystem with free Walmart+. Think about it: 5% cashback on your next TV, futon, groceries… it could be a good fit for the right family.
Let me know what YOU think! Are you considering this card? Or is it a hard pass? I want to hear your thoughts in the comments!