At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products presented here are from our partners. However, this does not affect our estimates. Our opinions are our own.
With the release of Capital One Walmart Rewards Mastercard and Walmart Rewards Card – which replace Synchrony Bank's Walmart Cards – existing cardholders are getting a much better product, with rewards rates rivaling some of the best cards on the market.
"These are the richest awards we've ever offered our customers," says Daniel Eckert, Senior Vice President, Walmart Services and Digital Acceleration.
But when credit cards change publishers, it can get complicated quickly. Here's what existing customers need to know about the switch:
If I already have a Walmart credit card, what should I do first?
You do not need to do anything right away except to ensure that the contact information is up-to-date so that you receive all notifications for the switch. On October 1
- 5% Back at Walmart.com and the Walmart purchases app.
- 2% back of Walmart store purchases (including Walmart gas stations), travel and restaurants.
- 1% back to everything else.
The Walmart Reward Card is available with the same rewards at Walmart, Walmart.com and the Walmart App.
On October 14, you can download the Capital One mobile app and start creating your new account. If you already have another Capital One credit card account, simply enter your existing credentials to view all your accounts at one go.
Do I have to request a new card?
You do not. You will automatically receive your new card in the mail within the next few months. (Capital One says it will take until early 2020 to get each 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 card used by Walmart and Walmart.com, it will be replaced with the new version, the Walmart Rewards Card.
When your new card arrives, you will need to activate it and destroy your old one.
Will I receive a new card number?
No, as the primary card holder, you will retain the same credit card number, although you will receive a new expiration date and a three-digit confirmation number.  Authorized users will receive a new 16-digit card number that is different from the number of the primary card holder.
Should I change recurring card payments?
Yes, you'll need to update your recurring payments, such as utilities or monthly subscriptions, so that they continue to be processed correctly. Any automatic monthly payments or payments scheduled for October 10th will be canceled and you will need to defer them by October 14th when you have access to the new Capital One online experience.
Is there anything changing with the way I
The due date for the card itself is likely to change, as well as the payment address if you pay by snail mail. Look for your first Capital One billing statement, which will arrive in the mail beginning October or November and will have the new date and address. This first statement will also include any changes to your minimum payment and / or interest rate on your card.
As part of the move to Capital One starting October 11, you will no longer be able to make payments to your Sam Club account. Walmart stores can accept payments "as a courtesy" if you have your card with you.
Are my existing awards moving too?
Starting October 11, you can start winning prizes with new rates.
Will my balance transfer automatically?
Yes, if you have a balance on the card, in the end it will automatically be forwarded to your new account.
Where can I use the new card?
If you have a Capital One Walmart Rewards card, you can use it wherever your Mastercard is accepted. If you have a Walmart Prize Closed Circuit Card, you can only use it at Walmart (including Walmart Petrol Stations) as well as at Walmart.com and within the Walmart App.
How can I redeem my prizes?
Technically, cards earn points that can be converted into several types of buying options, including statement credit, gift cards and travel. You can also use rewards at Walmart.com. The points cost one penny, regardless of the redemption method.
Your rewards do not expire and there is no minimum redemption requirement.
Is there a signup bonus?
No, but for the first 12 months that you have the card, you will earn 5% back from in-store purchases made through Walmart Pay, a mobile wallet accessible through the Walmart app. This applies to both the Master One Walmart Rewards Mastercard and the Walmart Rewards Card.
Who do I contact if I have problems with this transition?
Contact Capital One for questions or concerns. The phone number on the back of your old card will be automatically routed to connect you to Capital One.