The Walmart Credit Card in 2026: What Replaced Capital One and Is It Worth It?

First, what happened to the old Capital One Walmart card

For years, Walmart's store and Mastercard credit cards were issued by Capital One. That partnership ended: Walmart and Capital One announced the wind-down of their consumer card agreement, and the card stopped accepting new applicants in 2024. If you still have a Capital One Walmart Rewards card, Capital One communicated that existing accounts would be converted to a standalone Capital One rewards card — so your account didn't just vanish, but it's no longer a 'Walmart' card and no longer earns the old Walmart-specific bonus structure.

The practical takeaway: you cannot apply for the Capital One Walmart card anymore. Any page still advertising it as open is out of date. The current, applicable product is the OnePay CashRewards Card described below.

Meet the replacement: the OnePay CashRewards Card

OnePay is the fintech Walmart launched (with venture firm Ribbit Capital) to run its consumer money app. For the credit card, OnePay handles the app and customer experience, while Synchrony Bank is the issuing bank that underwrites and approves accounts. So when people ask 'who issues the new Walmart credit card,' the accurate answer is Synchrony Bank, delivered through OnePay.

The card is a Mastercard, which means the CashRewards version works anywhere Mastercard is accepted — not just inside Walmart. You manage the card, track rewards, and redeem cash back through the OnePay app. That app-first setup is central to how the product works, so it helps to be comfortable using a mobile banking app.

How the cash back actually works

The rewards structure, as of the 2025 launch, is tiered: unlimited 3% cash back at Walmart (in-store and online) for standard cardholders, unlimited 5% cash back at Walmart for Walmart+ members, and unlimited 1.5% cash back on everything else, anywhere Mastercard is accepted.

The important honesty here is about that 5%. You only reach 5% at Walmart if you pay for a Walmart+ membership, which is a separate paid subscription (roughly $98/year as of 2025). Without Walmart+, your Walmart rate is 3%. So the real question is whether you spend enough at Walmart for the extra 2% to outrun the membership cost — if you're a heavy, regular Walmart shopper it can; if you shop there occasionally, the 3% tier is the number that matters to you.

Rewards accrue as OnePay Points, which you can redeem for cash back when you bank through OnePay or take as a statement credit. There's also a welcome offer: $35 cash back after spending $75 or more within the first 30 days of opening the account (new accounts only, one per account).

Fees, APR, and the fine print

There is no annual fee on the OnePay CashRewards Card. That's a genuine plus and matches what most no-annual-fee cash-back cards offer.

The ongoing purchase APR, as of 2025, is a variable 20.99% to 31.49%, and the exact rate you get is determined during the application based on your creditworthiness and the Prime Rate. Like almost any rewards card, that APR is high enough that the cash back is only truly 'free' if you pay your statement balance in full each month — carrying a balance will quickly erase the value of 3%–5% back. Other terms such as late fees, cash advance costs, and any foreign transaction fee are set out in the issuer's cardholder agreement, so confirm the current terms on the official application before you sign.

The backup option: the OnePay Walmart Spend Card

Not everyone who applies is approved for the full CashRewards Mastercard. The program includes a second, more basic product: the OnePay Walmart Spend Card. When you apply, you're first considered for the CashRewards Card; if you don't qualify for that, you may be offered the Spend Card instead.

Be clear about what the Spend Card is: it's a store-only card that works exclusively at Walmart and Walmart.com, and it does not carry the standard 3%/5% cash-back program. It has no annual fee. Think of it as an entry-level or credit-building tier rather than a rewards card — useful if you shop at Walmart and want to establish or rebuild credit history with a manageable account, but not the card to reach for on everyday spending elsewhere.

Pros, cons, and who it actually fits

The strengths: no annual fee, a straightforward up-to-5% rate at Walmart, a flat 1.5% everywhere else so it's not useless outside the store, full Mastercard acceptance on the CashRewards version, and a small but real welcome bonus. For a household that does a large share of its grocery, household, and general shopping at Walmart, the math is easy to like — especially paired with Walmart+.

The trade-offs: the best rate is paywalled behind a paid Walmart+ membership, the 1.5% base rate is beaten by widely available flat 2% cards for non-Walmart spending, the experience is tied to the OnePay app, and the APR is high if you revolve a balance. It fits best if you're a frequent Walmart shopper who pays in full each month and either already has Walmart+ or spends enough to justify it. It fits worst if Walmart is an occasional stop and you'd rather have one simple card that earns a strong flat rate everywhere.

Honest alternatives worth comparing

If you're not sold, a few well-known cards compete for Walmart spending. Rotating-category cards like Discover it Cash Back and Chase Freedom Flex occasionally feature Walmart (or online/wholesale categories) at 5% for a quarter when you activate — great when it lands, nothing special when it doesn't. Note that Walmart usually isn't coded as a 'grocery store,' so dedicated supermarket cards often won't pay their top grocery rate there.

For online Walmart.com orders, a card like the Amex Blue Cash Everyday earns an elevated rate on U.S. online retail (up to an annual cap). And if you value simplicity over store loyalty, a flat 2% card such as Wells Fargo Active Cash or Capital One Quicksilver (1.5%) gives you one consistent rate on everything with no membership required. The right pick depends on how concentrated your spending is at Walmart versus everywhere else — always confirm each card's current terms before applying.