Capital One and Walmart Inc. announced plans to launch of the Capital One Walmart Rewards Card Program with the rollout of two new rewards cards that provide loyalty points and discounts to shoppers that make purchases at the big box retailer, according to a press release. 

The companies will launch the co-branded Capital One Walmart Rewards Mastercard and the private label Walmart Rewards Card, exclusively for Walmart purchases on Sept. 24. 

Walmart and Capital One have maximized the program to allow mobile interaction, for example, Walmart Pay customers can load the card directly onto their smartphones. Customers can also apply for the card at Walmart.com, the Walmart app, CapitalOne.com and can send a text to apply for the card and complete the application using a smartphone. 

"We are using our technology expertise to transform the customer experience through a digital first approach," Daniel Mouadeb, senior vice president, head of Walmart partnership at Capital One, said in the press release. "We worked with Walmart to deliver a credit card program that offers meaningful rewards, combined with simple, intuitive digital tools that help people get more for their money by rewarding them for the things that they buy at Walmart and everywhere else they shop."

The Capital One Walmart Rewards card will have no annual or foreign transaction fees and offer a variety rewards for purchases at the retailer. 

• 5% for Walmart.com, including grocery pickup and delivery as well as in-store purchases using Walmart Pay during first 12 months.
• 2% back on in-store Walmart purchases as well as restaurants and travel.
• 1% back on all other purchases.

Current Walmart cardholders will be converted to one of the new cards starting Oct. 11. 

Cover image courtesy of Walmart.