Walmart (NYSE:WMT) has long eschewed launching a loyalty program, opting instead for every day low prices. But its newest charge card does double duty as payment and rewards program.
The new Walmart Credit Card and Walmart MoneyCard offers a simplified rewards value proposition called 3-2-1 Save. Shoppers who use the cards will earn rewards for purchases in a tiered system: 3 percent back on purchases made on Walmart.com, including Site to Store orders; 2 percent back on fuel purchases at Walmart or Murphy USA gas stations; and 1 percent back on purchases made at Walmart stores and everywhere the Walmart Credit Card or Walmart MasterCard are accepted.
The cards will be administered by Synchrony Bank and Green Dot Bank. Rewards are also being applied to Walmart's branded MasterCard. Existing Walmart Credit Card and Walmart MasterCard cardholders are automatically enrolled in the 3-2-1 Save program as of April 1, 2016, and current cardholders can use their existing card to earn rewards.
"We're always looking for ways we can create and change products and services to make them even better for our customers," said Daniel Eckert, senior VP, services, Walmart U.S. "The Walmart MoneyCard and Walmart Credit Card have proven to be valuable tools in our customers' wallets, helping them manage their money for less. The new 3-2-1 Save program simplifies and strengthens the card proposition for more than 10 million cardholders and helps add even more value to their Walmart purchases no matter how they choose to shop with us."
Walmart has also added new features to the MoneyCard including a new mobile app, free early direct deposit, online bill pay and mobile check deposit through the new app.
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