Walmart and Capital One's cobranded and private-label cards will likely negatively impact Synchrony's performance:
Meanwhile, the new private-label Walmart Rewards Card offers 5% back on online Walmart purchases; the same first-year promotion and 2% back on in-store purchases after the deal ends; and 2% back at Walmart Fuel Stations. These cards will be available starting September 24 and are the result of Walmart
Capital One as its new issuer after working with Synchrony for 19 years. Previous Walmart cardholders will be moved over to the new cards and will start receiving them in the mail in November. The new cobranded card has stronger cash-back offerings, which could propel Walmart's performance, especially online.
The improved rewards proposition could attract new cardholders and greater spend from existing ones. The previous cardjust 3% back on Walmart.com purchases, 2% on fuel purchases from Walmart and Murphy USA gas stations, and 1% on all other purchases.
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