Walgreens Reveals MyWalgreens Reward Credit Cards

Earlier this year, drug store chain Walgreens announced that it would be partnering with Synchrony and Mastercard to offer a new co-branded credit card to consumers. Now, more details about that planned product have emerged.

Walgreens will actually be releasing two separate credit card products: the myWalgreens Credit Card and the myWalgreens Mastercard. While the former can only be used at Walgreens and Duane Reade locations and on Walgreens.com, the latter is accepted anywhere that Mastercard is. As a result, the Mastercard version of the card includes some added benefits.

Starting with rewards that both cards share, cardholders can earn 10% back in Walgreens cash rewards on Walgreens branded purchases. Additionally, they’ll earn 5% rewards on all other Walgreens purchases, including most pharmacy purchases. Meanwhile, myWalgreens Mastercard customers will earn 3% Walgreen Cash rewards on grocery and health & wellness purchases made outside of Walgreens as well as 1% rewards on all other purchases. Both of these options come with no annual fee.

In terms of other perks, both myWalgreens card options include a unique and easy-to-earn welcome bonus. Currently, new cardholders can score a $25 Walgreens Cash rewards bonus when they make their first purchase on the card within 45 days of their account opening. While this bonus amount is relatively low when compared to other cards, the low minimum spend amount (which isn’t stated other than “one eligible purchase”) makes this an interesting proposition.

When initially revealing plans to offer myWalgreens credit cards Walgreens president John Standley said of the decision, “Walgreens is committed to providing our customers and patients with unparalleled loyalty and rewards experiences for managing their health and well-being, and we are excited to partner with Synchrony and Mastercard, who share our commitment to support healthy communities.” Standley added, “As we continue to focus on creating new revenue streams, we look forward to exploring and introducing even more health and well-being payment initiatives in the near future.”

Overall, the myWalgreens cards (the Mastercard version in particular) could be a potential option for those who frequent Walgreens/Duane Reade. In addition to the generous 10% and 5% categories, the 3% back on grocery purchases is in line with that other no annual fee card offers. However, the obvious downside is that the rewards earned can only be used at Walgreens. On top of that, there are some restrictions that potential cardholders should review — especially those in Arkansas, New Jersey, or New York. Nevertheless, if either card sounds interesting to you, can you find more info on the Walgreens website.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

X1 Opens Waitlist for New X1+ Credit Card

A neo-credit card issuer is looking to build upon its early success and expand its line-up. This week, X1 announced the upcoming X1+ card while opening a waitlist for the product. With the X1 being billed as "the world’s smartest credit card," this latest offering is being hailed as the only credit card for smart travel. The X1+ is expected to launch this spring and will carry an annual fee...

Bilt and Point.Me Partner for Award Flight Search Integration

With several credit cards, customers can earn points that can then be transferred to various travel programs and redeemed for flights or hotel bookings. Unfortunately, finding and booking the best award travel deals isn't always as straightforward as one might assume. To assist with that, Bilt has unveiled a new integration with Point.Me that will help its rewards members search for award flights on airlines that participate in Bilt's transfer...

Zurp Raises $5 Million for Creator Experience Rewards Credit Card

A FinTech looking to marry credit card rewards with the creator economy has just closed a fresh round of funding. This week, Zurp announced that it had raised $5 million to create a "credit card for experiences." New Form, MAGIC Fund, Launchpad VC, OVO Fund, Darling Ventures, and Animal Capital all participated in the pre-seed fund along with a number of strategic investors. Zurp is a startup looking to create...