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.