Walgreens Planning Co-Branded Credit Card with Synchrony
Walgreens and Synchony logos

Walgreens Planning Co-Branded Credit Card with Synchrony

It seems that Walgreens has a plan to keep customers’ wallets healthy. This week, the drug store chain announced that it would be expanding its line-up of financial services, including debuting a co-branded credit card product. The upcoming card will integrate with the recently-launched myWalgreens loyalty program, giving customers the chance to earn myWalgreens cash rewards among other offers. Walgreens is partnering with Synchrony to issue the card, which will operate on the Mastercard network.

Not only will customers be able to use their Walgreens co-branded card in Walgreens locations, online, and in the Walgreens app but will also be able to use it for purchases anywhere Mastercard is accepted. While details on rewards weren’t revealed, it will apparently offer accelerated rewards for purchases related to health and wellness. The co-branded card is currently expected to be available during the second half of 2021.

Elsewhere, Walgreens will also be debuting a pre-paid Mastercard debit card. In fact, in a press release, the retailer said that it plans to “explore a number of Mastercard solutions across the payments technology ecosystem.” This apparently includes point-of-sale financing, allowing customers to pay for purchases in installments.

In a statement announcing its upcoming financial services plans, Walgreens president John Standley said, “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 continued, “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.”

Incidentally, Walgreens announced emphasis on financial services comes on the heels of another “Wal” company also making waves in that arena. Earlier this week, Walmart revealed the creation of a FinTech entity in partnership with Ribbit Capital. While details on that what that startup will produce are limited, it was stated that the venture will “deliver tech-driven financial experiences tailored to Walmart’s customers and associates.” Meanwhile, Walmart previously offered a co-branded card with Synchrony but moved to a Capital One partnership in 2019.

Although store credit cards aren’t always a great option for consumers, the ability to use the card at other locations does offer some more flexibility. That said, there’s still a lot to be revealed about the card before customers can determine whether the co-branded card makes sense for them. Either way, it will be interesting to see what Walgreens and Synchrony dispense later this year.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...