US-based bank holding company Capital One Financial is set to launch two credit cards in collaboration with retail giant Walmart.

The offerings include a co-branded Capital One Walmart Rewards Mastercard and private-level Walmart Rewards Card. The two credit cards will be available from next week.

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These cards will be introduced as part of the Capital One Walmart Rewards Credit Card Program. The programme is designed to offer the customers with various benefits for purchases made at Walmart stores and other select shops.

Walmart senior vice-president of services and digital acceleration Daniel Eckert said: “As our company has evolved to serve customers shopping in stores, online, and on the Walmart apps, we also recognised the need to fully digitally enable the cardholder experience; that’s why we’ve worked with Capital One to make it possible for cardholders to manage essentially every interaction with the programme right from the palm of their hands.”

The Capital One Walmart Rewards Mastercard offers cash back on various purchases on in-store and online purchases at Walmart. The customers will also receive 2% back on restaurants and travel, and 1% on other transactions.

Furthermore, cardholders are entitled to several digital tools from Capital One including real-time purchase notifications, security alerts and 0% fraud liability on loss of card. They can also lock and unlock their card from the Capital One app.

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The other offering, Walmart Rewards Card, will provide holders with various cashback offers on purchases at Walmart stores, fuel stations and website.