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Walgreens credit card encourages private brand purchase

The retailer rolled out a card tied to its loyalty program, rewarding consumers for making healthy purchases and buying owned brands.

Walgreens is debuting two credit cards as part of its efforts to expand its financial services offerings. The company on Monday introduced the myWalgreens Mastercard and MyWalgreens Credit Card, both issued by Synchrony Bank and both of which offer rewards based on health-and-wellness purchases. 

“Today’s launch of the myWalgreens Credit Card is just the beginning in the evolution and expansion of our financial services offerings,” said Maria Smith, vice president of payments and financial services at Walgreens. “Most credit cards reward customers for what they buy, but not how they live. The myWalgreens Credit Card aims to change that through building upon the strength of our myWalgreens loyalty platform and app experience, while cardholders can earn up to 10 percent Walgreens Cash rewards for making healthy choices when they use their myWalgreens Credit Card to make purchases in-store and online.”

The myWalgreens Credit Card offers 10% Walgreens Cash rewards on eligible own-brand Walgreens products and 5% Walgreens Cash rewards on eligible brands and pharmacy purchases. The myWalgreens Mastercard offers 3% Walgreens Cash rewards on grocery and health-and-wellness purchases outside of Walgreens and 1% Walgreens Cash rewards on purchases at eligible businesses that accept Mastercard. Cardholders also earn $25 in Walgreens Cash if when they make their first purchase within 45 days of opening an account. 

The cards’ rollout is accompanied by digital features powered by Synchrony’s consumer financing technology, which allows customers to apply for a myWalgreens card online or in the Walgreens mobile app. Customers can also apply at the register by scanning a QR code on store signage or by using Syncrhoncy’s direct-to-device technology, which delivers an application link to a customer via text message. Synchrony’s application technology and Quickscreen pre-approval engine streamline the process, the companies said. 

“Synchrony is proud to deepen our health and wellness expertise by partnering with Walgreens and to bring the myWalgreens Credit Card to market,” said Alberto Casellas, CEO and executive vice president of Synchrony Health and Wellness. “Now more than ever, consumers are focused on living well and this card offers a dynamic, new customer experience designed to meet their unique needs – a personalized experience that makes saving, shopping and focusing on wellness easier and more rewarding.” 

The myWalgreens Credit Card also integrates with the Walgreens app, including a digital wallet for purchases, receipts, health forecasts and the ability to donate rewards to national and local charities. The myWalgreens Credit Card has no annual fee and members can use the card at any of Walgreens’ 9,000 locations, online and in app. Member of the myWalgreens Mastercard can be used anywhere Mastercard is accepted to earn rewards.