Walgreens (Nasdaq: WBA) has rolled out the new myWalgreens Credit Card program, which features two “industry-first” retail health and wellness credit cards that have been issued by Synchrony Bank (NYSE: SYF).
The myWalgreens Mastercard and the myWalgreens card will be offering more personalized wellbeing choices. They will also offer special rewards at over 9,000 Walgreens locations, Walgreens.com, Walgreens-owned Duane Reade locations, through the Walgreens mobile app, and wherever Mastercard is accepted.
Maria Smith, vice president of payments & financial services at Walgreens, stated:
“Today’s launch of the myWalgreens Credit Card is just the beginning in the evolution and expansion of our financial services offerings. 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.”
Alberto Casellas, CEO and EVP at Synchrony Health and Wellness, remarked:
“Synchrony is proud to deepen our health and wellness expertise by partnering with Walgreens and to bring the myWalgreens Credit Card to market. 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 new myWalgreens Credit Card provides clients with a simple and unique experience that offers savings on future health and wellness purchases.
myWalgreens Credit Card cardholders are able to earn 10% Walgreens Cash rewards on eligible Walgreens-branded products and 5% Walgreens Cash rewards on other eligible brands and pharmacy purchases.
myWalgreens Mastercard cardholders may earn 3% Walgreens Cash rewards on eligible grocery and health and wellness purchases outside of Walgreens (including healthcare provider visits, and 1% Walgreens Cash rewards on eligible purchases anywhere Mastercard credit cards are accepted).
Cardholders may also receive $25 in Walgreens Cash rewards whenever they make their first purchase (but has to be within 45 days of opening their account).
The digital-first experience provided by Synchrony’s consumer financing tech enables clients to conveniently apply for the myWalgreens Credit Card online at Walgreens.com/CreditCard or on the Walgreens mobile app.
While in-store, clients can easily apply at the register, by scanning QR codes on store signage or by using Synchrony’s direct to device tech, which sends a unique application link directly to the customer through a text message.
When the client chooses to apply, Synchrony’s patent-pending dApply tech authenticates the client and then prefills most of the application to improve the process.
Additionally, Synchrony’s Quickscreen pre-approval engine offers a real-time credit check and response, allowing members of the myWalgreens loyalty program to create an account in seconds if they get approved.
The myWalgreens Credit Card integrates with the Walgreens app, including an electronic wallet for purchases, digital receipts, environmental and health forecasts as well as the option to donate rewards to charities. After being approved, cardholders may use their virtual card in-store, at Walgreens.com, and by using the Walgreens mobile app.
For more details on this announcement, check here.