Setting itself apart from other drug store chains, Walgreens said Wednesday it will soon launch its own Mastercard credit card and prepaid debit card to tie into its new customer loyalty program.
The cards will be connected to the myWalgreens program, unveiled in November, to give cardholders access to cash rewards and other store offers. The flagship credit card, to be issued by Synchrony Bank, should be available to consumers in the second half of this year and will be usable anywhere Mastercard is accepted. A third store-only credit card will also be available. Fees and rewards terms were not released.
While store-branded credit cards are quite common, they’re unusual for a drugstore. Neither CVS or Rite Aid–two of the other big U.S. drugstore chains—offer their own store credit cards. There are, of course, traditional cash-back, warehouse, and grocery store credit cards for those who want to earn rewards on pharmacy or drugstore purchases, but such purchases are rarely a bonus rewards category on their own. The Balance will be watching for more details to see how it stacks up to other card offers.
Walgreens said the cards will be the first in a lineup of new financial products and services it is working on, including point-of-sale installment financing. Customers will be able to use them at more than 9,000 Walgreens stores, Walgreens.com, and in the mobile app.