Walgreens is expanding its financial reach through partnerships with Synchrony Bank and Mastercard. The pharmacy retailer plans to launch a debit and credit card tied to its new myWalgreens loyalty program. Here are all the details:
Walgreens Credit Card to Launch with Mastercard
Leading pharmacy retailer Walgreens is launching a line of credit and debit cards later this year. The company, owned by Walgreens Boots Alliance, Inc., announced the move this week amid a growing partnership with Synchrony Bank and Mastercard.
The new financial products look set to earn rewards points through the company’s myWalgreens loyalty program. While the cards’ precise details are currently unknown (other than they will use the Mastercard payment network), they are expected to launch in the second half of 2021.
Walgreens recently launched a revamped loyalty program, myWalgreens. The new program replaces the previous Balance Rewards membership and seeks to provide greater value for customers.
The myWalgreens program offers 1% cash back on storewide purchases at Walgreens locations (including the pharmacy), and 5% cash back on Walgreens-branded products. Customers will also have access to exclusive discounts, automatically unlocked store sales, and personalized offers.
About Synchrony Bank
Synchrony Bank is one of the most prolific issuers of co-branded and retail credit cards in the United States. Through its credit card division, the bank issues dozens of co-branded cards with leading merchants, including Old Navy, Gap, Belk, TJX, Amazon, and more. Synchrony credit cards include closed-loop store cards that are only accepted at the branded retailer and open-loop credit cards that may be used wherever the card’s payment network is accepted.
Walgreens is the second-largest pharmacy store chain in the United States – trailing only CVS. The company, owned by Walgreens Boots Alliance, operates over 9,000 locations. It is headquartered in Deerfield, Illinois.
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