5 Things to Know About the Walgreens Credit Card

The $0-annual-fee myWalgreens™ Mastercard® tailors its rewards toward health and wellness for frequent customers of the Walgreens drugstore chain, as well as of its New York-based sibling chain, Duane Reade.

However, as is the case with most store-branded credit cards, the rewards you earn on this Synchrony-issued credit card aren’t in the form of cash back. You'll receive "Walgreens Cash" that can be redeemed only for purchases at Walgreens and Duane Reade.

Here are five things to know about the myWalgreens™ Mastercard®.

» MORE: NerdWallet’s best credit cards for medical expenses

1. There are actually two Walgreens cards

The myWalgreens™ Mastercard® can be used anywhere Mastercard is accepted, and it earns Walgreens Cash on some non-Walgreens purchases. However, depending on Synchrony’s evaluation of your application, you might instead be offered the myWalgreens Credit Card, a store card that can be used only at Walgreens and Duane Reade stores or online at walgreens.com.

Both cards earn:

• 10% in Walgreens Cash on eligible Walgreens-branded purchases.

• 5% in Walgreens Cash on in-store or online Walgreens and Duane Reade purchases, including eligible pharmacy purchases.

The myWalgreens™ Mastercard® also earns:

• 3% in Walgreens Cash on grocery and health and wellness purchases outside of Walgreens. “Health and wellness” includes pet stores, counseling services, sporting goods stores, health care providers, hospitals and gym memberships.

• 1% in Walgreens Cash on all other purchases.

» MORE: The best credit cards with fitness perks

2. You’ll earn a bonus with your first purchase

Many credit card sign-up bonuses require you to spend a certain amount within three to six months, but the myWalgreens™ Mastercard® keeps it simple. Unlock an offer starting at $25 in Walgreens Cash rewards* when you open an account and make your first purchase within 45 days.

» MORE: NerdWallet's best credit cards for wellness

3. Rewards are in the form of Walgreens Cash

Walgreens Cash doesn’t exactly equal cash back. You can redeem it at checkout in Walgreens or Duane Reade stores, or online, to reduce the total cost of the transaction. In terms of value, $1 of Walgreens Cash would be converted to a $1 discount when redeemed. You can redeem in increments of $1, $2, $3, $4, $5, $10, $20 or $50.

Walgreens Cash expires one year after it is earned, or if your account has been inactive for six months.

4. There are limitations on earning rewards

You can’t earn Walgreens Cash on certain store purchases, including alcohol, dairy, tobacco, stamps, gift cards and lottery tickets. Pharmacy purchases in Arkansas, New Jersey and New York — as well as prescriptions transferred to stores in Alabama, Mississippi, Oregon, Puerto Rico, Tennessee, or Virginia — are also ineligible. This isn’t a complete list of limitations, so review the myWalgreens terms and conditions to see if any of your typical purchases are affected.

If you want a card with a little more flexibility, the Chase Freedom Unlimited® offers 3% back on all drugstore purchases, plus 3% back on dining, 5% back on travel booked through Chase and 1.5% back on all other purchases.

5. You won't want to carry a balance

With the myWalgreens™ Mastercard®, approved cardholders will qualify for an APR of 25.49% – 34.49%, variable. (With the store card version, you'll automatically receive a 31.99% APR, as of August 2023.) Especially if your APR is on the higher end of that range, the interest you'll pay on a balance will quickly add up and wipe out any savings you might earn through the card's rewards.