New York (CNN Business) To keep up with what its competitors are offering, Walmart announced a new credit card program with Capital One on Wednesday.

The company said it would debut a co-branded card, the Capital One Walmart Rewards Mastercard, on September 24. The aim is to reward loyal customers of Walmart, and therefore to hook them to keep coming back.

The card offers shoppers several perks: 5% cash back on Walmart online orders and 2% cash back on Walmart purchases in stores. As a special offer, the card offers customers 5% cash back on Walmart purchases in stores for 12 months if they sign up for Walmart Pay, the company's mobile payment option.

Customers also get 2% cash back for charges outside of Walmart on restaurants and travel and 1% back on all other purchases.

Walmart hopes its new credit card will give customers incentives to continue shopping at the store while spending money elsewhere. It also will offer a private-label card with Capital One exclusively for purchases through the company.

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