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Walgreens, Mastercard partner on new bank account and debit card

Walgreens is launching the new ‘Scarlet’ bank account and debit card (Photo: Business Wire)

Walgreens continues building on its financial services offerings.

The leading drugstore retailer is teaming up with Mastercard to launch Scarlet, a bank account and debit card issued by MetaBank and available exclusively at Walgreens. Scarlet links to Walgreens cash rewards, and also offers personal finance planning tools and payment solutions.

Scarlet will be available at more than 9,000 Walgreens stores nationwide, online, and via the Walgreens mobile app. Accountholders will receive 3% Walgreens cash rewards on eligible purchases at Walgreens and Duane Reade stores,, and the Walgreens mobile app. They will also obtain 1% cash rewards on eligible purchases wherever Mastercard is accepted.

Tools designed to help accountholders build healthy financial habits include a $10 statement credit for first $10 spent, available until Sep. 30, 2021; free two-day early direct deposit; free ability to add cash at Walgreens and Duane Reade locations with barcode reload; free withdrawals at more than 55,000 ATMs nationwide; and goal setting to help forecast and manage personal spending.

In addition, Scarlet accountholders can pay bills anytime, anywhere with online or mobile bill pay; have mobile wallet compatibility; can perform mobile check capture by Ingo Money; can receive cash back at the register; have access to 24/7 customer service; and can send money for free to other Scarlet accountholders. Scarlet accounts are FDIC insured.

The release of Scarlet comes only a few weeks after Walgreens introduced two cobranded credit cards that offer cashback rewards to consumers for making healthy purchases. The new myWalgreens credit card program features two credit cards issued by Synchrony Bank: The myWalgreens Mastercard and the myWalgreens credit card.

“With a focus on our customers’ health and wellbeing, Walgreens is pleased to expand our financial services offerings with Scarlet, and further expand the broad spectrum of financial solutions that are accessible to the customers, patients and communities we serve,” said Maria Smith, VP of payments & financial services at Walgreens. “Scarlet is just the latest expansion in the Walgreens financial services portfolio, which also includes the Walgreens mobile wallet, remittance services, ATM, third party banking services and the recently launched myWalgreens Credit Card. We look forward to deepening engagement with our customers, as we continue to support their personal and financial wellbeing.”

“The launch of Scarlet speaks to a continued desire and demand from consumers for seamless and accessible financial experiences,” said Kush Saxena, executive VP, U.S. merchants and acceptance at Mastercard. “We are pleased to deliver our technology and healthcare expertise to deepen Walgreens’ commitment to providing more relevant and personalized solutions for cardholders at Walgreens and beyond.”

“We are proud to bring Scarlet exclusively to Walgreens,” said Stefan Happ, president of InComm Payments. “With Scarlet, we are excited to provide Walgreens’ customers with banking and financial management solutions through Scarlet to help make financial wellness habits more convenient and accessible than ever before.”

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