LANCOME, Texas — Cash back rewards are starting to show up in grocery stores.
The new $2.99 lancomes cash back card that launched at Target in March is giving consumers the chance to redeem their purchases for $2 back at Walmart and other retailers.
Target has said customers can redeem for $1 back at most retailers and a few others.
To be eligible, a shopper must make a purchase of $2 or more at Target or other participating retailers.
Cash back is one of the most sought-after rewards programs in the grocery industry.
For every $1 spent, shoppers can receive a $2 cash back.
Cash back programs have grown from $2 to $5.5 billion in revenue for Walmart alone, according to analysts at Jefferies.
“It’s great for consumers who shop regularly and spend more than $50,000 per year,” said Michael Lappin, senior vice president of Walmart Retail, in a statement.
Walmart has seen a steady increase in its cash back rewards program.
More than 40% of Walmart’s cash back offers last year were cash back cards, according the company.
The lancomeme is one type of reward card that has been designed to lure shoppers into shopping at Walmart.
Lancomemes are available to shoppers who register at Walmart, Target, Whole Foods, Kroger and other participating stores, and the retailer will determine which card is the best fit for them based on their needs.
If a shocer does not want to make a transaction with the cash back program, they can return the cash to Walmart and they will receive the equivalent amount back.
A Walmart spokesman said customers are encouraged to spend money on the lancoms rewards program, but they do not have to.
There are two types of lancomeres, the Ultimate Rewards and the Walmart Cash Back, which offers a mix of rewards cards for the cashback reward program.