2 blue chip ASX dividend shares to buy today

Woolworths Group Ltd (ASX: WOW) is one of the 2 blue chip ASX dividend shares to buy today for solid, inflation-beating yield.

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ASX dividend shares have rarely been of more importance to investors. With interest rates at virtually zero, there are few other asset classes that will deliver a real, inflation-beating yield. Term deposits, you might ask? Good luck finding one that's offering anything close to 1% per annum today. Something like 0.6% is more likely. 

With that in mind, here are 2 ASX dividend shares that today offer yields far higher than those paltry rates of return.

Woolworths Group Ltd (ASX: WOW)

Woolworths probably needs little introduction as the largest supermarket chain in the country. The company also owns a vast network of national bottle shops as well, including the popular BWS and Dan Murphy's chains. It also owns the oft-overlooked Big W discount chain.

Woolies shares have been drifting sideways for months now, and are trading at $39.56 at the time of writing. That's still nearly 10% off of the all-time highs the company was asking in February though.

Unlike many ASX blue chips, Woolworths has kept the dividends flowing in 2020. The company paid out an interim dividend of 46 cents per share back in April, and a final dividend of 48 cents per share in October.

At the current share price, that gives Woolies shares a trailing dividend yield of 2.38%, or 3.4% grossed-up with full franking credits.

Telstra Corporation Ltd (ASX: TLS)

Telstra is another ASX blue chip that has managed to keep the dividend taps open in 2020. This company is the ASX's largest telco, with a formidable market position in both fixed-line and mobile telecommunications services. Yes, Telstra has been struggling through the impact of the nbn rollout over the past few years. This has seen its share price crater from almost $6 back in 2016 to the current price of $3.04.

Saying that, Telstra has recently all-but-committed to keeping its current annual dividend at 16 cents a share going into 2021. That 16 cents per share consisted of 10 cents in ordinary dividends, as well as 6 cents in special dividend payments that are funded through nbn payments. Telstra has said it will aim for this payout going forward, even if it means temporarily exceeding Telstra's payout ratio target of 75% of earnings.

On current pricing, that would give Telstra a trailing (and forward) dividend yield of 5.26%, or a whopping 7.51% when grossed-up with Telstra's full franking credits.

Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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