Attentional bias towards rewards has been extensively studied in both healthy and clinical populations. Several studies have shown an association between reward value-modulated attentional capture (VMAC) and greater substance use. However, less is known about the association between these VMAC effects and internalizing symptoms. Moreover, while VMAC effects have also been found in punishment contexts, the association between punishment VMAC and psychopathology has not been studied so far. In the present two-part preregistered study, we adapted a novel VMAC task to also include a punishment context and examined associations with internalizing symptoms and substance use. Our results showed consistent VMAC effects in reward contexts across two separate studies. Attentional capture was stronger for distractors associated with high rewards than for low rewards. We replicated and extended previous findings by showing such VMAC effects in a substantially shorter task that also included alternating punishment blocks. Contrary to our expectations, we found no VMAC effects in punishment contexts and no direct associations between VMAC and symptom measures. Our results speak to the feasibility of assessing VMAC effects using a scalable and short behavioral online task, but the relationship with the development of internalizing and externalizing psychopathology remains uncertain.