Walmart ends credit card partnership with Capital One
Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart’s consumer credit cards.
The companies announced the change in a joint statement Friday.
The companies said card-holders can still use their Capital One Walmart Rewards cards, which will continue to accrue rewards unless customers are notified of a change. Capital One will retain ownership and servicing of the credit card accounts.
Bentonville, Arkansas-based Walmart partnered with Capital One in 2019 after ending its previous credit card deal with Synchrony Financial.
But Walmart eventually soured on Capital One. In 2023, Walmart sued the McLean, Virginia-based company, saying it wanted to terminate the agreement because Capital One was taking too long to process payments and mail replacement cards. A federal judge ruled in Walmart’s favor in March.
In a government filing Friday, Capital One said there are approximately $8.5 billion in loans in the existing Walmart credit card portfolio.
It’s not yet clear when Walmart might name a new banking partner.
More Stories
Hundreds of pharmacies weigh closure as business rates bills soar
Hundreds of pharmacies are facing closure because of soaring business rates, with owners warning that high taxes are forcing them...
UK firms in critical financial distress rise 9% to more than 53,000
More than 53,000 British businesses are in critical financial distress and at risk of collapse, with companies that depend on...
UK retail sales fall 0.5% in July as heatwave keeps shoppers away
UK retail sales fell 0.5 per cent in July as shoppers cut back during record temperatures, according to the Office...
Borrowing hits £1.8bn in July as Healey’s first budget looms
The government borrowed £1.8 billion in July, a month in which the public finances are usually flattered by self-assessment income...
US debt tops $40 trillion months earlier than expected
Washington’s liabilities have doubled since 2017 amid persistent deficits, crisis spending, and mounting military costs The US national debt has...
Top 5 Hair Transplant Clinics in Turkey for Celebrity-Grade Results
When a Premier League footballer, a reality TV star or a chart-topping musician suddenly appears with a restored hairline, the...
