Walmart’s Big News: Credit Card Partnership Update for Shoppers
Walmart has made a significant announcement regarding its credit card partnership with Capital One. The banking company, which was the exclusive issuer of Walmart’s consumer credit cards, has now ended this arrangement. Despite the change, cardholders can still use their Capital One Walmart Rewards cards, and Capital One will maintain ownership and servicing of the accounts. Walmart recently announced the termination of its exclusive credit card partnership with Capital One. Although the partnership has ended, customers can still utilize their Capital One Walmart Rewards cards, with Capital One overseeing the ownership and management of the accounts.
Walmart Makes Major Announcement on Credit Card Partnership – Here’s What It Means for Shoppers
By The Associated Press May 25, 2024 at 9:24am
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.
The Associated Press sent an email message seeking comment to Walmart on Saturday.
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