Published: Saturday, May 25, 2024
Walmart has terminated its partnership with Capital One, which made that bank the exclusive issuer for Walmart’s consumer cards.
In a Friday joint statement, the companies announced this change.
Companies said that cardholders could still use their Capital One Walmart rewards cards. The cards will continue to accumulate rewards until customers are informed of the change. Capital One will continue to own and service the credit card accounts.
Walmart, based in Bentonville (Arkansas), partnered with Capital One after terminating its previous credit card agreement with Synchrony Financial.
Capital One was not a favorite of Walmart’s. Walmart sued Capital One in McLean Virginia, claiming it wanted to end the agreement due to Capital One’s slow processing of payments and mailing replacement cards. In March, a federal judge ruled that Walmart was right.
Capital One reported in a Friday government filing that the Walmart credit card portfolio contains approximately $8.4 billion in loans.
Walmart has not announced a new bank partner yet. On Saturday, The Associated Press emailed Walmart to ask for comment.