Walmart Has Ended Its Partnership With Capital One. Here’s What It Means For Cardholders

Walmart has dissolved its collaboration with Capital One, which made the banking institution the sole issuer of Walmart’s consumer credit cards.

The corporations revealed the move in a joint statement on Friday.

Walmart Has Ended Its Partnership With Capital One. Here’s What It Means For Cardholders

According to the firms, cardholders can continue to use their Capital One Walmart Rewards cards, and rewards will accrue until customers are notified of a change. Capital One will maintain ownership and management of the credit card accounts.

Walmart, located in Bentonville, Arkansas, teamed up with Capital One in 2019 after terminating its prior credit card agreement with Synchrony Financial.

Walmart | Britannica Image

Walmart Has Ended Its Partnership With Capital One. Here’s What It Means For Cardholders

However, Walmart eventually soured on Capital One. In 2023, Walmart sued the McLean, Virginia-based corporation, claiming it wanted to terminate the partnership because Capital One was processing payments and mailing new cards too slowly. A federal judge decided in Walmart’s favor in March.

In a regulatory filing on Friday, Capital One stated that the existing Walmart credit card portfolio included about $8.5 billion in loans.

Walmart | CNBC Image

Walmart Has Ended Its Partnership With Capital One. Here’s What It Means For Cardholders

When Walmart will choose a new banking partner needs to be clarified. On Saturday, the Associated Press emailed Walmart to ask for a response.

SOURCE – (AP)