Walmart is ending credit card partnership with Capital One

In this Feb. 18, 2020 file photo, the logo for Walmart appears above a trading post on the floor of the New York. Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of …Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart’s consumer credit cards.

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.

Source: News Formal (newsformal.com)

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