Walmart has determined to finish its partnership with Capital One, giving the banking establishment exclusivity to problem Walmart shopper bank cards. The firms introduced the change in a joint assertion on Friday.
Cardholders will nonetheless be capable of use their Capital One Walmart Rewards playing cards and proceed to build up rewards until notified of a change. Capital One will retain possession and repair of the bank card accounts.
Based in Bentonville, Arkansas, Walmart initially partnered with Capital One in 2019 after terminating its earlier bank card settlement with Synchrony Financial. However, Walmart’s relationship with Capital One soured over time. In 2023, Walmart filed a lawsuit in opposition to the McLean, Virginia-based firm, citing delays in processing funds and sending alternative playing cards. A federal decide dominated in favor of Walmart in March.
According to an official assertion launched by Capital One on Friday, there have been round $8.5 billion in loans in Walmart’s present bank card portfolio. It stays unsure if Walmart will search a brand new banking companion. Requests for remark from Walmart by the Associated Press on Saturday stay unanswered.