Walmart ends bank card partnership with Capital One: What to know

Walmart has ended a partnership with Capital One which made the banking firm the unique issuer of Walmart’s client bank cards.

The businesses introduced the change in a joint assertion Friday.

The businesses mentioned card-holders can nonetheless use their Capital One Walmart Rewards playing cards, which is able to proceed to accrue rewards until clients are notified of a change. Capital One will retain possession and servicing of the bank card accounts.

Bentonville, Arkansas-based Walmart partnered with Capital One in 2019 after ending its earlier bank card cope with Synchrony Monetary. The rewards card was co-branded and provided rewards like money again on in-store purchases and on-line orders set for pickup or supply, in accordance with an internet site for this system. The deal was set to run by 2026. 

However Walmart ultimately soured on Capital One. In 2023, Walmart sued the McLean, Virginia-based firm, saying it wished to terminate the settlement as a result of Capital One was taking too lengthy to course of funds and mail alternative playing cards. The lawsuit additionally mentioned Capital One “admitted” it had failed to satisfy a few of Walmart’s service requirements. Capital One mentioned the service points didn’t represent grounds for the partnership to finish, and mentioned Walmart was trying to “finish the deal early.” 

A federal decide dominated in Walmart’s favor in March.

In a authorities submitting Friday, Capital One mentioned there are roughly $8.5 billion in loans within the current Walmart bank card portfolio.

It is not but clear when Walmart would possibly identify a brand new banking companion. The Related Press despatched an electronic mail message in search of remark to Walmart on Saturday.