Walmart has ended its partnership with Capital One. Capital One was the exclusive issuer of Walmart’s consumer credit cards.
The companies made this announcement in a joint statement on Friday.
Card-holders can still use their Capital One Walmart Rewards cards. These cards will continue to earn rewards unless customers are told otherwise. Capital One will keep ownership and service of the credit card accounts.
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Walmart, based in Bentonville, Arkansas, partnered with Capital One in 2019. This followed the end of its previous deal with Synchrony Financial. The co-branded rewards card offered benefits like cash back on in-store and online purchases. The deal was supposed to last until 2026.
However, Walmart became dissatisfied with Capital One. In 2023, Walmart sued the McLean, Virginia-based company. Walmart wanted to end the agreement. Capital One was slow in paying and mailing cards. The lawsuit also claimed that Capital One admitted to breaking some of Walmart’s service standards. Capital One argued that these issues were not enough to end the partnership. They said Walmart was trying to end the deal early.
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A federal judge ruled in Walmart’s favor in March.
In a government filing on Friday, Capital One stated that there are around $8.5 billion in loans in the current Walmart credit card portfolio. It’s unclear when Walmart will name a new banking partner. The Associated Press reached out to Walmart for a comment on Saturday