Current:Home > MarketsWalmart ends credit card partnership with Capital One: What to know-InfoLens
Walmart ends credit card partnership with Capital One: What to know
View Date:2024-12-23 14:46:14
Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart's consumer credit cards.
The companies announced the change in a joint statement Friday.
The companies said card-holders can still use their Capital One Walmart Rewards cards, which will continue to accrue rewards unless customers are notified of a change. Capital One will retain ownership and servicing of the credit card accounts.
Bentonville, Arkansas-based Walmart partnered with Capital One in 2019 after ending its previous credit card deal with Synchrony Financial. The rewards card was co-branded and offered rewards like cash back on in-store purchases and online orders set for pickup or delivery, according to a website for the program. The deal was set to run through 2026.
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. The lawsuit also said Capital One "admitted" it had failed to meet some of Walmart's service standards. Capital One said the service issues did not constitute grounds for the partnership to end, and said Walmart was attempting to "end the deal early."
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.
- In:
- Capital One
- Walmart
veryGood! (9)
Related
- Cruise ship rescues 4 from disabled catamaran hundreds of miles off Bermuda, officials say
- Killer whales are ramming into boats and damaging them. The reason remains a mystery.
- Sweden close to becoming first smoke free country in Europe as daily cigarette use dwindles
- Novak Djokovic wades into Kosovo-Serbia controversy at French Open as dozens injured in clashes
- Cruise ship rescues 4 from disabled catamaran hundreds of miles off Bermuda, officials say
- Ukraine says Russia blew up major dam from inside, endangering thousands of people and a nuclear plant
- Henry Kissinger, revered and reviled former U.S. diplomat, turns 100
- Kelly Clarkson Seemingly Calls Out Ex Brandon Blackstock and Divorce Drama in abcdefu Song Cover
- Cameron Brink set to make Sports Illustrated Swimsuit debut
- The Bachelor Finale: Gabi's Biggest Bombshell About Zach Revealed
Ranking
- ‘I got my life back.’ Veterans with PTSD making progress thanks to service dog program
- Why Emily Ratajkowski Called Out Taylor Swift's Uncomfortable Interview With Ellen DeGeneres
- Sisters Dakota and Elle Fanning Are Polar Opposites in Rare Red Carpet Appearance Together
- Shanghai records hottest day in May in 100 years, weather service says
- Trump ally Steve Bannon blasts ‘lawfare’ as he faces New York trial after federal prison stint
- 90 Day Fiancé: Love in Paradise Trailer: Meet the Couples Looking to Make Love Last
- Alana Honey Boo Boo Thompson Shares Message After Sister Anna Chickadee Cardwell's Cancer Diagnosis
- Egyptian authorities unveil recently discovered ancient workshops, tombs found in necropolis
Recommendation
-
Missing Ole Miss student declared legally dead as trial for man accused in his death looms
-
LFO Member Brian “Brizz” Gillis Dead at 47
-
Royal Family Mourns Unexpected Death of Comedian Paul O'Grady
-
Top-Rated Tinted Sunscreens To Achieve That “Your Skin, but Better” Look Along With Your SPF
-
Tropical Storm Sara threatens to bring flash floods and mudslides to Central America
-
Kourtney Kardashian Responds to Comments About Her “Nasty” Bathroom Dinner
-
Why Kelly Clarkson Is Nervous on a Personal Level to Release Album After Brandon Blackstock Divorce
-
Chanel West Coast Details Her Next Chapter After Leaving Ridiculousness