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Walmart has ended a partnership with Capital One that gave the banking institution exclusivity to issue Walmart consumer credit cards.
The two companies announced the change in a joint statement on Friday.
Cardholders will still be able to use their Capital One Walmart Rewards cards, and will continue to accumulate rewards unless customers are notified of the change, the companies said. Capital One will continue to own and service the credit card accounts.
Based in Bentonville, Arkansas, Walmart partnered with Capital One in 2019 after terminating its previous credit card agreement with Synchrony Financial.
However, Walmart eventually soured on Capital One. In 2023, Walmart filed a lawsuit against the McLean, Va.-based company, saying it wanted to terminate the deal because Capital One was taking too long to process payments and send replacement cards. A federal judge ruled in Walmart’s favor in March.
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In an official statement on Friday, Capital One said there are approximately $8.5 billion in loans in Walmart’s existing credit card portfolio.
It’s not clear whether Walmart will hire a new banking partner. The Associated Press on Saturday emailed Walmart seeking comment.
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