Walmart has ended a partnership with Capital One, making the banking company the exclusive issuer of Walmart’s consumer credit cards.
The companies announced the change in a joint statement on Friday.
The companies said cardholders can still use their Capital One Walmart Rewards cards, which will continue to accrue rewards unless customers are notified of a change. Capital One retains ownership and management of the credit card accounts.
Bentonville, Arkansas-based Walmart partnered with Capital One in 2019 after terminating its previous credit card deal with Synchrony Financial.
But Walmart eventually took a liking to 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 send out replacement cards. A federal judge ruled in favor of Walmart in March.
In a government filing Friday, Capital One said there is about $8.5 billion in loans in Walmart’s existing credit card portfolio.
It is not yet clear when Walmart will appoint a new banking partner. The Associated Press sent an email message to Walmart on Saturday seeking comment.
