Walmart Ends Capital One Partnership: Where the Shoppers Are

WAlmart ended a partnership with Capital One that made the bank the exclusive issuer of Walmart 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 will retain ownership and service of the credit card accounts.

Walmart, based in Bentonville, Arkansas, partnered with Capital One in 2019 after ending its previous credit card agreement with Synchrony Financial.

But Walmart eventually soured on Capital One. In 2023, Walmart sued the McLean, Virginia-based company, saying it wanted to end the deal because Capital One was taking too long to process payments and ship replacement cards. A federal judge ruled in favor of Walmart in March.

In a government filing Friday, Capital One said there are approximately $8.5 billion in loans in Walmart’s existing 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.