Walmart Cuts Ties With Capital One
Capital One is no longer the exclusive issuer of consumer credit cards for Walmart, according to a joint statement issued last week.
The partnership between Walmart and McLean, Va.-based Capital One began in 2019, but the retailer sued the banking company in 2023, alleging that Capital One took too long to send replacement cards and process payments. In March of this year, a federal judge ruled that Walmart could end the partnership early.
"While Capital One and Walmart have ended their card partnership, nothing changes today for cardholders – cardholders can continue to earn and redeem rewards, and previously accrued rewards will retain their value," a press release said. "Until informed otherwise, cardholders can also continue to use their Capital One Walmart Rewards Card wherever Mastercard is accepted and the Walmart Rewards Card for purchases at Walmart.”
Capital One will retain the credit card accounts, which represent about $8.5 billion in loans. Meanwhile, Walmart has yet to name a consumer credit card successor to Capital One.
Each week, about 240 million customers and members visit Walmart’s approximately 10,500 stores and numerous e-commerce websites in 19 countries. The Bentonville, Ark.-based company employs approximately 2.1 million associates worldwide. Walmart U.S. is No. 1 on Progressive Grocer’s 2024 list of the top food and consumables retailers in North America, while its Sam’s Club division is No. 8. Progressive Grocer also named Walmart one of its Retailers of the Century.
