Walmart Ends Partnership with Capital One for Credit Cards

Walmart has ended its partnership with Capital One for credit cards. This change affects the Walmart credit card and the Sam's Club Mastercard.

The partnership between Walmart and Capital One was a long-standing one, with the two companies working together since 2006.

Walmart will now be transitioning its credit card business to a new issuer, although the exact details of this transition are not yet clear.

Walmart has filed a lawsuit to end its credit card contract with Capital One Financial.

The partnership, which began in 2018, has been in place for over four years.

The lawsuit alleges that Capital One failed to meet customer care practices, including delivering replacement cards within five days and posting transaction and payment information promptly.

The card program at Walmart consisted of $8.3 billion in outstanding loan balances as of December 31, 2022.

The program produced about $214 million in net income that year.

Capital One expects Walmart to transfer the card portfolio to a new issuer after January 2025 if the court allows the retailer to end the partnership early.

Walmart is looking forward to bringing customers a new credit card option that provides meaningful benefits and rewards soon.

Cardholders should not experience any disruptions in service and can continue to use their existing Capital One Walmart credit cards.

Walmart has filed a lawsuit against Capital One to end their credit card partnership contract.

The lawsuit is a result of Capital One allegedly failing to meet certain customer care practices, including delivering replacement cards within five days and posting transaction information promptly.

Walmart is seeking to end the partnership early, but Capital One disputes this, stating that the servicing issues were minor and resolved.

As of December 31, 2022, the card program at Walmart had outstanding loan balances of $8.3 billion and produced $214 million in net income that year.

Capital One expects Walmart to transfer the card portfolio to a new issuer after January 2025, if the court allows the partnership to end early.

Walmart is looking forward to introducing a new credit card option that provides meaningful benefits and rewards to its customers.