Walmart Makes Major Announcement on Credit Cards

Walmart has concluded its partnership with Capital One, which previously served as the exclusive issuer of Walmart's consumer credit cards.

The companies disclosed this change in a joint statement on Friday.

Cardholders can continue to use their Capital One Walmart Rewards cards, which will still accumulate rewards unless otherwise notified.

Capital One will maintain ownership and service of the existing credit card accounts.

Walmart, headquartered in Bentonville, Arkansas, began its partnership with Capital One in 2019 after ending a prior credit card agreement with Synchrony Financial.

However, Walmart's relationship with Capital One eventually deteriorated.

In 2023, Walmart filed a lawsuit against the McLean, Virginia-based company, seeking to terminate the agreement due to delays in payment processing and the issuance of replacement cards by Capital One.

A federal judge ruled in favor of Walmart in March.

In a government filing on Friday, Capital One reported that the existing Walmart credit card portfolio comprises approximately $8.5 billion in loans.

It remains uncertain when Walmart will announce a new banking partner.

The Associated Press reached out to Walmart for comment via email on Saturday.