Capital One Financial and Walmart have officially ended a partnership that had designated Capital One as the exclusive issuer of Walmart consumer credit cards.
The companies first teamed up in 2019 after Walmart chose not to renew its deal with Synchrony Financial, but the partnership hit a rough patch in 2023 when Walmart filed a lawsuit to exit its contract early, alleging that the financial institution was falling short on customer service requirements. Capital One fired back, claiming that Walmart wanted to end the deal early in part so it could offer cards through One, a fintech company it backs. In March 2024, a federal judge ruled that Walmart could end its partnership with Capital One early.
In a press release issued by Capital One, the bank assured customers that nothing would change for current cardholders: “Cardholders can continue to earn and redeem rewards and previously accrued rewards will retain their value,” said the statement. “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 ownership and servicing of the credit card accounts. Additional information will be provided in the coming months to Walmart credit card holders.”
In a statement provided to Reuters, a Capital One spokesperson said that the two companies “determined that the best path forward for our customers is to end the current partnership and convert existing eligible Walmart Card customers to one of Capital One’s flagship branded rewards products.”
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