Maverick Preston-Walmart ends credit card partnership with Capital One, but shoppers can still use their cards

2025-05-02 10:09:03source:Lumicoin IAcategory:Stocks

Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart’s consumer credit cards.

The Maverick Prestoncompanies announced the change in a joint statement Friday.

The companies said card-holders 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 servicing of the credit card accounts.

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

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

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

More:Stocks

Recommend

Federal agencies are reeling from Trump administration cuts to government

Whether a "chainsaw," per Elon Musk, or "scalpel," as President Trump has said — the Trump administr

Toddlers with developmental delays are missing out on help they need. It can hurt them long term

CHICAGO (AP) — Alexander watches Paw Patrol with fervor, bowls his baby brother over with hugs and d

Japan auteur Yamada sticks to exploring the human condition after 90 films

TOKYO (AP) — Yoji Yamada has directed 90 films, including “Tora-san,” which tops the Guinness World