The companies announced the change in a joint statement on Friday.
Cardholders will still be able to use their Capital One Walmart Rewards cards, the companies said, and they will continue to accumulate rewards unless customers are notified of a change. Capital One will continue to own and service the credit card accounts.
Based in Bentonville, Arkansas, Walmart partnered with Capital One in 2019 after ending its previous credit card agreement with Synchrony Financial.
However, Walmart eventually soured on Capital One. In 2023, Walmart sued the McLean, Virginia-based company, saying it wanted to end the deal because Capital One was taking too long to process payments and send replacement cards. A federal judge ruled in favor of Walmart in March.
In an official statement on Friday, Capital One said there were approximately $8.5 billion in loans in Walmart’s existing credit card portfolio.
It’s unclear if Walmart will name a new banking partner.
Source: With information from AP
