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

2025-05-02 01:09:50source:SignalHubcategory:Stocks

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

The NovaQuantcompanies 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

How 23andMe's bankruptcy led to a run on the gene bank

Reporter Alexi Horowitz-Ghazi's Aunt Vovi signed up for 23andMe back in 2017, hoping to learn more a

Instructor charged with manslaughter in Pennsylvania plane crash that killed student pilot

PHILADELPHIA (AP) — A flight instructor charged with involuntary manslaughter for a crash that kille

2024 Olympics: Gymnast Laurie Hernandez Addresses Her Commentary After Surprising Beam Final 

Laurie Hernandez is stepping up the podium once again.The Olympian has served as an official comment