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Capital One is no longer Walmart’s exclusive credit card issuer. The partnership between Walmart and Capital One began in 2019. The credit card company issued all the cards for Walmart customers.
Walmart and Capital One have ended their agreement giving the McLean, Va. financial giant an exclusive deal to provide the retailer's credit cards.
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Capital One may lose a credit card contract worth more than $1 billion if a lawsuit filed against it last week in the Southern District Court of New York is successful.
Walmart settled its lawsuit against Capital One over their credit card partnership, which had made Capital One the exclusive issuer of Walmart-branded consumer credit cards before ending last month.
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.
The retail giant has scrapped its partnership with Capital One. Find out if Walmart is ready to take on the big banks.
After Capital One generated $8.5 billion in credit card balances from Walmart customers, the bank squandered an exclusive deal, opening up a competition for the valuable market.
Walmart has filed a lawsuit against credit card partner Capital One. The retailer did so in connection to the contract it has with Capital One for the bank to issue its cards.
Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart’s consumer credit cards.
Walmart Inc. asked a federal court to allow it to end its credit-card partnership with Capital One Financial Corp., saying the bank has failed to meet critical standards for customer care.
Capital One and Walmart announced the end of their exclusive consumer credit card partnership that began in 2019, though cardholders can continue to use their cards and earn rewards.