By Jorge Antonio Vázquez Buendía
May 25, 2024, 10:32 AM EDT
Walmart Inc. and Capital One Financial Corporation announced that they have terminated the agreement that made Capital One the exclusive issuing provider of Walmart Consumer Credit Cards.
Since 2019, Capital One and Walmart introduced the Capital One Walmart Rewards credit card program.
How does it affect customers?
While both companies have ended their partnership, nothing will change for cardholders today: cardholders can continue to earn and redeem rewards, and previously accumulated rewards will retain their value.
Until notified otherwise, cardholders can also continue to use their Capital One Walmart Rewards Card wherever Mastercard and the Walmart Rewards Card are accepted for purchases at Walmart.
Capital One will retain ownership and service of the credit card accounts, and additional information will be provided to Walmart credit cardholders in the coming months.
Capital One Financial Corporation is a financial holding company that, together with its subsidiaries, had $351 billion in deposits and $481.7 billion in total assets as of March 31, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of products and services financial services to consumers, small businesses and commercial customers through a variety of channels.
For its part, Walmart Inc. is a technology-driven omnichannel retailer. Every week, approximately 255 million customers and members visit more than 10,500 stores and numerous e-commerce websites in 19 countries. With fiscal 2024 revenue of $648 billion, Walmart employs approximately 2.1 million associates worldwide.
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