Walmart and Capital One end card agreement image credit shutterstock

Capital One and Walmart have ended the agreement that made Capital One the exclusive issuer of Walmart Consumer Credit Cards. In 2019, Capital One and Walmart introduced the Capital One Walmart Rewards Credit Card Program. The deal was due to run until 2026.

The card issuing agreement between laid out a number of customer service benchmarks Capital One was required to meet.

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Walmart succeeded in litigation regarding the relationship in March this year.

While Capital One and Walmart have ended their card partnership, nothing changes for cardholders. Customers can continue to earn and redeem rewards, and previously accrued rewards will retain their value. Until informed otherwise, cardholders can also continue to use their Capital One Walmart Rewards Card wherever Mastercard is accepted and the Walmart Rewards Card for purchases at Walmart.

Capital One will retain ownership and servicing of the credit card accounts. The credit-card portfolio constitutes around approximately $8.5bn of loans.

Walmart raised the action against Capital One in 2023. It alleged that the bank failed to deliver replacement cards in a timely manner. It also claimed that Capital One failed to promptly update transaction and payment information to accounts.

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In the court action, Capital One argued that Walmart sought to renegotiate the economic terms of the partnership it agreed to just a few years ago, or end the deal early.

A revenue and loss-sharing agreement between Capital One and Walmart linked to the portfolio is also ending.

In February, Capital One announced plans to acquire Discover in a $35bn deal. The proposed deal remains subject to regulatory approval.