Heres what it means for Walmart credit card customers
of ConsumerAffairs
Walmart has announced it is breaking up with Capital One, ending its relationship with the lender that began five years ago.
Since 2019, Capital One has been the exclusive issuer of Walmart Rewards Credit Card program.
While Capital One and Walmart have ended their card partnership, nothing changes today for cardholders cardholders can continue to earn and redeem rewards, and previously accrued rewards will retain their value, the two companies said in a joint statement.
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.
According to the breakup agreement, Capital One will retain ownership and servicing of the credit card accounts. Walmart did not reveal what credit card company would eventually replace Capital One. It said additional information will be provided in the coming months to Walmart credit card holders.
A drawn-out break-up
Signs of the breakup began to appear a year ago When Walmart sued Capital One, alleging poor customer service.
According to sources who viewed last year'slawsuit, Capital One was consistently unable to meet the customer-service standards in five critical categories over a 12-month period.
Those standards included issuing replacement cards and processing payments and posting transactions in a timely fashion standards that Walmart alleges the bank admitted in writing that it failed to meet earlier in 2023.
In a statement provided to ConsumerAffairs in April 2023, Walmart said it looks forward to bringing its customers a new credit card option "that provides meaningful benefits and rewards soon."
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-05-28 11:06:41
