Walmart, Capital One end exclusive consumer credit card agreement

Core Points - Capital One and Walmart have ended their partnership that made Capital One the exclusive issuer of Walmart's consumer credit cards [1][3] - The partnership began in 2018, with Capital One issuing Walmart-branded credit cards starting in 2019 [1] - Cardholders will continue to earn and redeem rewards, and previously accrued rewards will retain their value [1][3] - Capital One will retain ownership and servicing of the credit card accounts, which represent approximately $8.5 billion in consumer loans [3] - Disputes arose over customer service issues, leading to a lawsuit in April 2023 [3][4] - A federal judge ruled in March 2024 that Walmart could end the partnership earlier than originally agreed due to Capital One's failure to provide adequate customer service [4] - Capital One is considering converting existing eligible Walmart Card customers to its flagship branded rewards products [6] - Capital One announced a $35.3 billion all-stock deal to acquire Discover Financial Services, aimed at creating a global payments giant [6][7] - The proposed merger is under scrutiny from the Biden administration, with evaluations from the Department of Justice and the Consumer Financial Protection Bureau [7]