Walmart and Capitol One have ended their exclusive consumer credit card offering.
The Walmart Consumer Credit Cards deal was devised in 2019 as part of the Capital One Walmart Rewards Credit Card Program.
Capitol One and Walmart part ways
Today’s news ends the partnership, but little will change for existing Walmart Consumer Credit Card holders.
Holders of the exclusive cards can rest assured and continue to use them just as they always have.
Walmart released a statement reassuring consumers: “Cardholders 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.”
Besides this message from the supermarket chain, no further breadcrumbs have shown the path for the credit card.
Capitol One will remain in charge of the Walmart Rewards Credit Card program, saying, “Ownership and servicing of the credit card accounts. Additional information will be provided to Walmart credit card holders in the coming months.”
It hasn’t been disclosed how much this deal was worth to Capital One, but it should do little to damage a corporation with $481.7 billion in total assets as of March 31, 2024.
Credit cards on American’s minds
Credit cards are an integral part of the financial world and the daily lives of hard-working Americans. We recently covered the emerging battle between the biggest banks in America and the legislation tabled by the Consumer Financial Protection Bureau (CFPS).
If approved, the legislation would cap the maximum credit card charge that can be applied every month at $8.
However, there is a way to go, as the major banks won a small victory in the legal war for the capped credit card fees. The legislation, a crucial step in protecting consumer interests, was championed by the (CFPS) and, unfortunately, was stalled in federal court on Friday, May 11.
A CFPB spokesman told CNBC on Friday, “Consumers will shoulder $800 million in late fees every month that the rule is delayed—money that pads the profit margins of the largest credit card issuers.”
Image: Ideogram.
