divya.sinha29
What Happens When Walmart and Capital One Part Way? Issues for Cardholders
On May 24, 2024, the credit card industry experienced a significant change. Walmart and Capital One declared the expiration of their exclusive credit card relationship. Existing Capital One Walmart Rewards cardholders may be concerned what comes next in light of this news. Let’s examine the most recent changes and what they signify for you.
PIC CREDIT-CNBC
A Shift in Path
Since 2019, Capital One has been the only company authorized to issue credit cards from Walmart. Recent reports, however, suggested that there was conflict between the two businesses. Capital One has been accused by Walmart of processing transactions slowly and delaying the release of new cards. This resulted in Walmart bringing a lawsuit in April 2023 to end the collaboration. In March 2024, a federal judge made a decision that supported Walmart.
What Takes Place With Current Cardholders?
For those who already own Capital One Walmart Rewards cards, there’s good news: your cards will be valid for the time being. Unless otherwise stated, you can still use them to make purchases at Walmart and other locations where Mastercard is accepted. You will also keep receiving rewards and using them according to with the current program guidelines.
Towards the Future: The Unknown
Although the current credit card accounts will continue to be owned and serviced by Capital One, it is unclear what will happen to the co-branded program in the future. This is what we currently don’t know:
New Issuer: Walmart has not yet disclosed the identity of its new Capital One partner. They may need some time to choose a new source and introduce fresh co-branded credit cards.Future of the Rewards Program: There’s a chance that the current Capital One Walmart Rewards program will last for a while. Walmart might, however, launch a brand-new rewards scheme in collaboration with a another issuer in the future.
Benefits and characteristics: As of right now, it is unknown if advantages interest rates, or other card characteristics will change.
How a Cardholder Should Proceed
The following actions can help you keep informed:
Keep an eye on your email and mailbox: You’ll probably receive notifications from Capital One regarding any modifications to the rewards program or your account.
Visit the Capital One website to learn more: If there are any formal notifications that impact your Walmart credit card, keep a watch on the Capital One website.
Think of other cards: Look into alternative credit card possibilities that better fit your spending patterns if the rewards program or card advantages are doubtful in the future.
Overall, current cardholders won’t be immediately affected by the end of the Capital One and Walmart alliance. It is essential to remain updated about any upcoming modifications, however. You can keep using your Capital One Walmart Rewards card in the meantime, and if necessary, you can look into other choices.
