Walmart Sues Capital One to End Credit-Card Deal

Walmart Sues Capital One

Capital One Financial shares plunged more than 4% after Walmart sued its credit card partner.

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The Wall Street Journal reported that Walmart is seeking to discontinue its partnership with Capital One.

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Walmart claims that Capital One failed in its obligation to promptly replace any lost cards. Walmart also argues that some credit-card transitions failed to post in a timely manner.

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Walmart and Capital One are partners since 2019, and have a contract to continue working together until 2026.

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Walmart's store credit card allows users to get 5% back on Walmart.com. 2% back at Walmart gas stations and in-store. 1% back anywhere Mastercard is accepted.

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Walmart's store credit card doesn't charge a yearly fee, which makes it stand out among other credit cards. Capital One currently manages the card.

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Walmart stock was off 0.2% on Monday, while Capital One was up 0.1%.

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