Following the end of Walmart’s partnership with Capital One in the United States, the supermarket chain announced that users will be able to continue using the Capital One Walmart Rewards credit card and access your cashback benefits.
Capital One, which is considered the owner of the credit card accounts, will continue to provide the service to Walmart users, who have accumulated close to US$8,500,000,000 in credit. According to the financial institution, it will proceed to “convert current eligible Walmart card customers to one of the reward products,” it states. USA Today.
The supermarket chain originally from Arkansas and the banking institution began their partnership in 2019, with the intention of offering a credit card to Walmart shoppers, incentivized by rewards such as 5 percent of their purchase in cashback. However, in 2023 the store chain sued Capital One for failure to comply with its customer service and obligations.
According to Walmart, Capital One failed to provide services such as card replacement within five days and had accounting delays on payments and transactions in customer accounts. These actions took the chain, which has more than 4,600 stores in the United States, to court, to seek an early end to its agreement with the financial company.
The next credit card that Walmart will launch in the United States
For the future, Walmart is expected to partner with another financial institution and once again offer a card focused on its consumers. It is estimated that Walmart’s new credit card will be presented to the public no later than January 2025. Although the organization has not provided information, It is speculated that it could partner with companies such as Discover, MasterCard or American Express, as reported The US Sun.
In the past, Walmart partnered with Synchrony Financial. The alliance lasted nearly two decades and ended in July 2018. This relationship ended in a lawsuit, in which the store complained that the commissions were too high and that not enough applications were being approved; while the institution noted that the supermarket chain was not making an effort with a robust marketing campaign to promote credit products.
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