Capital One and Walmart end consumer credit card partnership

[rgninja]

Capital One Financial (NYSE:COF) and Walmart (NYSE:WMT) said on Friday that they have ended their consumer credit card partnership....

"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," the companies said.

Capital One (COF) expects to begin converting eligible customers in the portfolio and integrating the accounts into Capital One-branded card products, it said.

https://seekingalpha.com/news/4110241-capital-one-and-walmart-end-consumer-credit-card-partnership

I wonder if we will get a choice in what card we get converted to?

[Brian_Earl_Spilner]

Article requires a sign up to view.

[rgninja]

Here is one that doesn't require login

https://www.cnbc.com/2024/05/24/walmart-capital-one-end-consumer-credit-card-agreement.html

[Rockysocks]

Just found out the duo is parting ways.

(Until further notice,)"The ending of the partnership doesn't affect current cardholders, the companies announced Friday. Those who hold Capital One Walmart Rewards Mastercards and Walmart Rewards Cards can keep using the cards and will continue to earn and redeem rewards – and already accrued rewards will keep their value, the companies said."

(Eventually,)“The parties determined that the best path forward for our customers is to end the current partnership and convert existing eligible Walmart Card customers to one of Capital One’s flagship branded rewards products," Capital One said in a statement to USA TODAY."

I wonder what we'll get product changed too.

Edit: For anyone interested in a replacement / backup card, AAA Daily Advantage is still *knock on wood* getting me 5% in store.

[pizzadude]

More discussion on this topic and links in this thread

[ptatohed]

Super bummed!  I use my 5% WM card at wm.com all the time.  In fact, I've been getting 10% lately using the Cap1 shopping link.  I sure hope they have a 5% replacement card.  I think they have to, to compete with amazon.  

[Drifter73]

Ouch... I enjoyed the 5%cb online purchases while they lasted. Hopefully Cap1 will convert mine to something similar or maybe the metal version Savor card for the inconvenience of the situation. 😀

[AndySoCal]

My guess it would be Capital One Savor due to the gorcery store  cash back of 3%. That would work for many Walmart stores but not mine ther MCC code for my Walmart SuperCenter is a discount store.  Since it not a grocery store code you get 1% cash back in that scenario. I cannot use my Citibank Custom Cash to get 5% cash back either due the MCC code.  I am currently using my Redstone FCU Signature Visa for 3%. I will wait and see what Walmart does in the future. Walmart currently has a debit card that will give you 3% cash back plus 5% on savings currently. the debit card is called One.

[DoppelgangerD]

Am I the only one who thinks the 2 quotes in the first post completely contradict each other?

I think it'll be quite a while before we see any substantial info on exactly what's going to happen with Walmart's credit program.

I have a suspicion that 5% is not going to continue though.

I feel it will be something like 3% with lots of gimmicks attached.

We shall see...

[ptatohed]

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@DoppelgangerD wrote:

Am I the only one who thinks the 2 quotes in the first post completely contradict each other?

I think it'll be quite a while before we see any substantial info on exactly what's going to happen with Walmart's credit program.

I have a suspicion that 5% is not going to continue though.

I feel it will be something like 3% with lots of gimmicks attached.

We shall see...

---

I agree.  I think there was more context surrounding that quote that's missing.  pizza's link's qoute makes more sense.  'Until informed otherwise'.  

"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," the companies said.