WASHINGTON — McLean, Virginia-based Capital One Financial has signed a long-term credit card program agreement with Walmart.
Beginning next year, Capital One will be the exclusive issuer of Walmart’s private label and co-branded credit cards in the U.S.
Capital One takes over as the issuer of Walmart’s credit cards from Stamford, Connecticut-based Synchrony Financial, whose contract was not renewed and expires next year.
“Walmart and Capital One intend to offer highly innovative, digitally-enabled credit card products that deliver great value to customers and an exceptional cardholder experience,” Walmart said in a statement.
The transition to the new Capital One cards will begin in August 2019.
Capital One has card partnerships with a number of retailers, including Kohl’s, Lord & Taylor, Neiman Marcus and Saks Fifth Avenue.
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