Walmart and Capital One have entered into a new, long-term credit card program agreement.
Under the terms of the agreement, Capital One will become the exclusive issuer of Walmart’s private label and co-branded credit card program in the U.S. beginning August 1, 2019.
The new relationship combines Walmart’s size, scale and leadership in omnichannel retailing with Capital One’s position as a technology leader within the retail financial services market, according to Walmart. Leveraging their respective technology platforms and individual capabilities, Walmart and Capital One intend to offer innovative, digitally-enabled credit card products that deliver value to customers.
Walmart said it will provide additional information in the coming months regarding the anticipated transition to the new card program in 2019.