
Walmart has filed a lawsuit against its co-branded credit card partner, Capital One, to terminate their partnership. Walmart claims that Capital One failed to meet certain requirements of the partnership, including not replacing lost cards promptly and not posting and settling transactions promptly. Walmart previously expressed a desire to renegotiate some of the terms of the contract, including the loss sharing agreement, and wants its fintech arm, One Finance, to be involved in the issuing of the cards.
The Capital One/Walmart card was launched in 2019, and the contract is due to run until at least 2026, with provisions for the contract to be extended. Walmart previously sued Synchrony, who issued the Walmart card before Capital One, claiming that it was financially harmed due to Synchrony's underwriting standards.