Published on January 22nd, 2019 | by Chuck44
Walmart Chooses Capital One as their New Credit Card Issuer, Ends Synchrony Partnership
Update 1/22/19: During a conference call to discuss Q4 earnings Capital One said they expect to launch the new program and onboard acquired cardholders in the third quarter or early fourth quarter of 2019. Portfolio is expected to consist of $9 billion of receivables. Hat tip to reader Joey M
Walmart chooses Capital One as their credit card issuer, in a blow to their current backer Synchrony, WSJ reports. Capital One will issue both the stores cards for use at Walmart and the co-branded cards which can be used anywhere.
The move is the biggest portfolio change since Costco shifted over to Citibank, and hits Synchrony hard with the loss of their 19-year retail partner. Walmart is one of Synchrony’s five biggest clients, accounting for about 19% of Synchrony’s store-card portfolio.