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In 2023, Walmart sued the McLean, Virginia-based company, saying it wanted to terminate the agreement because Capital One was taking too long to process payments and mail replacement cards.
After Capital One generated $8.5 billion in credit card balances from Walmart customers, the bank squandered an exclusive deal, opening up a competition for the valuable market.
A federal judge ruled in Walmart’s favor in March. In a government filing Friday, Capital One said there are approximately $8.5 billion in loans in the existing Walmart credit card portfolio. It's not yet clear when Walmart might name a new banking partner. The Associated Press sent an email message seeking comment to Walmart on Saturday.
According to the lawsuit, more than $197 million in payments to or from Walmart were the subject of fraud complaints, with an additional $1.3 billion in payments having a possible connection to fraud.
The similarity of Credit One Bank's logo and the Capital One logo caused confusion among consumers, with many not realizing they were separate companies. Credit One Bank adopted their black and blue "swoosh" logo in 2006. [36] In February 2009, Capital One acquired Chevy Chase Bank for $520 million in cash and stock. [37] [38] [39] [40]
(Reuters) - Walmart Inc said on Thursday it has tied up with Capital One Financial Corp for its store-branded credit card, ending its two-decade long partnership with Synchrony Financial .
Affirm Holdings, Inc. is an American technology company that provides financial services for shoppers and merchants. [4] [5] [6] Founded in 2012 by PayPal co-founder Max Levchin, [7] it is the largest U.S. based buy now, pay later lender.
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