The FINANCIAL -- BENTONVILLE, Ark. and MCLEAN, Va. – July 26, 2018 – Walmart and Capital One announced that the companies 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.
Walmart and Capital One share a common goal of transforming the way they serve customers through digitally-led innovations. This new relationship combines Walmart’s size, scale and leadership in omni-channel retailing with Capital One’s long-standing position as a technology leader within the retail financial services market. Leveraging their respective technology platforms and individual capabilities, 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 will provide additional information in the coming months regarding the anticipated transition to the new card program in 2019.
Moelis & Company and Greenhill & Co. acted as financial advisers to Walmart and Morrison & Foerster served as Walmart’s legal counsel. Wachtell, Lipton, Rosen & Katz acted as legal counsel to Capital One.