COF

End of Capital One-Walmart Partnership

Capital One Financial Corporation (NYSE: COF) and Walmart Inc. (NYSE: WMT) have announced the end of their exclusive consumer card partnership agreement, marking the conclusion of the Capital One Walmart Rewards Credit Card Program. However, cardholders can continue to use their cards as usual, earning and redeeming rewards as before. Additionally, previously accrued rewards will retain their value.

As of March 31, 2024, Capital One had $351.0 billion in deposits and $481.7 billion in total assets. On the other hand, Walmart Inc. reported fiscal year 2024 revenue of $648 billion and employs approximately 2.1 million associates worldwide.

Despite the end of this partnership, Capital One will retain ownership and servicing of the credit card accounts. More information will be provided in the coming months to Walmart credit card holders.

This development marks a significant shift in the consumer credit card landscape and is sure to have an impact on both Capital One and Walmart moving forward. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $137.67. If you want to know more, read the company's complete 8-K report here.

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