Walmart Inc. (NYSE: WMT) shares and Capital One Financial Corporation (NYSE: COF) shares are trading higher on Friday.
In a joint press, the companies disclosed that they have ended the agreement that made Capital One the exclusive issuer of Walmart Consumer Credit Cards.
In 2019, the Capital One Walmart Rewards Credit Card Program was launched by Capital One and Walmart.
In 2023, Walmart filed a lawsuit against Capital One, claiming that the bank did not deliver replacement cards promptly and did not promptly update transaction and payment information for accounts, Bloomberg reported.
At the time, a Capital One spokesperson told Bloomberg that the lawsuit "is an attempt to renegotiate the economic terms of the partnership it agreed to just a few years ago, or end the deal early," the report added.
Current cardholders will not experience any immediate changes following the conclusion of the card partnership between Capital One and Walmart.
They can still earn and redeem rewards, with existing rewards retaining their value. Until further notice, cardholders can use their Capital One Walmart Rewards Card at Mastercard-accepting locations and the Walmart Rewards Card at Walmart.
Capital One said it will continue to manage the credit card accounts.
Price Action: COF shares are trading higher by 0.74% to $138.51, while WMT shares are trading higher by 0.71% to $65.30 at last check Friday.