Walmart Sues Capital One
Capital One Financial shares plunged more than 4% after Walmart sued its credit card partner.
The Wall Street Journal reported that Walmart is seeking to discontinue its partnership with Capital One.
Walmart claims that Capital One failed in its obligation to promptly replace any lost cards. Walmart also argues that some credit-card transitions failed to post in a timely manner.
Walmart and Capital One are partners since 2019, and have a contract to continue working together until 2026.
Walmart's store credit card allows users to get 5% back on Walmart.com. 2% back at Walmart gas stations and in-store. 1% back anywhere Mastercard is accepted.
Walmart's store credit card doesn't charge a yearly fee, which makes it stand out among other credit cards. Capital One currently manages the card.
Walmart stock was off 0.2% on Monday, while Capital One was up 0.1%.