(Reuters) - Walmart Inc has chosen Capital One Financial Corp as the new issuer of its store credit card, ending a partnership with Synchrony Financial, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Shares of Synchrony Financial were down 6.5 percent at $31.25 in afternoon trading, while those of capital One were little changed.
Under the deal, Capital One will issue credit cards that can only be used on Walmart's website and stores, as well as co-branded cards that can be used almost anywhere else, the Journal reported.
Synchrony, which issues private-label cards as well as co-branded cards, has been Walmart's exclusive credit-card issuer since 1999.
It was not immediately clear about the future of roughly $10 billion portfolio of Walmart card balances that Synchrony has, WSJ reported.
Walmart, Capital One and Synchrony were not immediately available for comment.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D'Silva)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app