![]() Capital One was supposed to post conforming payments within one business day in 97% of cases, but it only did so 55% of the time at one point, and 86% of the time at another point, according to Walmart's lawsuit. One of those benchmarks involved posting customer payments within one business day of when they were received. In its lawsuit, Walmart alleged that Capital One failed to meet certain customer-service benchmarks, which gave the retailer the contractual right to terminate the deal. Walmart currently partners with Affirm on a buy now/pay later option. But it has reportedly been gearing up to offer a buy now/pay later service that shoppers could use at Walmart and other stores. The fintech venture backed by Walmart, which is run by former Goldman Sachs executives, has been tight-lipped about its plans. In the meantime, he said, shoppers can continue to use Walmart-branded credit cards issued by Capital One. But he said that Walmart expects to bring a new credit card program to its customers within the next 12-18 months. Hargrove declined to comment specifically on Capital One's allegation that Walmart is planning to move its credit card program to the fintech joint venture. "We fulfilled our obligations to promote the Walmart credit card as the exclusive consumer credit card program within Walmart-branded channels," he said. "Capital One's claims are false, and we will address them in court," Hargrove said Tuesday. Walmart spokesperson Randy Hargrove denied Capital One's allegations. In response, Capital One is asking a judge to declare that Walmart has no right to terminate the contract early, and to award monetary damages to the McLean, Virginia-based card issuer. All rights reserved."Walmart is positioning itself to compete directly with Capital One to provide credit and payment products to Walmart customers," Capital One said in its court filing.Ĭapital One's allegations came in response to a lawsuit filed by Walmart, which wants a court to rule that it was legally entitled to terminate the credit card contract. Live better are marks and/or registered marks of Walmart, Inc. The "Spark" design ( * ), Walmart and Save money. Google, Android and Google Play are trademarks of Google Inc., registered in the U.S. App Store is a service mark of Apple Inc. Green Dot is a registered trademark of Green Dot Corporation.Īpple and the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. ![]() Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. ![]() Visa is a registered trademark of Visa International Service Association. ![]() Walmart Mone圜ards are issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. ![]() Mobile or email verification and mobile app are required to access all features. Activation requires online access and identity verification (including SSN) to open an account. Must be 18 or older to purchase a Walmart Mone圜ard. ![]()
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