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• The Wall Street Journal reports that Walmart “has chosen Capital One Financial Corp. as the new issuer of its store credit card … ending a nearly 20-year partnership with Synchrony Financial.

According to the story, “The deal covers both the credit cards that can only be used at Walmart’s website and stores, as well as co-branded cards that can be used almost anywhere else, the people said.

“Losing Walmart is a major blow to Synchrony, the largest U.S. store-card issuer. Walmart is one of Synchrony’s five biggest accounts, and it accounts for about 19% of Synchrony’s store-card portfolio … Earlier this year, Synchrony lost Toys “R” Us, another store-card partner, to bankruptcy, and another of its five biggest accounts, J.C. Penney Co. , has been struggling for years.”
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