The company defended its prices for currency conversions after a report said employees boosted rates for some business customers without notifying them.
The Stamford, Conn., issuer of store credit cards has two potential options after the retail giant chose to partner with Capital One. But the decision over which path to take is out of its hands.
The retailer is ending its nearly two-decade credit card relationship with Synchrony Financial; Mulvaney says the bureau will first negotiate, not sue, to settle disputes.
Synchrony Financial said its credit-card deal with Walmart won't be renewed and will expire next year. The largest issuer of store cards said Thursday that it's evaluating whether to sell the $10 billion in balances or retain the portfolio and convert qualifying customers to general purpose credit cards.
Credit card and auto loans grew again in the second quarter at the McLean, Va., company, and the net charge-off rates of both business lines fell, too.
Large card issuers began banning cryptocurrency purchases on their cards in February. But fintechs are allowing consumers to purchase and invest in digital currencies, and they say the risk is minimal.
With Walmart reportedly weighing bids from Capital One alongside incumbent Synchrony Financial to handle its private-label credit card account, Synchrony's use of data and artificial intelligence are more important than ever.
