Capital One is the 5th largest issuer of general purpose-type credit cards and 5th largest issuer of private label credit cards in the U.S. It will expand both portfolios next year when it becomes the exclusive credit card partner of Walmart on August 1, 2019. Walmart’s existing credit card-issuing partner is Synchrony Financial. It owns $10 billion in Walmart private label and co-branded (Mastercard) general purpose card outstandings. Synchrony must decide whether to retain those assets or sell all or part of them to Capital One. Synchrony has the option of converting existing balances, ...