Wal-Mart: Your New Banker?
Wal-Mart can't be or own a full-fledged bank -- yet -- but its partnerships and in-store financial services are giving the industry jitters
Wal-Mart Stores Inc. (WMT ) didn't get to be the world's biggest retailer by giving up easily. So despite being twice thwarted by lawmakers in its efforts to buy a bank, it has quietly but tenaciously expanded its foothold in financial services. In its latest move, announced on Jan. 21, the retailing giant is introducing a no-fee Wal-Mart Discover credit card that offers 1% cash back, which it will launch with GE Consumer Finance (GE ) in March. More...
Wal-Mart can't be or own a full-fledged bank -- yet -- but its partnerships and in-store financial services are giving the industry jitters
Wal-Mart Stores Inc. (WMT ) didn't get to be the world's biggest retailer by giving up easily. So despite being twice thwarted by lawmakers in its efforts to buy a bank, it has quietly but tenaciously expanded its foothold in financial services. In its latest move, announced on Jan. 21, the retailing giant is introducing a no-fee Wal-Mart Discover credit card that offers 1% cash back, which it will launch with GE Consumer Finance (GE ) in March. More...