The warehouse superstore said it will accept all Visa-branded cards starting next year, ending its exclusive partnership with AmEx. Here are some of the emerging details.
It’s out with American Express and in with Visa.
After ending a 16-year, exclusive partnership with AmEx, Costco has struck a new deal with Visa and Citigroup. The warehouse superstore will begin accepting Visa cards April 1, 2016, the Associated Press reports.
Citi will be the exclusive issuer of Costco’s co-branded credit cards.
Here are a few things you should know about the change:
- What cards will be accepted? Beginning April 1, 2016, Costco will accept all Visa-branded credit cards, as well as Visa and MasterCard debit cards, the AP said.
- I have a Costco-branded AmEx. Now what? According to the Los Angeles Times, when the switch occurs, existing cardholders will receive new Visa cards issued by Citibank in the mail, to replace the AmEx cards.
- What kind of rewards will the new Costco-branded Visa card have? The Costco AmEx cards provide a cash-back feature. Costco spokesman Bob Nelson told the LAT that the new card would “provide generous rewards” but was unable to provide further details. “Hopefully,” he said, “the offering we will have at the end of the day will be very compelling.”
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