Costco enters credit card agreements with Citi, Visa as it says farewell to AmEx

Issaquah, Wash. - Costco Wholesale Corp. has entered into a new co-brand credit card program agreement with Citi and an acceptance and co-brand incentive agreement with Visa. Under the arrangements, Citi, an issuer of consumer credit cards, will become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning April 1, 2016.



Costco says it will provide its members with additional information in the coming months regarding the anticipated transition from its existing co-brand credit card program.



In February 2015, Costco announced it will no longer accept American Express cards at its U.S. stores starting on March 31, 2016, ending a 16-year-old exclusive relationship with the credit card giant.



Costco was one of the few big U.S. retailers that accepts only American Express cards, with by Visa Inc., MasterCard Inc. and Discover Financial Services cards previously not accepted at its stores.