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Costco Visa card hits 1 million-member milestone

12/12/2016

Costco Wholesale’s new co-branded Visa payment card is definitely resonating with shoppers.



Since launching its co-branded Citi Visa Anywhere credit card in June, the club retailer reports that 1 million members signed up for the payment card.



“Most of them have it in hand,” Costco’s CFO Richard Galanti said during the company’s earnings call on Dec. 7. “In terms of conversion, usage and new sign up for the card, all [is] good so far.”



In June, the club retailer stopped accepting American Express at all United States and Puerto Rico-based brick-and-mortar locations and online, and forged a new partnership with Visa. In addition to launching its co-branded payment card, Costco also accepts Visa cards at all locations.



Out of the chain’s approximately 11.4 million American Express co-branded cards, “about 7.5 million accounts were converted to the new Citi Visa Anywhere card,” he added. “More than 85% of the accounts transferred over have been activated.”
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