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One year after Costco Wholesale Corp. announced it had entered into new agreements with Citi and Visa, Citi has publicly released an official date. What you need to know when Costco ditches Amex ...
Costco was partnered with Discover for a while, and then with American Express from 1999 to 2017. The AmEx partnership (which had slightly higher merchant fees) ended when the credit company ...
Prior to that, Costco credit cards had been issued by American Express since 2001, and Costco accepted only American Express cards for credit transactions. After the switch of its co-branded cards to Citi, Costco ceased accepting AmEx and began exclusively accepting Visa.
The cards issued by Costco in the United States were an extension of an exclusive deal between Costco and American Express dating from 1999. Costco was the last major US merchant that accepted American Express cards exclusively. Costco's Canadian stores ended its exclusive deal with American Express in January 2015, in favor of one with Capital ...
When Costco announced it would drop American Express in 2015, it was a major blow to AmEx since Costco represented roughly 10% of cardmember loans and roughly $80 billion in network volumes.
As of November 1, 2007, UnionPay cards may be accepted where Discover Network cards are accepted in the United States, Canada, Mexico, Central America and the Caribbean. References [ edit ]
The sale is expected to close in June, and all Costco customers with co-branded American Express cards will be transferred to Citi.
It has a lot to do with the fees credit card companies charge merchants when you make a purchase. Some merchants choose to not accept cards that charge higher swipe fees than others, like American ...