Costco to Enter into Credit Card Agreement with Visa Next Year - East Idaho News
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Costco to Enter into Credit Card Agreement with Visa Next Year

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Thinkstock 030215 Costco?  SQUARESPACE CACHEVERSION=1425353729370snyferok/iStock Editorial/Thinkstock(NEW YORK) — After an announcement last month that Costco would cease accepting American Express cards as payment at its stores at the end of a current agreement, the company announced Monday that it had entered into a credit card agreement with Visa.

According to a press release, Costco will unveil a new co-brand credit card program with Citi, while agreeing to an incentive agreement with Visa. Those deals would make Citi the “exclusive issuer of Costco’s co-brand credit cards” and allow Visa to “replace American Express as the credit card network for Costco in the United States and Puerto Rico beginning April 1, 2016.”

On Feb. 12, American Express Chairman and CEO Kenneth Chenault said in a statement that the two sides had been unable to reach terms for a new agreement.


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