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ISSAQUAH, Wash. — Costco Wholesale Corp. and American Express Co. will discontinue their 16-year credit card relationship in the United States next year, the companies confirmed earlier this month.
Costco Wholesale Corp. and American Express Co. will discontinue their 16-year credit card relationship in the United States next year, the companies confirmed earlier this month.
The American Express card is the only credit card Costco currently accepts at its stores, which has resulted in about $80 billion in spending on American Express cards, according to analysts’ estimates.
The agreement between the retailer and the card company will end March 31, 2016, according to a Reuters report.
American Express, which both issues cards and operates a processing network, said it was unable to reach a deal with Costco on extending their credit card agreement that "would have made economic sense" for the company.
Costco had ended its relationship with American Express in Canada a year ago.
The wholesale club operator reached a deal with MasterCard to replace AmEx as its card partner in Canada.
