Table of Contents
ISSAQUAH, Wash. — Costco Wholesale Corp. has agreed on a credit card program with Citi and an incentive deal with Visa.
Costco Wholesale Corp. has agreed on a credit card program with Citi and an incentive deal with Visa.
Under the terms of the agreements, Citi, the world’s largest issuer of consumer credit cards, would become the exclusive issuer of Costco co-branded credit cards, while Visa would replace American Express as the credit card network for Costco in the United States and Puerto Rico beginning April 1, 2016. Implementation of the agreements is subject to the purchase of the existing co-branded credit card portfolio by Citi.
Costco’s co-branded Visa credit card would provide generous rewards to Costco members, serve as the membership card and be accepted at the chain’s stores in the 50 states and Puerto Rico, as well as by merchants worldwide that accept Visa.
The deal means that only Visa credit cards will be accepted at Costco. The stores currently take only American Express cards, although they accept debit cards from other companies, including Visa and Mastercard.
