Costco Wholesale (NASDAQ:COST) has announced that it will end its exclusive deal with American Express (NYSE:AXP) in 2016.

Costco and American Express have had an exclusive deal for 16 years that has made it so only the latter’s credit cards can be used at the retailer. However, the retailer does accept debit cards and cash. The end of the deal is similar to one that ended between the credit card provider and the retailer in Canada last year, reports the Associated Press.

The deal between Costco and American Express made up 8% of its billed business for 2014, 20% of its loans and 10% of its cards. The end of the deal will likely hurt the company’s business, but it will also likely allow customers to use more cards with the retailer, the Associated Press notes.

Tien-tsin Huang, an analyst for JPMorgan Securities, said that the loss of the exclusive deal with Costco will likely reduce spending on American Express credit cards by $80 billion a year, reports Reuters.

AXP sahres were down 6% as of Thursday afternoon.

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