Costco to Replace American Express With Visa, Citigroup

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costco-citigroup-visa-american-express-cost-c-v-amexCostco Wholesale (NASDAQ:COST) has announced that it will replace American Express (NYSE:AXP) with Visa (NYSE:V) and Citigroup (NYSE:C).

The new deal will have Costco exclusively accepting Citigroup credit cards. Visa will handle transactions for those credit cards. The change in what credit cards will be accepted at the retailer is the result of its deal with American Express expiring last month. The new cards will start being accepted on April 1, 2016, reports The Los Angeles Times.

Memebers of Costco will be sent new credit cards to replace their old ones. These will be co-branded cards that will act as proof of membership and will also provide rewards to holders. The cards can also be used anywhere Visa is accepted, L.A. Times notes.

Costco currently has 671 locations worldwide. Of these locations, 474 are located in the United States and Puerto Rico. The company also has 88 locations in Canada.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/03/costco-citigroup-visa-american-express-cost-c-v-amex/.

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