Visa and Citi to Replace AmEx at Costco Stores
People shopping at outlets of Costco, the large and influential chain, will now require a new credit card to pay for the merchandise that they purchase.
Costco is the second-largest retailer in the world by revenue. It operates in 671 locations all over the world.
For sixteen years the chain accepted only American Express cards but now the retailer is moving on to Visa and will use Citigroup as its privileged provider for co-branded credit cards.
The change from AmEx to Visa also means some changes which the customers have to face. There are some things that the customers should be aware of.
Starting from April 1, 2016, Costco will accept only Visa credit cards for transactions in its outlets. Customers can use Visa and MasterCard debit cards or they may make payments in cash.
From that date the American Express credit cards won't be accepted by the retailer. In the past year, Costco alone accounted for eight percent of the billed business of American Express and twenty percent of its loans internationally. The change at Costco is surely a big hit for AmEx.
Till now, Costco has not said whether the customers have to reapply to get its rewards credit card. According to Citigroup it is trying to make the changeover of cards as "seamless" as possible.
New Zealand News
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