After 15 years, Costco Wholesale Corporation ended its partnership with American Express last month and now has plans to the partner with its competition, Visa.
The company announced Tuesday that it “has entered into a new co-brand credit card program agreement with Citi and an acceptance and co-brand incentive agreement with Visa.”
According to Costco officials, the fulfillment of these agreements depends on Citi’s purchase of the existing co-brand credit card portfolio.
Citi, under the new terms, will become the exclusive issuer of Costco’s co-brand credit cards and Visa will take the place of American Express beginning April 1, 2016 in the United States and Puerto Rico as the credit card network for Costco.
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Officials say that upon being issued, the new Costco co-brand Visa credit card will provide rewards to Costco members, in addition to serving as the Costco membership card, and be accepted at all Costco locations.
Members of the major wholesale corporation will receive additional information in the coming months about plans for the transition.
Costco operates five store throughout the state of Hawai’i, one of which is located in Kailua-Kona.
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