We wrote a few weeks ago about the end of the Costco-Amex partnership. We expected Costco to add one of the main credit cards as their new partners and now they have announced that they has reached an agreement with Citi for a new co-branded Visa credit card program, at its U.S. stores starting on April 1. Until now, the wholesale club retailer has accepted only debit cards and Amex.
Details about the new card’s benefits and terms will be made available to members soon. The Costco Amex card offered card holders 3% cash back for gas, 2% for restaurants and travel and 1% back for everything else, and there was no annual fee as long as the user was a Costco member.
The deal anticipates the purchase of the existing co-branded Costco Amex card portfolio by Citi.
I didn’t have the Amex Costco card, but I’ll be on the lookout to see what the new Citi Visa Costco card has to offer.