Visa will replace Amex at Costco as of April 1 (2016?)

[shaynaatl]

Costco (COST) says it will start accepting Visa (V) rather than American Express (AXP) at its U.S. stores 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.


money.cnn.com/2015/03/02/news/companies/costco-citi-visa/


EDIT: Per Business Insider, this won't happen until 2016:

Under the terms of the agreements, Citi, the world's largest issuer of consumer credit cards, would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the United States and Puerto Rico beginning April 1, 2016.

[mmmomof2]

I thought I had until 2016!

[rubytue]

Visa?! *sigh* Guess I'll need to get their visa now since all we have are MasterCard.

And really?! Only a month?!

[shaynaatl]

Mar 2, 2015 9:27:09 GMT -5 mmmomof2 said:

I thought I had until 2016!

The original report from last month said it wouldn't be until 2016.  April 1 does seem really quick. 

[ddi741]

I wonder if they will accept both for a while. I had asked the cashiers about it on Saturday when I was there and they told me nothing would change until Jan 2016.

[hamster]

HELL YES

[ddi741]

This article says april 2016
customerservice.costco.com/system/templates/selfservice/costco_en_us/#!portal/200500000001002/article/200500000030419/American-Express-Partnership

[rubytue]

The "related" link at the bottom of that article (http://money.cnn.com/2015/02/13/news/companies/costco-amex/index.html) says the agreement ends March 31, 2016. Makes me wonder if a editor missed the year on the first link! Announced now, but effective next April?

[shaynaatl]

Mar 2, 2015 9:34:51 GMT -5 rubytue said:

The "related" link at the bottom of that article (http://money.cnn.com/2015/02/13/news/companies/costco-amex/index.html) says the agreement ends March 31, 2016. Makes me wonder if a editor missed the year on the first link! Announced now, but effective next April?

This makes more sense. CNN editor likely just messed up.

EDIT:  The CNBC story about this also says April 1, 2015.

[mbcdefg]

Guess I'll be switching from my Macy's AmEx to my Target Visa, lol.


(99% of the time I use my debit card. The Macy's AmEx was good because I almost never use it at Macy's, so that $20ish once in a while was helpful in maintaining credit.)

[Deleted]

Mar 2, 2015 9:38:40 GMT -5 milsaroo said:

I actually just assumed it meant April 1, 2016 because there's been so much about talk next March. This is a dumb question but any visa or does it have to be a specific Costco one?

Any Visa. In Canada, they take any Mastercard.

Sooooo much better than American Express (which was essentially only accepted at Costco here).

[um]

I'm so glad it's Visa and not MC!

[sjh722]

Excellent. We have 2 Visa cards already. :-)

[protozoa]

Crap, I use Amex and MC!

[arch01]

This, combined with a deal on a membership, might sway me into getting one. I just wish there was a Costco closer than 45 minutes away.

[tacosforlife]

BOLLOCKS! USAA only offers MasterCard and Amex, and all our banking is done through USAA.

[irene adler]

YAY!!!!!!!!!!!!!!!

[awick14]

Mar 2, 2015 9:42:34 GMT -5 @tokenhoser said:

Mar 2, 2015 9:38:40 GMT -5 milsaroo said:

I actually just assumed it meant April 1, 2016 because there's been so much about talk next March. This is a dumb question but any visa or does it have to be a specific Costco one?

Any Visa. In Canada, they take any Mastercard.

Sooooo much better than American Express (which was essentially only accepted at Costco here).

I am so much happier with this. I can now use my MC. the only places here that take Amex is hotels and the airports, so I hated having a different card for just Costco.

[stephm0188]

Argh. I was hoping it would be Mastercard so I wouldn't have to keep using my USAA card as debit there. Oh wells. It's not *that* big of a deal.

[justemily]

Dammit... we don't have a Visa! Just AMEX and MC!

[starburst]

Oh good, I was worried I'd have to open a MasterCard. I already have a visa.