NEW YORK — Costco says it addled a accord for Citi to be the absolute issuer of its co-branded acclaim cards, with Visa replacing American Express as the agenda network.
The accord is accountable to Citi affairs the company’s co-branded acclaim agenda portfolio, Costco said.
Costco and American Express concluded their affiliation afterwards declining to ability an acceding on face-lifting terms. American Express said beforehand this ages that the relationship, which goes aback 16 years, is set to expire March 31, 2016. Costco says the accord with Visa and Citigroup Inc. would booty aftereffect the aing day.
The accord agency that Visa will be the alone acclaim cards accustomed at Costco stores. Currently Costco accepts alone American Express acclaim cards, admitting it takes debit cards from added companies including Visa and Mastercard.
The aggregation said it would accommodate its barter with advice about the alteration in advancing months. David Sherwood, Costco’s administrator of accounts and broker relations, said in a buzz account it was yet to be bent if bodies will accept to reapply for their Costco rewards cards.
Costco uses the absolute accord to lower the acclaim agenda processing fees it pays. Processors about allegation retailers added for acclaim affairs than for those on debit cards.
Costco Wholesale Corp., based in Issaquah, Washington, has 474 locations in the United States and 88 in Canada. It is the world’s second-largest banker by revenue, according to the National Retail Federation.
Shares of Visa Inc. rose $5.12, or 1.9 percent, to $276.43 in aboriginal afternoon trading. Costco’s shares rose $1.28 to $148.24.
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