The 16-year relationship between Costco and American Express will come to a formal end on Monday. Several months ago Costco announced the changes coming to all of their nearly 475 U.S. stores. There were mixed feelings about the change that will begin on Monday.
For customers using their TrueEarnings credit card, Sunday will be the last day to use that card. This card will no longer be valid for any purchases on Monday.
There is no need to reapply, most customers have already received their new Citibank Visa card. The cash back rewards collected from the TrueEarnings American Express card will automatically transfer to your new Citibank Visa Costco card.
Although many are uncertain about what the new change holds, cardholders should be happy once they learn that they will now have higher reward earnings. Cardholders will now earn 4% back on gas purchases up to $7000 (and 1% after) and 3% on restaurant and travel expenses Costco officials said.
Although Costco welcomes this change that will bring higher benefits to their members, American Express many not be so thrilled to lose around 10% of their customers and 20% of their loans.
The Citibank card carries no annual fees, other than your regular yearly Costco Membership fee and the card can also be used as your membership card to enter the store. Costco will now be only be accepting Visa credit cards, checks, debit cards, Costco Cash Cards and EBT.
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- Costco_at_Majura_Park_in_Canberra: Bidgee [CC BY-SA 3.0 au (http://creativecommons.org/licenses/by-sa/3.0/au/deed.en)], via Wikimedia Commons