It's been public knowledge for quite some time that Citigroup would buy Costco's entire credit card portfolio in 2016. But while we knew that Costco's 16-year relationship with AMEX would come to a screeching halt at some point this year, we didn't know exactly when that would take place.
Now we do. According to Costco.com Customer Service, effective June 20th, 2016, AMEX credit cards will no longer be accepted at Costco. You will need to use VISA credit cards, cash, checks, debit/ATM cards, EBT, or Costco Cash Cards to make all purchases in the United States.
Costco members that currently have Amercian Express Costco credit cards can expect to receive brand new VISA cards issued by Citibank in May or early June. There will be no need to actually apply for a new card, and all cash back rewards earned up until June 19th on AMEX cards will be transferred to the new Citibank card as well.
Keep your eyes open for more information about your new credit card from Citibank in your mailbox. And if you don't already have a different AMEX card in your wallet, now would be a great time to think about applying for a new AMEX credit card too.
Source: Costco Customer Service
