Posted by Chuck on February 29, 2016
Credit Cards

Published on February 29th, 2016 | by Chuck

3

American Express to Finalize Costco Portfolio Sale in June

American Express announced today that it finalized an agreement to sell its Costco credit card portfolio to Citibank. It is expected to close in June 2016, at which time all eligible Costco American Express Card cobranded accounts will be transferred to Citi. Additional details will be provided to Card Members in advance of the partnership end date.

Press Release

The sale was initially expected to take place in March but ended up being pushed off until the final sale date of June.

USNews reports that after the sale goes through in June, it will no longer be possible to use an Amex card at Costco, and Visa will be the only option.

There’s also a nice FAQ by Amex  (released around a month ago) about the change to Costco.

Other Costco/Citi/Visa/American Express posts:



3
Leave a Reply

avatar
 

  Subscribe  
newest oldest
Notify of

So hopefully that means account age will be preserved, as Costco Amex is one of my oldest cards. I wonder if now that the deal is done we will see some better offers from Amex to try and keep my business with them.

Just had a useless chat with Amex re account conversion. Suggested I simply apply for another card, nothing offered at all to convert to another card. When I pressed about the impending closure and transfer of customers to Citi, the CSR repeatedly said “not to worry”. I can only conclude that Amex still doesn’t have any idea what they’re going to do about this.

[…] learned last month that the Costco transfer will happen at some point in June, and we now have a lot more […]

Back to Top ↑