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.
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:
- New Citi Costco Visa Personal & Business Card Reviews
- Amex Costco Cardholders Transition Offers + No Hard Pull
- American Express, Costco Partnership to End Next Year
- Costco Strikes Deal with Visa, Citi
- Leaked Letter Regarding Costco, Citi, American Express & Visa Partnerships
- Leaked Details on Costco-Citi Credit Card Rewards
