Tags: Costco | AmEx | Credit Cards | American Express

Costco to Stop Accepting AmEx Cards in US

Thursday, 12 Feb 2015 09:50 AM


American Express Co. said Costco Wholesale Corp. would stop accepting its cards in the United States from next April, after the companies failed to reach terms on renewal of an agreement.

American Express shares fell about 3 percent to $83.65 in premarket trade.

Costco has already replaced American Express with Capital One Financial Corp. as its credit-card issuer in Canada, starting this year.

"We were unable to reach terms that would have made economic sense for our company and shareholders," American Express CEO Kenneth Chenault said in a statement.

The current agreement is set to end on March 31, 2016, American Express said.

Costco has 468 warehouses in the United States and Puerto Rico, and caters to relatively higher-income customers than Wal-Mart Stores Inc. and Target Corp.

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American Express Co. said Costco Wholesale Corp. would stop accepting its cards in the United States from next April, after the companies failed to reach terms on renewal of an agreement.
Costco, AmEx, Credit Cards, American Express
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2015-50-12
Thursday, 12 Feb 2015 09:50 AM
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