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Heads Up: Costco to stop accepting AmEx cards in April 2016

fargoadvice 2,833 1,697 February 12, 2015 at 08:09 AM in Other (2) More Costco Wholesale Deals
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Last Edited by fargoadvice February 12, 2015 at 08:49 AM
Costco to stop accepting AmEx cards in April 2016

EEK!Wow...EEK!

http://www.inforum.com/business/r...april-2016

http://finance.yahoo.com/news/cos...14755.html

http://www.thestreet.com/story/13..._ven=YAHOO

Quote :
Shares of American Express (AXP - Get Report) were falling 7.3% to $79.73 in pre-market trading Thursday following the announcement that Costco Wholesale (COST) will stop accepting the company's credit cards in April 2016.

Costco will stop accepting American Express cards next year because the two companies were unable to reach terms on a renewal of their current co-brand and merchant acceptance agreements. The current agreements between the two companies will expire on March 31, 2016.
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Last Edited by gaijin4life March 19, 2015 at 07:32 PM
This is how I interpret this:

No, this does not mean that Costco is going all cash or food stamps or Bitcoin only.

In April 2016, they stop accepting AmEx and will end up accepting Visa/MasterCard instead, and another bank will likely issue a co-branded rewards card like the current AmEx Costco card. This happened in Canada already.

Just like you can use a non-Costco Amex today, after April 2016, you will also be able to use a non-Costco Visa/MC card once they switch (i.e. if you don't want to open a new Costco rewards Visa/MC at the moment).

I will be watching to see if the rewards terms change with the new card. I kind of like being able to use Visa/MC since there may be other rewards options from other cards that may be advantageous to use, even if only temporarily.

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#3
Wow indeed... is there any card accepted at Costco then?
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#4
Quote from fargoadvice View Post :
[COLOR="Red"]Costco to stop accepting AmEx cards in April 2016[/COLOR]

EEK!Wow...EEK!

http://www.inforum.com/business/r...april-2016
Welp, guess I won't be shopping at Costco then.
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#5
Whatta deal!!
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#6
I bought auto insurance at Costco so is it time to look for a different agent?
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Show some respect sonny!
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#7
And I received a check yesterday for $550 cash back for using their Costco Amex card...
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#8
I guess there will be a replacement credit card company then...
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#9
What the heck? What happens to my Costco AmEx, is it only good as a membership card now?
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#10
Oh joy, Capital One is the new issuer in Canada. Which gives them the inside track for the US as well. Fantastic.
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#11
Looks like it will convert to capital one.. But that's assuming they will now accept all visa/mc cards now
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#12
Honestly, the only reason we have Amex was for Costco. It's not like they're going cash only. I still remember when they used Discover card.
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#13
Just got my Costco Amex card. Sigh.
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#14
wow, thanks for the heads up. I am sure they will switch to another credit card. They would cut their own throats doing cash or debit only. I am going to miss that yearly rebate check from my husbands business Frown
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#15
Oh Lordy... I can't stand anything Capital One..

I am sure that if they don't accept Amex it would be Visa or MS.. so which in effect would open up to any Visa/MS cards.. I bet you can't pin it with only one card issuer's cards to eb accepted..
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