Goodbye, Amex; Costco Finishes Transition to Visa. Costco(NASDAQ: COST) has completed its switch from American Express(NYSE: AXP) to Visa(NYSE: V) as its official credit card. As of June 2. 0, the warehouse club not only stopped accepting its former rewards card, it stopped taking American Express altogether. That culminated a months- long transition during which it had to communicate the change not just to cardholders, but to anyone who shops in its stores.
It was (and still is) a difficult changeover, but now the tallest hurdle has been leaped. How were cardholders impacted? In theory, any customer who held one of the old Costco- branded American Express cards should have received a new Costco- branded Visa in the mail well before the June 2. No new credit checks were performed; anyone who had the old card was automatically granted the new one. It's also worth noting that the old American Express cards are now completely useless; the accounts were all closed as of Monday. How does this impact non- cardholders? Costco now does not accept American Express at all. That could be a problem for business users, as many companies use American Express as their credit card of choice. The chain now accepts only Visa as a credit card, though it does take debit cards. The new Costco Anywhere Visa Card by Citi released its cash back rewards details: 4% on gas, 3% on restaurants & travel, 2% at Costco, & 1% everywhere else. Why Costco's Migration from Amex to Visa Is a Big Blow to Wal-Mart In the fiercely competitive mobile payments segment, retail giant Costco just packed another. A year after Costco and American Express announced their split, the warehouse club said Thursday that June 19 will be the last day that it will accept. Is this a better deal? The new Costco Anywhere Visa card by Citi (which has no fee, but requires you to pay Costco's $5. Costco has also increased givebacks from 2% to 3% on restaurants and eligible travel, while it will return 2% cash back on all Costco purchases, and offer the same 1% American Express did on everything else. That's a better deal for cardholders, and ultimately, it could lead to more people signing up for the program. This has not been an easy switch for the company, but ultimately it should be a lucrative one that brings in more members. Before that happens though, there is likely to be some confusion at checkout for months to come. A secret billion- dollar stock opportunity. The world's biggest tech company forgot to show you something, but a few Wall Street analysts and the Fool didn't miss a beat: There's a small company that's powering their brand- new gadgets and the coming revolution in technology. And we think its stock price has nearly unlimited room to run for early in- the- know investors! To be one of them, just click here. Daniel Kline has no position in any stocks mentioned. Reviews, rates, fees and rewards details for the Costco Anywhere Visa Card by Citi. Compare to other cards and apply online in seconds. In June 2016, Costco ended its partnership with American Express, and the TrueEarnings. Cash Back Credit Cards. A cash-back credit card earns you cash rewards – usually around 1% to 2% but sometimes more – on every purchase. Some of the cash-back.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
January 2017
Categories |