March 2, 2015 / 1:33 PM / 3 years ago

Costco ties up with Citigroup, Visa for co-branded credit cards

March 2 (Reuters) - Warehouse club retailer Costco Wholesale Corp said on Monday it had entered into agreements with Citigroup Inc and Visa Inc for co-branded credit cards.

Citigroup will become the exclusive issuer of Costco’s co-brand credit cards and Visa will replace American Express Co as the credit card network for Costco in the United States and Puerto Rico from April 1, 2016.

Costco said last month that AmEx would stop being the card partner and the payment network for its U.S. stores. AmEx said the loss of the contract after 16 years would hurt its earnings for the next two years. (Reporting by Avik Das in Bangalore; Editing by Maju Samuel)

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