What you need to know when Costco ditches Amex
Costco's divorce from American Express is about to become official.
One year after Costco Wholesale Corp. announced it had entered into new agreements with Citi and Visa, Citi has publicly released an official date: June 20.
That's the date on which cardholders of Costco's co-branded credit card must start using the new Costco Anywhere Visa Card, a rewards card issued by Citi. Until June 20, cardholders can continue using their Costco Card from American Express.
Costco's agreements mean Citi will become the exclusive issuer of Costco's co-branded credit card. In addition, Visa will replace American Express as the credit card network for Costco in the U.S. and Puerto Rico.
What Costco's co-branded credit cardholders need to know
If you are a current Costco co-branded credit cardholder, Citi reports that you do not need to re-apply to receive the new Visa version of the card. The new card will be mailed to you automatically. If your address has changed, however, call the number on the back of your card.
Once June 20 arrives, destroy the old American Express version of the card, as it will no longer be valid. Then, start using the new Visa version of the card at Costco and anywhere else Visa is accepted.
What Costco members need to know
If you are a Costco member or are considering becoming one, know that you are not required to apply for the company's co-branded credit card. Being a cardholder has not been a requirement and will not become a requirement after June 20.
Beginning on June 20, you can use any Visa card to shop at Costco, the Chicago Tribune reports.
Are you glad or mad that Costco is switching from American Express to Visa for its co-branded credit card? Sound off in our Forums. It's the place where you can speak your mind, explore topics in-depth, and post questions and get answers.
More from MoneyTalksNews:
Target and Walmart Price-Match Policies Save Me $2 -- $20 Almost Every Time I Shop
8 Ways to Squeeze the Most From Your Costco Membership
This Company Is Giving Away Free Tax Software
RELATED: 17 items to always buy at the Dollar Store