American Express is the only credit card accepted at Costco stores in the US, but not for much longer. Amex’s exclusive deal with the bulk retailer is coming to an end on March 31, 2016. Costco is negotiating with other credit card companies including Capital One Financial Corp and MasterCard Inc. Amex has already been replaced by the two competitors in Canada.
The Costco/Amex rewards program, TrueEarnings, gave customers this:
- 3 percent cash back at U.S. gas stations up to $4,000 per year in purchases, 1 percent thereafter.
- 2 percent cash back at U.S. restaurants.
- 2 percent cash back on eligible travel purchases, including at Costco.
- On other purchases cardholders earn 1 percent.
- Terms and limitations apply; cardholders receive cash back annually in the form of a reward coupon.