Costco has announced a new long-term partnership with Citi and will introduce a new co-branded credit card program with Visa. Citi is the world’s largest issuer of credit cards and the new Visa deal would provide incentives equal or greater to those currently enjoyed by Costco members using its co-branded American Express card. The American Express-Costco partnership expires April 1, 2016.
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.