Costco enters into long term credit card deal with Citi, Visa

Reem Nasr | @reemanasr

Warehouse giant Costco announced Monday that it has entered into a new credit card program agreement with Citi and an incentive agreement with Visa.
Under the terms, Citi, the world's largest issues of consumer credit cards, would become the exclusive issuer of Costco co-brand credit cards. Visa would replace American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning next month.
Costco and American Express were not able to renew their partnership, which was set to expire at the end of March 2016. The partnership dates back 16 years.