Now that Costco's deal with American Express is over, Citigroup Inc. will start issuing the company's credit cards and Visa Inc. will be the credit-card network beginning in 2016.
For the last 15 years, American Express was the only card accepted at Costco, and the partnership, which ended last month, represented 8 percent, or $80 billion, of the credit card company's billed business and 20 percent, or $14 billion, of its interest-bearing credit portfolio, the Los Angeles Times reports.
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