snyferok/iStock Editorial/Thinkstock(NEW YORK) — Starting next year, Costco will no longer accept American Express cards in its stores.
American Express Chairman and CEO Kenneth Chenault said in a statement released Thursday that “we are proud of the value created over many years for Costco, for our Card Members and for our shareholders…however, we were unable to reach terms that would have made economic sense for our Company and shareholders.” American Express plans to “focus on opportunities in other parts of our business where we see significant potential for growth and attractive returns over the moderate to long term.”
The agreements between Costco and American Express will expire on March 31, 2016. Co-branded cards will be usable anywhere American Express cards are accepted through the same date.
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