Costco and American Express are breaking up and the warehouse club has already moved on.
After only accepting American Express for the past 16 years, Costco will begin an exclusive credit partnership with Visa and will use Citigroup as its provider.
Losing the multi-billion dollar chain is a major hit to American Express. The Associated press reported Costco accounted for eight percent of American Express billed business, 10 percent of its cards in force and 20 percent of its worldwide loans last year.
Here's what you need to know:
How long will my American Express work?
1. American Express will be accepted in the store and online through June 19, 2016. Beginning June 20, Costco will only accept Visa, cash, checks, debit/ATM cards, EBT and Costco cash cards. Members with Costco cards from AmEx will continue to earn cash-back rewards on eligible transactions made with their cards through June 19.
2. How do I get the new Citicard?
Members with AmEx Costco cards will receive their new Visa cards in the mail. They will be mailed in May or early June. Members can start using them June 20.
3. What happens to my rewards?
Cash-back rewards earned on the American Express Costco card will automatically transfer to the new Citibank Visa card. All customers will maintain their current credit line.
If you have questions about the changes to your existing card, the phone number for American Express is on the back. For more information on the new Visa cards, go to Costco's website or Citicard's site.