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COST - Costco Wholesale News Story

$459.51 -3.8  -0.8%

Last Trade - 17/09/21

Consumer Cyclicals
Large Cap
Market Cap £148.55bn
Enterprise Value £146.34bn
Revenue £135.36bn
Position in Universe 52nd / 7151

UPDATE 1-Costco ties up with Citigroup, Visa for U.S. co-branded cards

Mon 2nd March, 2015 1:59pm
(Adds details, share movement) 
    March 2 (Reuters) - Warehouse club retailer Costco Wholesale 
Corp  COST.O  said on Monday it had tied up with Citigroup Inc 
 C.N  and Visa Inc  V.N  to issue co-branded credit cards in the 
United States and Puerto Rico. 
    Citigroup will exclusively issue the co-brand cards and Visa 
would provide the payment network, replacing American Express Co 
 AXP.N , from April 1, 2016, Costco said.  ID:nMKW1JYWJa  
    Visa shares rose 1.6 percent in premarket trade, while Citi 
shares were up nearly 1 percent. Costco's were little changed. 
    Costco, which caters to relatively higher-income customers 
than Wal-Mart Stores Inc  WMT.N  and Target Corp  TGT.N , said 
last month it would stop partnering with AmEx to issue 
co-branded cards for its U.S. stores.  ID:nL4N0VM5T1  
    Costco, which sells everything from jewelry to fresh produce 
at its cavernous members-only stores, had already replaced AmEx 
with Capital One Financial Corp  COF.N  and MasterCard Inc 
 MA.N  as its card partner in Canada since the start of this  
year.  ID:nL1N0RJ2LS  
    That move had raised speculation that the companies could 
also replace AmEx in the United States. 
    MasterCard shares were down 1.2 percent premarket on Monday 
and Capital One shares were unchanged. 
 (Reporting by Avik Das in Bangalore; Editing by Maju Samuel and 
Savio D'Souza) 
 ((; within U.S. +1 646 223 8780; 
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