Changes are coming for Costco shoppers.
Costco is now partnering with Citigroup, and members will be getting new “Costco Anywhere” cards, that are backed by Visa, in the mail by May and early June.
This comes as the store’s partnership with American Express ends in June. That’s when Costco shoppers can use any Visa card.
Right now they can only use debit cards, American Express cards, checks, or cash.
The new “Costco Anywhere” can also be used as membership cards. But it also comes with better cash back benefits than what American Express offered.
With the new card, members can earn 4 percent cash back on up to $7,000 spent on gas, 3 percent on restaurants and eligible travel, 2 percent on Costco purchases, and 1 percent on everything else.
There is no annual fee, except for Costco’s $55 membership fee.
Existing Costco members don’t have to do anything since their new cards will arrive in the mail.
Members should keep using their American Express Costco cards through June 19 and then destroy them, according to Citigroup.
Those cards will automatically cancel on June 20.
That’s also when the new Visa cards will start working.
Membership benefits from the old card will be moved over to the new one.