Sam’s Club. Now Sam’s Club is featuring AMEX. It’s like coke and Pepsi.
I’ve noticed A LOT of places that used to accept AMEX don’t anymore.
I know a business owner who can’t stand them and refuses to do business with them. Guess they pulled the same trick on Costco as they did him.
This has been in the works for over a year.
AMEX charges a premium for CC processing - Costco must have struck a deal long ago with AMEX for lower processing fees.
No real big deal.
I don’t have the answer, but I’m happy about this. I earn a lot more points with Visa, than AmEx.
Amex probably made a deal with a competitor.
Funny - my wife has the Costco Amex - hated to use it. So I went in the other day - and I noticed the self-help register just had Amex logo - not Costco Amex - and I asked the lady. She said ‘No, we take ANY Amex - always been like that.’. I never knew that - would have helped sometimes when short on cash.
I’ve been with AMEX since 81. I’ve found that companies that don’t want to take an AMEX are those who aren’t willing to take the rake-off % AMEX charges to use and process the card. I’ve heard it is higher than VISA and MASTERCARD.
Usually when large vendors want to be able to have AMEX cards as an option, they work out some kind of deal with AMEX for a smaller cut. My guess is that AMEX doesn’t want to continue the relationship and smaller cut.
Obama’s economy.
Now I'll be glad to get rid of the AmEx since I don't use it for anything but Costco.
My guess is real simple - low priced bidder.
Costco’s contract with AMEX was coming up to recompete and Visa provided them a better deal financially.
While I’m fairly certain the cashier didn’t know the details . . . one told me AmEX was expecting Costco to give up too much in % of rewards.
I’d like to know why too. But I’m good with Citi or Chase. Although I have earned 2-3% on AmEX and only 1% on my Chase cards and miles on my Citi card.
I usually get back enough rebate check from Costco to pay for my membership and most years get around 400.00 from AmEx.
Anybody here know what in the hell happened between the two companies. Inquiring minds are curious”
$$$$$$
Anybody here know what in the hell happened between the two companies. Inquiring minds are curious”
$$$$$$
I think the AMEX fees are higher. They will go with the cheapest option, unless they think the AMEX crowd is going to spend a lot more money.
My guess is that AMEX and Costco could not come to terms on the cut that AMEX should receive for processing Costco transactions. For a long time, AMEX had exclusive access to Costco customers and that had to have a significant value.
Costco is a huge Democrat contributor. You shouldn’t be shopping there, anyway.
Costco will only accept Visa credit cards at its stores starting April 1, 2016. Customers will also be able to use Visa and MasterCard debit cards, or pay in cash. American Express credit cards will no longer be accepted on that date
Have been on both as member.
Sams is superior and takes Amex.
For those who don’t know .. AEX or AMEX is AMERICAN EXPRESS.