hello.
This week Costco announced that it will be ending a 16 year contract with American Express, on March 31, 2016.
American Express had been providing Costco with a lower rate than competing credit cards such Visa or Mistercard under this contract. That's why when you shop at Costco you had to pay with either a debit card or an American Express card
American Express had a similar contract with the Costcos located in Canada but ended the contact last year. (Costco has 474 location in US, 88 in Canada.) American Express announced that they will try to increase profit by 11% during the fourth quarter by doing business with other places. Simultaneously to cut costs, they are planning decrease their employment by either 4000, or 6% of their workforce.
American Express had been providing Costco with a lower rate than competing credit cards such Visa or Mistercard under this contract. That's why when you shop at Costco you had to pay with either a debit card or an American Express card
American Express had a similar contract with the Costcos located in Canada but ended the contact last year. (Costco has 474 location in US, 88 in Canada.) American Express announced that they will try to increase profit by 11% during the fourth quarter by doing business with other places. Simultaneously to cut costs, they are planning decrease their employment by either 4000, or 6% of their workforce.
Maybe this can be an opportunity for other Credit Card Companies
CoCardLA
1641 W. Main St. Alhmabra
www.cocardla.com
