Visa to replace American Express as Costco credit card

NEW YORK (MarketWatch) -- Costco Wholesale Corp. said Monday that Visa will replace American Express Co. as the credit card network for its stores in the U.S. and Puerto Rico, starting April 1, 2016. The company in February announced it was dropping its exclusive merchant agreement with Amex after the two were unable to agree on terms. Costco said Citigroup will become the exclusive issuer of its co-branded credit cards, also starting in 2016. Visa shares rose 2.3% in premarket trade, while Citigroup shares rose 0.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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