Costco Strikes Deal With Visa, Citigroup After Dropping AmEx

Citigroup Inc. will replace American Express Co. as the exclusive issuer for Costco Wholesale Corp.’s credit cards in the U.S. and Puerto Rico.

Transactions will be processed by Visa Inc. beginning April 1, 2016, the Issaquah, Washington-based retailer said Monday in a statement. New York-based AmEx said Feb. 12 that it will end its exclusive U.S. partnership with Costco next year after the companies failed to reach a deal to renew it.