Costco Canada dumping American Express for MasterCard

TORONTO – Costco Wholesale Canada is switching credit card partners at the end of this year.

Capital One says it will offer a co-branded MasterCard on an exclusive basis with Costco Canada, which will end its 15-year-old relationship with American Express on Dec. 31.

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MasterCard Canada has also reached an agreement for Costco Canada to accept any issuer’s MasterCard, not just those from Capital One.

“We have always believed that success comes from working with outstanding companies that share our motivation to deliver great value, loyalty and an exceptional customer experience,” said Shane Holdaway, president of Capital One Canada.

“Our relationship with Costco and the new Capital One Costco MasterCard represent that philosophy perfectly and aligns with our vision to continue growing our credit card portfolio in Canada.”

The Capital One Canada co-branded MasterCard will double as a Costco membership card, which the retailer requires of shoppers before they can make purchases.