American Express has signed a multi-year partnership with membership warehouse club Costco Wholesale, to launch a co-branded credit card, the Costco TrueEarnings™ American Express® Credit Card. From 21 November 2011, the Card offers generous cashback rewards to Costco members for spending at all merchants on the American Express network including Costco warehouses.
The partnership also includes an exclusive merchant acceptance agreement whereby American Express Cards will be the only credit and charge cards accepted in Costco warehouses across the UK. This partnership follows successful agreements in other countries including the USA, Canada, and Japan.
Mark Roper, Vice President and General Manager Merchant Services, American Express said: “As a result of our successful partnerships in other countries, Costco is already one of the largest merchants on our global network. Over the last few years we have greatly expanded our merchant base in the UK and our new partnership will deliver significant new volume on the network and drive substantial sales at Costco.
“We have no doubt that Costco’s retail small business customers, many of whom are American Express merchants, will appreciate the cash flow and rewards that our new co-brand card provides.”
Steve Pappas, Managing Director, Costco said: ‘‘We run a tight operation that is focused on driving sales and delivering added value for our members. This exclusive partnership with American Express means that we can now provide Costco members with the opportunity to use credit or charge cards for the first time, giving them additional financial flexibility that they don’t currently get with their debit card, cheque or cash payments. We have listened to our customers and recognise how important this added flexibility is in today’s current economic climate.
“In addition, by taking up our new co-branded TrueEarnings™ Card, our members can now accumulate hundreds of pounds of cashback on all their credit card spending which can be offset against future Costco purchases or redeemed for cash in our warehouses.”
Costco is open to trade and individual members. Trade members qualify by owning or managing a business. Trade members can purchase goods for resale and business use. Individual members qualify by being employed in or retired from specific employment groups.
The 22 UK locations are in Aberdeen, Edinburgh, Glasgow, Thurrock, Watford, Liverpool, Manchester, Gateshead, Leeds, Derby, Reading, Coventry, Chingford, Oldham, Birmingham, Haydock, Bristol, Sheffield, Chester, Cardiff, Milton Keynes and Croydon.