What's the scoop?
We let you know recently that Costco were about to drop American Express as their preferred co-branding partner after a 16-year relationship.
CNBC confirmed the news today that Citi is Costco's new partner, with a new Citi credit card program agreement in place in addition to an incentive agreement with Visa.
The new Citi Visa credit card will give Costco members rewards as well as serve as the company's membership card. In the next few weeks, Costco will provide more information as to how customers will transition to the new card.