Costco Wholesale has reached a milestone, with Costco saying its co-branded Citi Visa Anywhere credit card now has 1 million members who have signed up for the card.
According to a report, the co-branded card was launched in June and is resonating with consumers. “Most of them have it in hand,” Costco CFO Richard Galanti said during the company’s earnings call on Dec. 7, according to the report. “In terms of conversion, usage and new sign-up for the card, all [is] good so far.”
In June, the club retailer stopped accepting American Express at all United States- and Puerto Rico-based brick-and-mortar locations and online and forged a new partnership with Visa. In addition to launching its co-branded payment card, Costco also accepts Visa cards at all locations.
Out of the chain’s approximately 11.4 million American Express co-branded cards, “about 7.5 million accounts were converted to the new Citi Visa Anywhere card,” Galanti added. “More than 85 percent of the accounts transferred over have been activated.”