Costco's new credit card has some of the best rewards in the market Costco is launching a new credit card that will offer some of the best rewards in the market. The new card, managed by Visa, will launch June 20.  current card is managed by American Express. The company ended a 16-year deal with American Express to switch The new Costco Visa card will offer 4% cash back on eligible gas purchases (on up to $7,000 per year, then 1% back), 3% back on restaurant and 1% back everywhere else. That's a much better deal than the American Express card, which offered 3% cash back on gas (up to $4,000), 2% back on restaurants and travel, and 1% back everywhere else, Fortune In fact, the new Visa card offers some of the best rewards of any card in the market, according to Sean McQuay, a credit-card expert for financial website Chicago Tribune that the Visa card offers the best cash-back rates on gas, restaurants, and

There is no annual fee on the Visa card, but shoppers must pay for a $55 annual Costco membership to use it.Puppies For Adoption In Lebanon Tn Costco customers who have the current American Express cardPuppies For Sale In Temecula Ca will receive the new Visa card in the mail in May, according toTowel Rack With Command Strips NOW WATCH: We tried the Costco food court and it totally blew us away Washer & Dryers (2)Costco is no longer accepting American Express. retailer's partnership with Citi and Visa is now underway. As of Monday, Costco members can now pay with any Visa credit or debit card when shopping at the With the change, Costco customers who earn rewards through a Costco co-branded credit card will

need to use the Costco Anywhere Visa — not the TrueEarnings American Express Costco card. Here's an overview of what Costco shoppers need to know about the swap: In February 2015, American "unable to reach terms that would have made economic sense for our Company and shareholders." So, if you're used to shopping at Costco with an American Express card, it's time to ditch theFurther, it's time to destroy your AmEx Costco credit card, which is no longer functional. 4% cash back on eligible gas purchases (on up to $7,000 per year, then 1% back), 3% back on purchases, and 1% back everywhere else. That's a much better deal than the American Express card, which offered 3% cash back on gas (up to $4,000), 2% back on restaurants and travel, and 1% backIn fact, it's some of the best cash-back rates on gas, restaurants, and travel Costco customers who had the American Express card were sent the new, Costco Visa card in the

their American Express card and register their account on If you have unused cash back rewards earned from your American Express Costco card, don't worry — rewards were transferred automatically to the new card onFebruary 2017 cash back rewards coupons from Citi will include undistributed cash-back rewards earned on your AmEx Costco card during 2016. However, if you earned Membership Rewards points from American Express, these points won't transfer to your Costco Visa card. In addition to the new Costco-branded Visa card, Citi and Visa are launching new rewards for other credit and debit cards in an attempt to appeal to The Chase Freedom credit card extended its 5% cash-back bonus rewards for purchases at wholesale clubs through the end of the year, while the Bank of America Cash Rewards credit card added wholesale clubs as a bonus About 118 million people in the US have a Visa card — three times as many as have an American

Since the deal was announced last year, analysts have called the switch a The transition was costly for Costco in the short term, with the company reporting that impact of lost credit card sign-ups was about $11 million However, now that the swap has been successful, the company is expecting an influx in customers signing up for the new cards — and savings ofCostco's credit-card swap has customers calling the transition a "debacle" and threatening to cancel their memberships. Costco finalized its partnership with Visa and Citi that makes Visa the card of choice at the budget retailer, ending a 16-year partnership with American Express. Costco customers who earn rewards through a Costco co-branded credit card will need to use the Costco Anywhere Visa — not the TrueEarnings American Express Costco card. However, many Costco members say they have not received their new Costco Visa credit card in the mail or are struggling to activate

Citi has been unable to keep up with questions and complaints from customers about the change, leading to some Costco members waiting for hours to speak with Citi representatives. 81 million members worldwide. "The switch over from American Express to Citi Visa at Costco must be a huge mess," longtime Costco member Glenn Ginsburg wrote in an email to Business Insider. "Can't get to speak with a representative regarding my business credit card — have either been hung up on due to large call volume or waiting for 53 minutes to be transferred to another representative." Ginsburg says that he eventually spoke with someone in Costco's corporate office who was unable to help beyond providing the phone number for Citi assistance that Ginsburg had alreadyThe Costco customer-relations employee told Ginsburg that Costco had been receiving similar calls from other members, and that while Costco had prepared for the change, Citi may not have

put sufficient additional resources toward the project. Many customers' biggest complaint for Citi is that they have not yet received their Costco Anywhere Visa, which was supposed to be shipped to cardholders in May. As of Monday, the TrueEarnings American Express Costco card — and any other non-Visa credit or debit cards — can no longer be used in Costco. "I'm thinking that in spite of having many months to work out the distribution of new cards, Citi has committed a 'fail,'" a Costco member who hadn't received the replacement card wrote in an email, calling the switch a "debacle." "Costco may live to regret Citi responded on Twitter to customers frustrated by long wait @JudyMcC01 Thx 4 reaching out. We're experiencing a high volume of inquiries due to interest in our new Costco card. We'll help u ASAP. ^JT — Citi (@AskCiti) June 22, 2016 @nilkamath Thx for reaching out. We're experiencing a high call volume due to interest in our new Costco card.

We'll assist you ASAP. ^ML — Citi (@AskCiti) June 22, 2016 @SGPlunkett We're sorry for the delay. If you still need help pls click and send your ph# only (NO acct #/PINS). ^ML https://t.co/wD8JmPaCwf — Citi (@AskCiti) June 22, 2016 Other users expressed their anger on Facebook. The most common problem expressed in posts on Costco's Facebook page — which has been flooded with complaints — are from users who have not yet received their "The Costco-Visa was a huge unorganized mistake," writes"I have spent over ten hours — over the last 4 weeks — on the phone trying to find out where my new card is, and I still can't get a straight answer." "This new 'relationship' with Citibank is a SHAMEFUL OUTRAGE!!" "I do not have a valid card. I was LIED TO about cards being sent overnight at Citibank's expense. You are losing my monthly groceries, my office supplies, and our family travel business." Again, the problem of the missing cards and other

has been further complicated by Citi's inability to deal with the volume of calls from customers. "Worst credit card transition ever — 4 hours and counting on the phone with Citibank and they still can't get my cards to me,""Costco customer service was zero help getting me a temp card at the warehouse too. Saving money isn't worth alienating your members ... seriously rethinking my patronage." Difficulties related to the credit-card swap have a number of to boycott or cancel their memberships. "To date, more than 11 million cards have been issued to existing Costco cardmembers," Citi spokesperson Jennifer Bombardier told Business Insider on"Due to the tremendous response, some customers experienced delays reaching customer service, however call volumes are starting to return to We sincerely apologize to those who have been inconvenienced and are absolutely committed to serving our existing and new cardmembers."