The competitive credit card business has experienced another slug-fest that ousted American Express from its perch as the sole card accepted at warehouse club retailer Costco Wholesale Corp. in Canada.
Come January, shoppers at Costco in Canada will only be able to use a new co-branded Capital One Platinum MasterCard as both credit card and membership card. Costco will also accept other MasterCard credit cards at its Canadian stories, according to a statement from MasterCard.
The change-up comes after a breakdown in negotiations between Costco in Canada and American Express. Officials at the retailer and the credit card firm declined to say what caused their 15-year relationship to fall apart as the latest contract came up for renewal.
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