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23/02/2010 -
Businesses whose merchant services include American Express processing may soon see a spike in their credit card processing activity, as American Express Canada announced this week the release of a co-branded card with Costco Wholesale, called the TrueEarnings Card.The credit card, which has no fees, provides cardholders with rewards not just for Costco purchases but also on everyday items such as gas, groceries and restaurants - at cash back levels of 2 percent, 1 percent and 3 percent, respectively. There is also no maximum annual rebate for cash back rewards.
This partnership is just the latest in long history for the two companies - for the past 10 years, American Express has been the only credit card accepted at Costco's 77 Canadian locations.
"We are incredibly pleased to further strengthen and grow our partnership with Costco," says Jennifer Hawkins, vice president of new product development for American Express Canada. "Offering generous rewards on everyday purchases helps us ensure Cardmembers are earning more simply by using their TrueEarnings Card."
Credit card companies are upping their rewards lately, as credit card processing seems to be losing market share to debit card processing thanks to consumers' recessionary focus on weaning off of credit and debt.
