That didn’t take long.  Just hours after Costco officially announced that its partnership with American Express will come to an end this year, Capital One and MasterCard have stepped in to fill the void.

Capital One, Costco Strike a Deal

Capital One will be offering a new co-branded credit card exclusively for Costco members in Canada. The Capital One Platinum MasterCard will serve as both a credit card and your Costco membership card.  Details about the new card will be available to Costco members in the coming weeks.

“We have always believed that success comes from working with outstanding companies that share our motivation to deliver great value, loyalty and an exceptional customer experience,” said Shane Holdaway, President of Capital One Canada.

Related: TrueEarnings card discontinued as Costco, Amex end partnership

MasterCard to be accepted at Costco

In addition, MasterCard Canada has also entered into an agreement with Costco Wholesale Canada to open credit card acceptance to MasterCard cardholders.

This means Costco members will soon have the ability to use any MasterCard credit card at checkout – at gas pumps and in-store across its 88 warehouses in Canada.

“MasterCard’s credit card acceptance footprint is unmatched in Canada and this new relationship means Costco members will soon be able to use any MasterCard in their wallet at the checkout counter.

This is a huge opportunity for MasterCard and Costco to increase membership, offer more value, better benefits and increased savings for cardholders and Costco members,” said Betty K. DeVita, President, MasterCard Canada.

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