American Express Co. is issuing a cobranded Costco credit card that offers enhanced rebates for restaurant and travel purchases.
The consumer version of the TrueEarnings card is available now; the version for small businesses will be available next month.
Both offer 3% cash back for transactions made at restaurants, including delivery and takeout purchases, and 2% cash back for travel purchases, including airline tickets, car rentals, and hotel stays. Other purchases earn a 1% rebate.
An Amex spokesman said the old Costco cards offered tiered rebates of as much as 2%, depending on the cardholder's annual spending.
Current Costco cardholders must call to request the TrueEarnings card, which the retailer began offering last week.
Costco Wholesale Corp. has been an exclusive Amex customer since 1999 and recently extended its contract for a number of years.
The Issaquah, Wash., warehouse club operates 321 outlets in the United States, 63 in Canada, and 23 in Mexico.
