Getting rid of Costco was a blessing. Did everyone read this?
"As part of this special deal, Costco pays swipe fees of about 0.6% of each credit-card transaction's value: about a quarter of American Express' average swipe fee. The company also earned a bounty each time it signed up a new customer for the Costco American Express card.
However, Citigroup offered even better terms in order to win Costco's business. Under the new agreement, Costco's swipe fees will fall to approximately zero, according to Bloomberg. This shows the value to creditcard companies of getting access to a pool of tens of millions of relatively high-income Americans."