Costco的near-zero expenses for credit-card payments# Money - 海外理财
z*5
1 楼
rt
另外一般现在白天基本没空回信，很多信要等到晚上才回
望包涵：P
另外一般现在白天基本没空回信，很多信要等到晚上才回
望包涵：P
m*2
2 楼
Costco Wholesale Corp. has attained a goal that retailers have sought for
years: near-zero expenses for credit-card payments.
In a deal with Visa Inc. and Citigroup Inc., Costco’s acceptance costs will
be about zero, according to people familiar with the arrangement. That
compares with the roughly 0.6 percent of each transaction the retailer pays
its current partner, American Express Co. While Costco will still incur
small fees on Visa cards issued by other banks, incentives from Citigroup
and Visa will offset them, the people said.
The arrangement shows the pressure that Costco, the biggest U.S. retailer
that accepts just one brand of card, was able to exert on financial firms
seeking one of the industry’s most coveted partnerships. AmEx has said
Citigroup and Visa won because it wouldn’t agree to the conditions and
risks needed to continue its exclusive 16-year relationship with Costco,
which is now set to end in March.
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“The numbers didn’t add up,” AmEx Chief Executive Officer Kenneth I.
Chenault told investors last month. “We couldn’t accept their financial
terms nor their contract terms, some of which would have meant taking on
more risk than we were comfortable with.”
Incentives are common in these types of deals and it doesn’t mean Visa and
Citigroup won’t profit in the long-run. If customers carry loan balances on
Citigroup’s Visa cards, the bank will reap more interest income. The
lender will also benefit when customers use those cards at places where fees
are higher, and Visa will get the additional volume.
Spokesmen for Costco, Citigroup, Visa and New York-based AmEx declined to
comment on the terms.
Deal’s Mechanics
Retailers including Wal-Mart Stores Inc. have struggled for decades in
negotiations, courts and Congress to cut the fees banks and networks reap
when shoppers use credit cards. While merchants say those costs erode
profits and drive up prices, rewards programs funded by the swipe fees, also
known as interchange, are persuading more shoppers to abandon cash and
checks.
AmEx’s old arrangement had been lucrative, and the divorce has helped push
the lender’s stock down 17 percent this year, the worst performance in the
Dow Jones Industrial Average. Costco shares have climbed 2 percent in 2015,
compared with the 1.1 percent advance of the Standard & Poor’s 500 Index.
Costco, the world’s largest wholesale club, generated more than $100
billion in sales last year and its customers account for 20 percent of AmEx
’s loans and 8 percent of spending. On Thursday, the lender reported first-
quarter revenue that missed analysts’ estimates, saying results were hurt
in part by an earlier decision to cut ties with Costco in Canada.
Costco announced last month that Visa will succeed AmEx as the exclusive
card network accepted at its U.S. stores. Citigroup will replace AmEx as the
issuer of Costco-branded credit cards.
More Spending
Visa-issuing banks other than Citigroup are trying to gauge how much revenue
they might forgo when their cards are used at Costco, the people said. Visa
has set the interchange rate at less than 0.4 percent, which could be too
little to fully cover the cost of rewards. Still, banks might benefit from
the additional loan volume and if more Costco shoppers make a habit out of
using their Visa cards elsewhere.
While banks typically generate about 80 percent of their credit-card revenue
from interest on balances and other fees, they rely on interchange for the
rest, according to Lisa Ellis, an analyst at Sanford C. Bernstein & Co. Most
cash-back rewards cards return 1 percent to 2 percent of transactions to
consumers, she said.
The average credit-card interchange fee on Visa’s network is about 2
percent, according to a 2014 study by the Federal Reserve Bank of
Kansas City.
“It’s always great when you can get a relationship with a quality partner
like Costco,” Citigroup Chief Financial Officer John Gerspach told
investors March 2. “We believe that we’re positioned well then to partner
with Costco and take advantage of their loyal customer base.”
years: near-zero expenses for credit-card payments.
In a deal with Visa Inc. and Citigroup Inc., Costco’s acceptance costs will
be about zero, according to people familiar with the arrangement. That
compares with the roughly 0.6 percent of each transaction the retailer pays
its current partner, American Express Co. While Costco will still incur
small fees on Visa cards issued by other banks, incentives from Citigroup
and Visa will offset them, the people said.
The arrangement shows the pressure that Costco, the biggest U.S. retailer
that accepts just one brand of card, was able to exert on financial firms
seeking one of the industry’s most coveted partnerships. AmEx has said
Citigroup and Visa won because it wouldn’t agree to the conditions and
risks needed to continue its exclusive 16-year relationship with Costco,
which is now set to end in March.
"" style="box-sizing: border-box; -webkit-font-smoothing: antialiased;
border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px;
border-left-width: 0px; border-style: initial; border-color: initial; border
-image: initial; vertical-align: bottom; ">
“The numbers didn’t add up,” AmEx Chief Executive Officer Kenneth I.
Chenault told investors last month. “We couldn’t accept their financial
terms nor their contract terms, some of which would have meant taking on
more risk than we were comfortable with.”
Incentives are common in these types of deals and it doesn’t mean Visa and
Citigroup won’t profit in the long-run. If customers carry loan balances on
Citigroup’s Visa cards, the bank will reap more interest income. The
lender will also benefit when customers use those cards at places where fees
are higher, and Visa will get the additional volume.
Spokesmen for Costco, Citigroup, Visa and New York-based AmEx declined to
comment on the terms.
Deal’s Mechanics
Retailers including Wal-Mart Stores Inc. have struggled for decades in
negotiations, courts and Congress to cut the fees banks and networks reap
when shoppers use credit cards. While merchants say those costs erode
profits and drive up prices, rewards programs funded by the swipe fees, also
known as interchange, are persuading more shoppers to abandon cash and
checks.
AmEx’s old arrangement had been lucrative, and the divorce has helped push
the lender’s stock down 17 percent this year, the worst performance in the
Dow Jones Industrial Average. Costco shares have climbed 2 percent in 2015,
compared with the 1.1 percent advance of the Standard & Poor’s 500 Index.
Costco, the world’s largest wholesale club, generated more than $100
billion in sales last year and its customers account for 20 percent of AmEx
’s loans and 8 percent of spending. On Thursday, the lender reported first-
quarter revenue that missed analysts’ estimates, saying results were hurt
in part by an earlier decision to cut ties with Costco in Canada.
Costco announced last month that Visa will succeed AmEx as the exclusive
card network accepted at its U.S. stores. Citigroup will replace AmEx as the
issuer of Costco-branded credit cards.
More Spending
Visa-issuing banks other than Citigroup are trying to gauge how much revenue
they might forgo when their cards are used at Costco, the people said. Visa
has set the interchange rate at less than 0.4 percent, which could be too
little to fully cover the cost of rewards. Still, banks might benefit from
the additional loan volume and if more Costco shoppers make a habit out of
using their Visa cards elsewhere.
While banks typically generate about 80 percent of their credit-card revenue
from interest on balances and other fees, they rely on interchange for the
rest, according to Lisa Ellis, an analyst at Sanford C. Bernstein & Co. Most
cash-back rewards cards return 1 percent to 2 percent of transactions to
consumers, she said.
The average credit-card interchange fee on Visa’s network is about 2
percent, according to a 2014 study by the Federal Reserve Bank of
Kansas City.
“It’s always great when you can get a relationship with a quality partner
like Costco,” Citigroup Chief Financial Officer John Gerspach told
investors March 2. “We believe that we’re positioned well then to partner
with Costco and take advantage of their loyal customer base.”
L*1
3 楼
先把我的钱给了再出去
d*j
4 楼
意味着别想在costco拿cb了？
will
pays
【在 m**2 的大作中提到】
: Costco Wholesale Corp. has attained a goal that retailers have sought for
: years: near-zero expenses for credit-card payments.
: In a deal with Visa Inc. and Citigroup Inc., Costco’s acceptance costs will
: be about zero, according to people familiar with the arrangement. That
: compares with the roughly 0.6 percent of each transaction the retailer pays
: its current partner, American Express Co. While Costco will still incur
: small fees on Visa cards issued by other banks, incentives from Citigroup
: and Visa will offset them, the people said.
: The arrangement shows the pressure that Costco, the biggest U.S. retailer
: that accepts just one brand of card, was able to exert on financial firms
will
pays
【在 m**2 的大作中提到】
: Costco Wholesale Corp. has attained a goal that retailers have sought for
: years: near-zero expenses for credit-card payments.
: In a deal with Visa Inc. and Citigroup Inc., Costco’s acceptance costs will
: be about zero, according to people familiar with the arrangement. That
: compares with the roughly 0.6 percent of each transaction the retailer pays
: its current partner, American Express Co. While Costco will still incur
: small fees on Visa cards issued by other banks, incentives from Citigroup
: and Visa will offset them, the people said.
: The arrangement shows the pressure that Costco, the biggest U.S. retailer
: that accepts just one brand of card, was able to exert on financial firms
z*e
5 楼
你们一个两个都出去干什么？
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
m*2
6 楼
costco把cb的空间给大大挤压了一把。
【在 d**j 的大作中提到】
: 意味着别想在costco拿cb了？
:
: will
: pays
【在 d**j 的大作中提到】
: 意味着别想在costco拿cb了？
:
: will
: pays
w*o
7 楼
见证一位新星的崛起
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
l*o
8 楼
赞信息，附近没有costo的飘过。
t*t
9 楼
顶大牛。
o*g
10 楼
Costco太抠门了，用citi double cash买100刀citi净亏2块。
will
pays
【在 m**2 的大作中提到】
: Costco Wholesale Corp. has attained a goal that retailers have sought for
: years: near-zero expenses for credit-card payments.
: In a deal with Visa Inc. and Citigroup Inc., Costco’s acceptance costs will
: be about zero, according to people familiar with the arrangement. That
: compares with the roughly 0.6 percent of each transaction the retailer pays
: its current partner, American Express Co. While Costco will still incur
: small fees on Visa cards issued by other banks, incentives from Citigroup
: and Visa will offset them, the people said.
: The arrangement shows the pressure that Costco, the biggest U.S. retailer
: that accepts just one brand of card, was able to exert on financial firms
will
pays
【在 m**2 的大作中提到】
: Costco Wholesale Corp. has attained a goal that retailers have sought for
: years: near-zero expenses for credit-card payments.
: In a deal with Visa Inc. and Citigroup Inc., Costco’s acceptance costs will
: be about zero, according to people familiar with the arrangement. That
: compares with the roughly 0.6 percent of each transaction the retailer pays
: its current partner, American Express Co. While Costco will still incur
: small fees on Visa cards issued by other banks, incentives from Citigroup
: and Visa will offset them, the people said.
: The arrangement shows the pressure that Costco, the biggest U.S. retailer
: that accepts just one brand of card, was able to exert on financial firms
r*g
11 楼
顶牛人！
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
N*g
12 楼
才0.x%，所以那种grocery store卖500 vgc店家不亏。卖掉一张$500，收到505.95-0.x%
★ 发自iPhone App: ChineseWeb 1.0.2
★ 发自iPhone App: ChineseWeb 1.0.2
d*r
13 楼
顶
y*i
14 楼
Citi bids on this, not the transaction fees.
"Costco, the world’s largest wholesale club, generated more than $100
billion in sales last year and its customers account for 20 percent of AmEx
’s loans and 8 percent of spending. "
【在 m**2 的大作中提到】
: costco把cb的空间给大大挤压了一把。
"Costco, the world’s largest wholesale club, generated more than $100
billion in sales last year and its customers account for 20 percent of AmEx
’s loans and 8 percent of spending. "
【在 m**2 的大作中提到】
: costco把cb的空间给大大挤压了一把。
z*5
15 楼
出去fedex drop啊。。。。hohoho
唬人的～～
【在 z****e 的大作中提到】
: 你们一个两个都出去干什么？
唬人的～～
【在 z****e 的大作中提到】
: 你们一个两个都出去干什么？
s*5
16 楼
呵呵，对！不过别想赚买买money版人的。。。。。。
AmEx
【在 y****i 的大作中提到】
: Citi bids on this, not the transaction fees.
: "Costco, the world’s largest wholesale club, generated more than $100
: billion in sales last year and its customers account for 20 percent of AmEx
: ’s loans and 8 percent of spending. "
AmEx
【在 y****i 的大作中提到】
: Citi bids on this, not the transaction fees.
: "Costco, the world’s largest wholesale club, generated more than $100
: billion in sales last year and its customers account for 20 percent of AmEx
: ’s loans and 8 percent of spending. "
u*s
17 楼
zan大牛,钱收到了
rt
另外一般现在白天基本没空回信，很多信要等到晚上才回
望包涵：P
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
rt
另外一般现在白天基本没空回信，很多信要等到晚上才回
望包涵：P
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
a*r
18 楼
如果Costco顾客可以用其它公司的Visa卡，Citi没法象Amex那样赚钱，估计只赔不赚。
尤其是Citi自己的2% Cash Back卡。
AmEx
【在 y****i 的大作中提到】
: Citi bids on this, not the transaction fees.
: "Costco, the world’s largest wholesale club, generated more than $100
: billion in sales last year and its customers account for 20 percent of AmEx
: ’s loans and 8 percent of spending. "
尤其是Citi自己的2% Cash Back卡。
AmEx
【在 y****i 的大作中提到】
: Citi bids on this, not the transaction fees.
: "Costco, the world’s largest wholesale club, generated more than $100
: billion in sales last year and its customers account for 20 percent of AmEx
: ’s loans and 8 percent of spending. "
w*9
19 楼
赶紧拜拜这个大牛的山头。
连unkowns都是这个大牛的护士了。
【在 u******s 的大作中提到】
: zan大牛,钱收到了
:
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
连unkowns都是这个大牛的护士了。
【在 u******s 的大作中提到】
: zan大牛,钱收到了
:
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
h*s
20 楼
光他自己那张就得让自己亏死。
不过如果刷别家visa，和citi有什么关系？所以具体什么样还要明年看。
[在 atiger (昼伏夜出的老虎) 的大作中提到：]
：如果Costco顾客可以用其它公司的Visa卡，Citi没法象Amex那样赚钱，估计只赔不赚
。尤其是Citi自己的2% Cash Back卡。
：
：...........
不过如果刷别家visa，和citi有什么关系？所以具体什么样还要明年看。
[在 atiger (昼伏夜出的老虎) 的大作中提到：]
：如果Costco顾客可以用其它公司的Visa卡，Citi没法象Amex那样赚钱，估计只赔不赚
。尤其是Citi自己的2% Cash Back卡。
：
：...........
t*c
21 楼
我等
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
d*j
22 楼
不是citi的卡独占了不可能像amex那么赚钱，这样下去costco估计没啥cb了
【在 h****s 的大作中提到】
: 光他自己那张就得让自己亏死。
: 不过如果刷别家visa，和citi有什么关系？所以具体什么样还要明年看。
: [在 atiger (昼伏夜出的老虎) 的大作中提到：]
: ：如果Costco顾客可以用其它公司的Visa卡，Citi没法象Amex那样赚钱，估计只赔不赚
: 。尤其是Citi自己的2% Cash Back卡。
: ：
: ：...........
【在 h****s 的大作中提到】
: 光他自己那张就得让自己亏死。
: 不过如果刷别家visa，和citi有什么关系？所以具体什么样还要明年看。
: [在 atiger (昼伏夜出的老虎) 的大作中提到：]
: ：如果Costco顾客可以用其它公司的Visa卡，Citi没法象Amex那样赚钱，估计只赔不赚
: 。尤其是Citi自己的2% Cash Back卡。
: ：
: ：...........
l*3
23 楼
跳票了～～～555555555555555
【在 z*********5 的大作中提到】
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
h*s
24 楼
除非credit card只收citi costco卡。 这当然也可以做到，而且不是没有可能。 毕竟
如果刷别家visa，谁来贴手续费？citi肯定不贴，因为这样的交易和他没有任何关系；
visa贴？几乎不可能啊。
[在 dbmj (大变马甲) 的大作中提到：]
：不是citi的卡独占了不可能像amex那么赚钱，这样下去costco估计没啥cb了
：
：...........
如果刷别家visa，谁来贴手续费？citi肯定不贴，因为这样的交易和他没有任何关系；
visa贴？几乎不可能啊。
[在 dbmj (大变马甲) 的大作中提到：]
：不是citi的卡独占了不可能像amex那么赚钱，这样下去costco估计没啥cb了
：
：...........
z*5
25 楼
谢大牛赞助的打印机！
【在 u******s 的大作中提到】
: zan大牛,钱收到了
:
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
【在 u******s 的大作中提到】
: zan大牛,钱收到了
:
: rt
: 另外一般现在白天基本没空回信，很多信要等到晚上才回
: 望包涵：P
d*j
26 楼
不太可能吧，现在costco也没禁止别家的amex卡啊
别家visa有较高的手续费，文中写了，但还是很低，所以估计没cb了
【在 h****s 的大作中提到】
: 除非credit card只收citi costco卡。 这当然也可以做到，而且不是没有可能。 毕竟
: 如果刷别家visa，谁来贴手续费？citi肯定不贴，因为这样的交易和他没有任何关系；
: visa贴？几乎不可能啊。
: [在 dbmj (大变马甲) 的大作中提到：]
: ：不是citi的卡独占了不可能像amex那么赚钱，这样下去costco估计没啥cb了
: ：
: ：...........
别家visa有较高的手续费，文中写了，但还是很低，所以估计没cb了
【在 h****s 的大作中提到】
: 除非credit card只收citi costco卡。 这当然也可以做到，而且不是没有可能。 毕竟
: 如果刷别家visa，谁来贴手续费？citi肯定不贴，因为这样的交易和他没有任何关系；
: visa贴？几乎不可能啊。
: [在 dbmj (大变马甲) 的大作中提到：]
: ：不是citi的卡独占了不可能像amex那么赚钱，这样下去costco估计没啥cb了
: ：
: ：...........
s*8
27 楼
赞
a*0
28 楼
我觉着信用卡cb应该是从其他手续费平均/平摊来的，东墙补西墙
所以发现卡宁可错杀一堆也要干掉一些专门玩5%的
前几天去中餐馆刷发现卡，前台小姑娘问你们咋都刷这个，
我说这个季度5%，她说那我们亏好多啊，
我笑了说你们的手续费应该是固定的，5%不是你们出。。。
【在 d**j 的大作中提到】
: 不太可能吧，现在costco也没禁止别家的amex卡啊
: 别家visa有较高的手续费，文中写了，但还是很低，所以估计没cb了
所以发现卡宁可错杀一堆也要干掉一些专门玩5%的
前几天去中餐馆刷发现卡，前台小姑娘问你们咋都刷这个，
我说这个季度5%，她说那我们亏好多啊，
我笑了说你们的手续费应该是固定的，5%不是你们出。。。
【在 d**j 的大作中提到】
: 不太可能吧，现在costco也没禁止别家的amex卡啊
: 别家visa有较高的手续费，文中写了，但还是很低，所以估计没cb了
w*o
29 楼
两年前的预言成真了
见证一位新星的崛起
【在 w******o 的大作中提到】
: 见证一位新星的崛起
见证一位新星的崛起
【在 w******o 的大作中提到】
: 见证一位新星的崛起
h*s
30 楼
因为amex都是走amex结算网络的，所以用别家amex也是amex贴手续费。
visa走visa结算网络，这个只是结算平台，和citi没关系。 要么就是visa是大玩家，
担了手续费。 反正不太可能是citi给用别家卡的交易贴手续费。
[在 dbmj (大变马甲) 的大作中提到：]
：不太可能吧，现在costco也没禁止别家的amex卡啊
：
：...........
visa走visa结算网络，这个只是结算平台，和citi没关系。 要么就是visa是大玩家，
担了手续费。 反正不太可能是citi给用别家卡的交易贴手续费。
[在 dbmj (大变马甲) 的大作中提到：]
：不太可能吧，现在costco也没禁止别家的amex卡啊
：
：...........
h*o
31 楼
大牛太忙了
我volunteer做秘书
我volunteer做秘书
M*0
32 楼
正解。给CC使用者一点关系没有。
AmEx
【在 y****i 的大作中提到】
: Citi bids on this, not the transaction fees.
: "Costco, the world’s largest wholesale club, generated more than $100
: billion in sales last year and its customers account for 20 percent of AmEx
: ’s loans and 8 percent of spending. "
AmEx
【在 y****i 的大作中提到】
: Citi bids on this, not the transaction fees.
: "Costco, the world’s largest wholesale club, generated more than $100
: billion in sales last year and its customers account for 20 percent of AmEx
: ’s loans and 8 percent of spending. "
S*G
33 楼
我的理解是citi会是costco的visa收单行，也就是所有visa交易通过citi，然后通过
visa，再达到发卡行。交易费用是在citi和发卡行之间分吧，所以citi也不是一点好处
都没分到
visa，再达到发卡行。交易费用是在citi和发卡行之间分吧，所以citi也不是一点好处
都没分到
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