American Express said Costco Wholesale Corp would stop accepting its cards in the United States from next April, after the companies failed to reach terms on renewal of an agreement.
American Express shares fell about 3 percent to $83.65 in premarket trade.
Costco has already replaced American Express with Capital One Financial Corp as its credit-card issuer in Canada, starting this year.
“We were unable to reach terms that would have made economic sense for our company and shareholders,” American Express CEO Kenneth Chenault said in a statement. Read more here.