Starting today, June 20th, Costco will no longer accept American Express. Costco and American Express have been doing business with each other for 16 years, but now Visa has become the exclusive credit card for the company.

If you're a customer who makes automatic payments with your AmEx card, you'll need to switch you method of payment.

If you currently have a Costco American Express card, Citi will be mailing out new Citi Visa cards, now called the Costco Anywhere Visa Card.

Visa has now become the exclusive credit card for Costco, so no other credit cards will be accepted.

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Costco says its switch to Visa offers greater benefits compared to what was available from American Express.

You’ll get 4% cash back on eligible gasoline purchases, including gas at Costco, for the first $7,000 in purchases a per year. After crossing the threshhold, you'll get 1% cash back. That's an increase from 3% back on the first $4,000 under the Amex Costco card.