CostCo USA dropping Amex for Citigroup VISA

[Wreckem]

I'm curious about the logic, I wonder why not 2% up front? Do they really think 1% back will entice people to not skip out? Don't they want people to hold a balance to collect on interest?

It delays paying out that other 1%.

As per the delay. Amex is required by its contract to sell the portfolio. Amex is wringing out as much money from the sale of the portfolio. Once details are finally worked out, opt outs will be allowed.

 

[crashtech]

Amex's customer service has always been top notch, unlike some of the others cards I have carried. Proactively, I have a Simply Cash Amex inbound to replace the one that is going away. 3% off on fuel works for me, since that's always been a main use.

 

[Yossarian]

A bit off topic, but the way Amex works is EVERY card you open with them has an open date on your credit report as the date you had your first card. Even if you go years without a card, and open a new one, it will report as opened on the first card. For example, when I got the Amex card 2 years ago, it shows on my credit report as being opened in 1995 (when I got my first Amex). This is one HUGE benefit of Amex that no other company has. All 3 of my Amex cards say member since 1995, and are reporting to the bureaus as such.

This used to be true, but Amex no longer backdates.

 

[crashtech]

They explicitly stated that my card was being backdated. We'll see.

 

[blackangst1]

This used to be true, but Amex no longer backdates.

Then that's a new development since March of last year. I've not read they discontinued it.

 

[stlc8tr]

www.citicards.com/doublecash

I have it. You get 1% cashback when you buy something, and 1% cashback when you pay the bill.

Do they now have a Visa version?

Back when I applied, it was Mastercard only.

 

[lupi]

This used to be true, but Amex no longer backdates.

My blue card which I got about 9 months ago has a member date of a decade old.

 

[JEDI]

Do they now have a Visa version?

Back when I applied, it was Mastercard only.

does it matter?
they're interchangeable.

never seen a place take one and not the other.

 

[stlc8tr]

does it matter?
they're interchangeable.

never seen a place take one and not the other.

According to my friend at Visa, this isn't common in the US but it's apparently very common in other countries.

Has there been any confirmation that Costco will allow MC as well as Visa? Everything that I've read has only said "Visa".

 

[boomerang]

According to my friend at Visa, this isn't common in the US but it's apparently very common in other countries.

Has there been any confirmation that Costco will allow MC as well as Visa? Everything that I've read has only said "Visa".

Here is their current policy. I would guess that substituting "Visa" for "American Express" would give us their policy after the switch. But we obviously won't know for certain until they release the details.

https://customerservice.costco.com/system/templates/selfservice/costco_en_us/#!portal/200500000001002/article/200500000003186/Accepted-Payment-Methods-US?fromQuery=payment%20methods

Costco Wholesale accepts a variety of payment methods for your convenience:

Costco warehouse locations:

• American Express Cards
• Costco Credit Card
• Most PIN-based Debit/ATM Cards
• Costco Cash Card
• Cash
• Personal checks from current Costco members
• Business checks from current Costco Business members
• Traveler's checks
• EBT cards
• LoopPay and Samsung Pay mobile payments

Costco gas stations:

• American Express Cards
• Costco Credit Card
• Most PIN-based Debit/ATM Cards
• Costco Cash Cards

Costco.com:

• American Express Cards
• Costco Credit Card
• Visa
• MasterCard
• Discover Cards
• Most PIN-based Debit/ATM Cards
• Costco Cash Cards

 

[edro]

Went to Costco this weekend and was dissapoint that they still only accept Amex and debit.

I was assuming it took effect 1/1/16?!

I guess it's April 1?

 

[Charmonium]

Went to Costco this weekend and was dissapoint that they still only accept Amex and debit.

I was assuming it took effect 1/1/16?!

I guess it's April 1?

Don't forget cash. I think they still take that but considering it's tough to get out of that store w/o dropping a couple hundred bucks, cash is impractical if all you carry around are 20's.

 

[RossMAN]

Went to Costco this weekend and was dissapoint that they still only accept Amex and debit.

I was assuming it took effect 1/1/16?!

I guess it's April 1?

It was effective April 2016 but it has been delayed a few months.

 

[lupi]

Looks like deal has been finalized with a June date. Assuming we'll have the replacement cards on hand for when that occurs.

 

[RossMAN]

Looks like deal has been finalized with a June date. Assuming we'll have the replacement cards on hand for when that occurs.

Thanks for the update, I wonder what will happen to existing Amex accounts.

I already have a CitiBank and Amex BCE, I'm curious what they'll do/offer in my situation.

 

[ponyo]

I cashed my Costco Amex rebate check. I wonder if I will get another rebate check in June. That would be nice.

 

[lupi]

Thanks for the update, I wonder what will happen to existing Amex accounts.

I already have a CitiBank and Amex BCE, I'm curious what they'll do/offer in my situation.

When I opened the blue card offer they were sending out to costco users, they gave me a card with same account since date as the costco one and while I don't believe credit limit was the same initially, they are now identical in every way. Had a citi sears card at one point but not currently so for them i'll be new.

 

[BarkingGhostar]

I'm surprised folks on here are OK with their personal financial information being given to Citi without your permission, or at least you conscious awareness beforehand.

I already let Costco know my position on the matter and will be closing both the Amex and Costco accounts.

 

[DesiPower]

I'm surprised folks on here are OK with their personal financial information being given to Citi without your permission, or at least you conscious awareness beforehand.

I already let Costco know my position on the matter and will be closing both the Amex and Costco accounts.

I am not OK either but I am just bending over and unclenching, I want to keep their service and hence I have no other option. However, I have already converted my AMEX account so that account is good, no negative impact in history. Next I can cancel my Costco account so nothing get transferred to new bank. Next after the dust settles, I can rejoin Costco and choose not to open credit account.

 

[AznAnarchy99]

I'm surprised folks on here are OK with their personal financial information being given to Citi without your permission, or at least you conscious awareness beforehand.

I already let Costco know my position on the matter and will be closing both the Amex and Costco accounts.

I could care less. Banks sell my information all the time. My school loans have passed through at least 4-5 banks already.

 

[Banana]

I'm surprised folks on here are OK with their personal financial information being given to Citi without your permission, or at least you conscious awareness beforehand.

I already let Costco know my position on the matter and will be closing both the Amex and Costco accounts.

Does anyone know if the age of the credit line carries over to CITI? It may affect account holders' credit score.

 

[Linflas]

I'm surprised folks on here are OK with their personal financial information being given to Citi without your permission, or at least you conscious awareness beforehand.

I already let Costco know my position on the matter and will be closing both the Amex and Costco accounts.

Because I didn't read the 3 pages of fine print that accompanied opening the original account which I am sure somewhere in there they have my permission? And frankly they are doing me a favor by doing this since I don't have to screw around with making the changes myself and I have the option to decline and close the account if I don't want it.

 

[notposting]

AMEX didn't backdate the new Blue card, replacing the Costco one. 8 years swirling down the drain there. Maybe I'll contact them and see what's up.

 

[JM Aggie08]

Still using my Amex without issue. Haven't even seen a mention of them moving to Citi or whatever the hell it is at my local store.

 

[Xonim]

AMEX didn't backdate the new Blue card, replacing the Costco one. 8 years swirling down the drain there. Maybe I'll contact them and see what's up.

I believe I read somewhere that your new Capital One account will receive the full credit history of your Costco AmEx -- ie, your Capital One card will show the 8 years history. If that's true, then I would fully expect your new AmEx card to be considered a new account and not a product change.