I can't believe Costco has allowed it to get this close to the switch without providing any kind of guidance or FAQ regarding this. WTF.
Yeah, but then another party already has your information--but you are OK with this. I am not OK with this. This isn't my idea of Costco looking out for me. This is in their interest, not mine.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.
Yeah, but then another party already has your information--but you are OK with this. I am not OK with this. This isn't my idea of Costco looking out for me. This is in their interest, not mine.
Have you checked their website?I can't believe Costco has allowed it to get this close to the switch without providing any kind of guidance or FAQ regarding this. WTF.
Costco will stop accepting American Express credit cards after June 19, 2016, including the co-branded Costco American Express Cards. Beginning June 20, 2016, Costco will accept Visa cards for purchases made in the U.S. and Puerto Rico in its warehouses and gas stations, or online at Costco.com.
anyone have info on their new visa cards yet?
cashback % at Costco?
cashback % at other stores?
cashback % at Costco gas stations?
• All cash back rewards earned on Costco cards from American Express through June 19 will automatically transfer to the new credit card from Citibank. Cardholders will continue to earn rewards on the new credit card from Citibank beginning June 20, 2016.
• Citibank will not pull a credit report as part of the account transfer process, and cardholders will maintain their credit line.
It is still a forced relationship. Costco isn't asking me if I want a Citibank card, they are telling me I am getting one whether I want one or not because I have a Costco Amex. I feel like a prostitute being transferred from one pimp to another pimp.Two very important pieces of info from Costco's website, which directly refute some of the misinformation being said in this thread:
So if you just want an Amex to have an Amex, then go get one. Otherwise, doing nothing is your best course of action to maintain your credit score.
It is still a forced relationship. Costco isn't asking me if I want a Citibank card, they are telling me I am getting one whether I want one or not because I have a Costco Amex. I feel like a prostitute being transferred from one pimp to another pimp.
Also, just because Citibank isn't pulling a credit card it doesn't mean a [forced] relationship is being established AND will show up on my credit report. I fear it is too late to cancel my Costco membership and Costco Amex card in order to keep my information out of the f-ing hands of Citibank.
Why on Earth Costco could not have had an Opt Out/In approach to this for Costco Amex holders is beyond me, but it was suggested to them by me last February when I contacted them over my concerns. Apparently Costco cared more about dumping Amex than keeping me. Fine. Just a piss poor way to treat your customers.
Why, because of a switch from AmEx to Visa? That would be an absurd assumption. Their membership model determines their clientele now and will continue to do so as long as it's in place.Expect the clientele of Costco to decline to Walmart status.
Expect the clientele of Costco to decline to Walmart status.
Membership determines clientele NOT credit cards. Just because you have a Costco Visa doesn't mean you can shop there. You still have to be a member also. That being said, one thing Costco never checks/doesn't care is if you let someone borrow your Costco card. I see "people of Walmart" types in Costco all the time, and then I realize "Oh they must've borrowed someone's membership."
It actually happened the other day in the checkout line when the man in front of us got all upset that they didn't take his Credit Card (except for Amex which he didnt have). He was trying to buy two gift cards to Smashburger (not sure why), and he raised a fuss with the checkout clerk. He kept saying "But they didn't tell me that!" In the end, he reluctantly pays via his Debit Card.
Thats interesting because every trip Ive made in the last year or 18 months to 2 Costcos near me they ALWAYS check my ID to make sure I match the membership name.
Membership determines clientele NOT credit cards. Just because you have a Costco Visa doesn't mean you can shop there. You still have to be a member also. That being said, one thing Costco never checks/doesn't care is if you let someone borrow your Costco card. I see "people of Walmart" types in Costco all the time, and then I realize "Oh they must've borrowed someone's membership."
It actually happened the other day in the checkout line when the man in front of us got all upset that they didn't take his Credit Card (except for Amex which he didnt have). He was trying to buy two gift cards to Smashburger (not sure why), and he raised a fuss with the checkout clerk. He kept saying "But they didn't tell me that!" In the end, he reluctantly pays via his Debit Card.
lol, exactlyIts not like the yearly $60 membership fee is out of reach for the Walmart crowd. Judging by the parking lots and the checkout lines, the membership isnt that exclusive.
True, but a lot of people won't pay the premium even if technically they can afford it. At least a Costco the only people I usually see riding a scooter are people who are obviously old or infirm. There's also no spandex or free-range butt crack.Its not like the yearly $60 membership fee is out of reach for the Walmart crowd. Judging by the parking lots and the checkout lines, the membership isnt that exclusive.
First, I tried to get information from Amex, but nothing was forthcoming. I actually have three different kinds of Amex cards. Second, Costco wasn't very forthcoming. Third, I had no idea that last month was a deadline--news to me. Forth, this entire thread is a bitching thread. Its very creation was for that. Five, Costco not once polled its clients if a new agreed upon relationship with Amex would be acceptable to its customers. They chose to completely ignore their customers and then claimed to be making the change for their customers' benefit. Six, the days of exclusivity are over with. Hell, even Costco's own warehouse competition knows that. Seven, see fourth.The company purchasing your credit line does not have to allow you to opt out.
If you had a problem with this you should have contacted AMEX to determine your options. If you had contacted AMEX they COULD have converted your TE card to another AMEX. You had to have done that by the end of last month. You had almost a year to sort your shit out but you didn't. Instead all you did was bitch. You are in a tiny minority that cares about your trade line and information being sold.
Finally Costco has little say in how AMEX and CITI handle the transition, which is why the transition has been delayed. If they had input this would have happened as scheduled. Instead of talking to COSTCO and bitching to/about COSTCO you should have been talking to your account owner(AMEX), as COSTCO doesn't own or operate the tradelines.
Costco quality is higher, but costs more.
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.
I asked about this the other day when I was there and they said I could use my existing visa card. I assume I will have to register it or some such nonsense. But they gave me a flier that said that they will also take debit cards and I think checks. So you'll have other options.