topic Re: Costco & Am Ex are splitting up in Community Chat

Costco & Am Ex are splitting up

madzonie — Fri, 13 Feb 2015 00:01:51 GMT

Just read that Costco will terminate their exclusive agreement with American Express as of March, 2016.

I'm sad about that. I liked accumulating Am Ex AND Costco points for $$. Hopefully the new credit card Costco chooses will also offer a nice rebate incentive.

http://finance.yahoo.com/news/american-express-to-lose-costco-exclusivity-143845780.html

Re: Costco & Am Ex are splitting up

VanSleepy — Fri, 13 Feb 2015 00:14:00 GMT

That stinks, but now my husband can pay since he has a Capital One MasterCard. I don't.

Re: Costco & Am Ex are splitting up

Hoovermom — Fri, 13 Feb 2015 00:16:49 GMT

Oh no, I hate that. With the rewards coming from American Express along with Costco, we get a big check. Who are they partnering with now?

Re: Costco & Am Ex are splitting up

JeanLouiseFinch — Fri, 13 Feb 2015 00:16:57 GMT

OH NO!!! I use my Costco AMEX anywhere and everywhere possible to get that rebate. I can usually count on a nice chunk of change every February. I agree with you, hopefully benefits will be similar with the replacement credit card company.

Re: Costco & Am Ex are splitting up

KathyPet — Fri, 13 Feb 2015 00:17:16 GMT

The only reason I kept my AMEX was to use at Costco. If they are going to stop taking it I I see no reason to keep paying the annual,AMEX fee.

Re: Costco & Am Ex are splitting up

madzonie — Fri, 13 Feb 2015 00:28:09 GMT

On 2/12/2015 KathyPet said: The only reason I kept my AMEX was to use at Costco. If they are going to stop taking it I I see no reason to keep paying the annual,AMEX fee.

Hi KathyPet - the Costco Am Ex card doesn't have a yearly fee. Is yours a non-Costco-issued Am Ex?

One reason I never had an Am Ex card before getting the one through Costco was because I didn't want to pay for an annual fee. I've never paid a fee to have a credit card, and hope whatever card(s) they choose instead of Am Ex will be fee-free as well.

Re: Costco & Am Ex are splitting up

madzonie — Fri, 13 Feb 2015 00:30:36 GMT

On 2/12/2015 JeanLouiseFinch said:
OH NO!!! I use my Costco AMEX anywhere and everywhere possible to get that rebate. I can usually count on a nice chunk of change every February. I agree with you, hopefully benefits will be similar with the replacement credit card company.

And I as well! I'm getting a $500+ "check" any day now from my Am Ex purchases over the past year. We get a much smaller (usually $60-70) from Costco directly, so that always makes a nice little perk. I hope Costco will negotiate a good rebate percentage with whatever new card they choose.

Re: Costco & Am Ex are splitting up

deeva — Fri, 13 Feb 2015 00:34:52 GMT

I'll just use another cc when I shop Costco. I never had the Costco branded Am Exp card anyway.

Re: Costco & Am Ex are splitting up

madzonie — Fri, 13 Feb 2015 00:42:03 GMT

On 2/12/2015 deeva said:
I'll just use another cc when I shop Costco. I never had the Costco branded Am Exp card anyway.

But Costco (at least ours) doesn't currently take any credit card except Am Ex.

Re: Costco & Am Ex are splitting up

Lucibee — Fri, 13 Feb 2015 00:45:56 GMT

When the contract with Am-Ex expires, Costco will probably pick up a new partner such as Master Card. I believe Costco of Canada partners with Master Card.

Re: Costco & Am Ex are splitting up

Qwackertoo — Fri, 13 Feb 2015 00:48:18 GMT

I read about this earlier. Since AmEX usually charges companies 3% or maybe it is 4% but doubt they get that much from Costco . . . I can see how their negotiating broke down.

Maybe the early leaking of this news will cause AmEX to try a little harder. Negotiate just a little bit more. Or maybe they are done with trying.

Sam's Club broke up with Discover about 6 months ago. Now it is Sam's Club Mastercard.

I'd have to double check but I think it is 5% on their gasoline vs. my 3% @ Costco on gasoline . . . I just fill up at whichever one I happen to be at when I hit half a tank or below.

I will really miss my Feb. Costco AmEX ""checks"". Although I'm running a little low on my amount this year. I've been using others when shopdiscover would have 10% online or a little on my Citi cards for some AA mile bonues or Delta AmEX for mile bonuses.

I was just in Costco yesterday and I swear I saw a table set up with an associate ""recruiting"" new Costco AmEX members. Guess they didn't get the ""memo"".

Re: Costco & Am Ex are splitting up

JeanLouiseFinch — Fri, 13 Feb 2015 00:51:42 GMT

On 2/12/2015 madzonie said:
On 2/12/2015 deeva said:
I'll just use another cc when I shop Costco. I never had the Costco branded Am Exp card anyway.

But Costco (at least ours) doesn't currently take any credit card except Am Ex.

Mine either. I believe that's policy across the board. The only other forms of payment are cash, debit card, or check. I guess time will tell if they start taking other cards or have the same exclusive policy with the new CC company.

Re: Costco & Am Ex are splitting up

KathyPet — Fri, 13 Feb 2015 00:57:59 GMT

yes, my AMEX a is not a Costco branded card. I have been a AMEX cardholder since 1972. It used to be the required card to,have when traveling overseas but has lost it's influence in Europe and I now get better benefits for using overseas (like no foreign transaction fees) with a couple of my VISA cards so I will no longer keep my AMEX.

Re: Costco & Am Ex are splitting up

tansy — Fri, 13 Feb 2015 01:02:29 GMT

On 2/12/2015 Qwackertoo said:
I read about this earlier. Since AmEX usually charges companies 3% or maybe it is 4% but doubt they get that much from Costco . . . I can see how their negotiating broke down.

Maybe the early leaking of this news will cause AmEX to try a little harder. Negotiate just a little bit more. Or maybe they are done with trying.

Sam's Club broke up with Discover about 6 months ago. Now it is Sam's Club Mastercard.

I'd have to double check but I think it is 5% on their gasoline vs. my 3% @ Costco on gasoline . . . I just fill up at whichever one I happen to be at when I hit half a tank or below.

I will really miss my Feb. Costco AmEX ""checks"". Although I'm running a little low on my amount this year. I've been using others when shopdiscover would have 10% online or a little on my Citi cards for some AA mile bonues or Delta AmEX for mile bonuses.

I was just in Costco yesterday and I swear I saw a table set up with an associate ""recruiting"" new Costco AmEX members. Guess they didn't get the ""memo"".

My AZ Costco was signing people up for an AMEX card last week. I thought maybe Costco and AMEX had reached an agreement.

Re: Costco & Am Ex are splitting up

JeanLouiseFinch — Fri, 13 Feb 2015 01:25:54 GMT

On 2/12/2015 tansy said:
On 2/12/2015 Qwackertoo said:
I read about this earlier. Since AmEX usually charges companies 3% or maybe it is 4% but doubt they get that much from Costco . . . I can see how their negotiating broke down.

Maybe the early leaking of this news will cause AmEX to try a little harder. Negotiate just a little bit more. Or maybe they are done with trying.

Sam's Club broke up with Discover about 6 months ago. Now it is Sam's Club Mastercard.

I'd have to double check but I think it is 5% on their gasoline vs. my 3% @ Costco on gasoline . . . I just fill up at whichever one I happen to be at when I hit half a tank or below.

I will really miss my Feb. Costco AmEX ""checks"". Although I'm running a little low on my amount this year. I've been using others when shopdiscover would have 10% online or a little on my Citi cards for some AA mile bonues or Delta AmEX for mile bonuses.

I was just in Costco yesterday and I swear I saw a table set up with an associate ""recruiting"" new Costco AmEX members. Guess they didn't get the ""memo"".

My AZ Costco was signing people up for an AMEX card last week. I thought maybe Costco and AMEX had reached an agreement.

I just received my new Costco branded AMEX card in the mail about two weeks ago. It's good until 2020! From the looks of things it's going to cease to be valid a little over a year from now.

Re: Costco & Am Ex are splitting up

NoelSeven — Fri, 13 Feb 2015 03:28:26 GMT

I'm not getting your link to work. Does this mean Costco will now accept other credit cards? I hope so, I got the AmEx when they began their partnership and had nothing but trouble with it so I stopped using it.

If this means other CCs, I'm thrilled. We get great points from an Amazon card.

Re: Costco & Am Ex are splitting up

madzonie — Fri, 13 Feb 2015 03:37:23 GMT

Noel...from what I understand (but I might not have enough info) Costco is going to negotiate for another ""exclusive"" credit card...to be the one and only to be accepted at Costco. Will have to wait for more details.

Re: Costco & Am Ex are splitting up

millieshops — Fri, 13 Feb 2015 04:02:11 GMT

On 2/12/2015 madzonie said: Noel...from what I understand (but I might not have enough info) Costco is going to negotiate for another "exclusive" credit card...to be the one and only to be accepted at Costco. Will have to wait for more details.

I went to Google, too, and it does sound as if Costco's split with AmEx will go into effect in mid-April but they're negotiating for another exclusive deal.

They better hurry - that's not a whole lot of time. Wonder how they'll do the change over? I know my credit accounts are frozen, so they can't just issue me a new card from a company I'm not already affiliated with.

I'll have to look at my Costco account, too. I know my membership flips over sometime in the spring - maybe they will create such a mess, I could drop out for a few months and see if I really need to pay that fee. I already don't go so often that I'm willing to jump through many hoops for them.

Re: Costco & Am Ex are splitting up

GCR18 — Fri, 13 Feb 2015 05:47:09 GMT

On 2/12/2015 NoelSeven said:
I'm not getting your link to work. Does this mean Costco will now accept other credit cards? I hope so, I got the AmEx when they began their partnership and had nothing but trouble with it so I stopped using it.

If this means other CCs, I'm thrilled. We get great points from an Amazon card.

I'm with you, change is good for me. I have an Amazon master card.

Re: Costco & Am Ex are splitting up

september — Fri, 13 Feb 2015 07:17:37 GMT

This does change things for us. We have two Amex cards we use for Costco. One is the Costco card that gives us additional $$ back, and the other is a Macy's Amex, that gives me extra $$ to spend at Macy's. I like getting each of the rebates.

But if they start taking Visa, I have a rewards card I can use for that, too.