Costco AMEX to Be Replaced with Citigroup Visa in ... - Page 2

deepwaterdotter · ‎03-09-2010

@JeanLouiseFinch wrote:
@deepwaterdotter wrote:
@JeanLouiseFinch wrote:
@deepwaterdotter wrote:
Thanks for posting the link to the article. The article states that the Costco membership through the AmEx card will be cancelled, but does that mean that the AmEx non-Costco credit account part of the card is also cancelled? I wonder if automatic cancellation will affect my credit score.
@deepwaterdotter Exactly what are you referring to? I don't see anything where Costco memberships are being cancelled. It's only the Costco American Express credit card that is being cancelled. The card will no longer be able to be used anywhere when that happens.
Perhaps I worded it confusingly. I know that my Costco membership will transfer to the Citibank credit card, but am wondering if AmEx will automatically cancel the credit account part of the old Costco card.
@deepwaterdotter My understanding, from the article, is that the card will be cancelled. Period. The article even advises current cardholders to stop using it.

Thank you for the explanation. I mistakenly interpreted the wording in the article to mean stop using it only as a Costco membership card, but to continue using it as an AmEx credit card.

bonnielu · ‎03-11-2010

I was told by Costco that the card would be cancelleld PERIOD. It could not be used anywhere. They would provide another way and it seemed I could use any Visa card. I do already have one with Citigroup and am not wanting another one. However if there is a cashback option I might consider it.

No credit score problems. They are making it go away, not us.

Wayne-QVC · ‎06-14-2015

Moved:

This post has been removed by QVC because it's off topic

HappyDaze · ‎06-13-2012

I read a very detailed article about what is happening and the loss of a HUGE number of Amex customers so Amex is hurting big time. It was a big loss to lose the Costco deal but it was their own fault due to greed. So yes, they are going to try to woo customers to sign up for an Amex card because all of our Costo Amex cards will be cancelled.I know for sure we will probably not have Amex try to woo us because even though we use our Amex for EVERYTHING, in the 8 years we've had our Cotsco Amex card, we've never carried a balance and never paid any late fees so they've made NO money on us in all that time. They don't like that, lol!! It is too bad because I really liked Amex as their Customer service is great but I won't ding my credit by applying for another one.

Oh and automatically getting the new Citi card will NOT be a hard ding on your credit so check your credit reports to make sure. You will also need to use the Citi card to get the EXTRA benefits you got if you had an executive membership but I *think* you still get the Cotsco % cashback if you use your own Visa but not 100% sure about that part. Supposedly the Citi card Executive benefits will be even better than the current Amex ones. We get $500+ in cashback every year so it would be awesome if we would get even more!

JeanLouiseFinch · ‎10-03-2011

@HappyDaze wrote:
I read a very detailed article about what is happening and the loss of a HUGE number of Amex customers so Amex is hurting big time. It was a big loss to lose the Costco deal but it was their own fault due to greed. So yes, they are going to try to woo customers to sign up for an Amex card because all of our Costo Amex cards will be cancelled.I know for sure we will probably not have Amex try to woo us because even though we use our Amex for EVERYTHING, in the 8 years we've had our Cotsco Amex card, we've never carried a balance and never paid any late fees so they've made NO money on us in all that time. They don't like that, lol!! It is too bad because I really liked Amex as their Customer service is great but I won't ding my credit by applying for another one.

Oh and automatically getting the new Citi card will NOT be a hard ding on your credit so check your credit reports to make sure. You will also need to use the Citi card to get the EXTRA benefits you got if you had an executive membership but I *think* you still get the Cotsco % cashback if you use your own Visa but not 100% sure about that part. Supposedly the Citi card Executive benefits will be even better than the current Amex ones. We get $500+ in cashback every year so it would be awesome if we would get even more!

@HappyDaze You sound like us. We use our AMEX to pay for everything and pay our statement balance in full every month. If I could pay my mortgage and car payments with it, it would be even better. For as many years as we've carried the card, we've been making money from AMEX rather than the other way around so they probably don't like us either. I just cashed a $700 rebate check a week or two ago. I expect the transition to go smoothly from one card to the other. Wishful thinking? I hope not. As for the "Executive Membership Benefits" rebate with Costco, they are separate and apart from the AMEX card. They are paid out by Costco for designated purchases. With that particular rebate, we always make enough to pay our renewal and then a little more.

HappyDaze · ‎06-13-2012

@JeanLouiseFinch wrote:
@HappyDaze wrote:
I read a very detailed article about what is happening and the loss of a HUGE number of Amex customers so Amex is hurting big time. It was a big loss to lose the Costco deal but it was their own fault due to greed. So yes, they are going to try to woo customers to sign up for an Amex card because all of our Costo Amex cards will be cancelled.I know for sure we will probably not have Amex try to woo us because even though we use our Amex for EVERYTHING, in the 8 years we've had our Cotsco Amex card, we've never carried a balance and never paid any late fees so they've made NO money on us in all that time. They don't like that, lol!! It is too bad because I really liked Amex as their Customer service is great but I won't ding my credit by applying for another one.

Oh and automatically getting the new Citi card will NOT be a hard ding on your credit so check your credit reports to make sure. You will also need to use the Citi card to get the EXTRA benefits you got if you had an executive membership but I *think* you still get the Cotsco % cashback if you use your own Visa but not 100% sure about that part. Supposedly the Citi card Executive benefits will be even better than the current Amex ones. We get $500+ in cashback every year so it would be awesome if we would get even more!
@HappyDaze You sound like us. We use our AMEX to pay for everything and pay our statement balance in full every month. If I could pay my mortgage and car payments with it, it would be even better. For as many years as we've carried the card, we've been making money from AMEX rather than the other way around so they probably don't like us either. I just cashed a $700 rebate check a week or two ago. I expect the transition to go smoothly from one card to the other. Wishful thinking? I hope not. As for the "Executive Membership Benefits" rebate with Costco, they are separate and apart from the AMEX card. They are paid out by Costco for designated purchases. With that particular rebate, we always make enough to pay our renewal and then a little more.

@JeanLouiseFinch lol yeah not holding my breath that it will go smoothly! I just hope it doesn't mess up my credit score because I am very protective of that. Ugh, it just sounds like a nightmare, honestly. And regarding the rebates, I was just referring to the extra rebate you get through using the amex cotsco card, the one that pays the big dividends. Yes, we make enough in our regular rebate to pay for our membership and a bit more. Then the $500+ money is all gravy! So since you haven't paid a dime to Costco either, have you gotten any calls or mail offers to continue with them, lol?? I doubt we will, in fact, I will be SHOCKED if we do! I was reading a few articles awhile back about how good customers that paid their payments on time and even those that paid off balances every month used to be the "ideal" customer for credit card companies pre-recession but these days, they consider you a "bad" customer if you never carry a balance or make late payments, lol!!! Based on these current definitions of "bad" customer , I prefer to be a bad customer versus an "ideal" one!! I used to get credit card offers all the time prior to the big recession even though I paid off all my balances monthy and never late but since the recession, pretty much nothing. No one wants me, and that is fine with me. I hated all those offers on literally a daily basis!

JeanLouiseFinch · ‎10-03-2011

@HappyDaze wrote:
@JeanLouiseFinch wrote:
@HappyDaze wrote:
I read a very detailed article about what is happening and the loss of a HUGE number of Amex customers so Amex is hurting big time. It was a big loss to lose the Costco deal but it was their own fault due to greed. So yes, they are going to try to woo customers to sign up for an Amex card because all of our Costo Amex cards will be cancelled.I know for sure we will probably not have Amex try to woo us because even though we use our Amex for EVERYTHING, in the 8 years we've had our Cotsco Amex card, we've never carried a balance and never paid any late fees so they've made NO money on us in all that time. They don't like that, lol!! It is too bad because I really liked Amex as their Customer service is great but I won't ding my credit by applying for another one.

Oh and automatically getting the new Citi card will NOT be a hard ding on your credit so check your credit reports to make sure. You will also need to use the Citi card to get the EXTRA benefits you got if you had an executive membership but I *think* you still get the Cotsco % cashback if you use your own Visa but not 100% sure about that part. Supposedly the Citi card Executive benefits will be even better than the current Amex ones. We get $500+ in cashback every year so it would be awesome if we would get even more!
@HappyDaze You sound like us. We use our AMEX to pay for everything and pay our statement balance in full every month. If I could pay my mortgage and car payments with it, it would be even better. For as many years as we've carried the card, we've been making money from AMEX rather than the other way around so they probably don't like us either. I just cashed a $700 rebate check a week or two ago. I expect the transition to go smoothly from one card to the other. Wishful thinking? I hope not. As for the "Executive Membership Benefits" rebate with Costco, they are separate and apart from the AMEX card. They are paid out by Costco for designated purchases. With that particular rebate, we always make enough to pay our renewal and then a little more.
@JeanLouiseFinch lol yeah not holding my breath that it will go smoothly! I just hope it doesn't mess up my credit score because I am very protective of that. Ugh, it just sounds like a nightmare, honestly. And regarding the rebates, I was just referring to the extra rebate you get through using the amex cotsco card, the one that pays the big dividends. Yes, we make enough in our regular rebate to pay for our membership and a bit more. Then the $500+ money is all gravy! So since you haven't paid a dime to Costco either, have you gotten any calls or mail offers to continue with them, lol?? I doubt we will, in fact, I will be SHOCKED if we do! I was reading a few articles awhile back about how good customers that paid their payments on time and even those that paid off balances every month used to be the "ideal" customer for credit card companies pre-recession but these days, they consider you a "bad" customer if you never carry a balance or make late payments, lol!!! Based on these current definitions of "bad" customer , I prefer to be a bad customer versus an "ideal" one!! I used to get credit card offers all the time prior to the big recession even though I paid off all my balances monthy and never late but since the recession, pretty much nothing. No one wants me, and that is fine with me. I hated all those offers on literally a daily basis!

@HappyDaze Yep, call me a bad customer. C'est la vie. To tell ya the truth, no, we haven't heard a peep from American Express.

JeanLouiseFinch · ‎10-03-2011

Coincidentally, I received mail from the Citi group yesterday - didn't get it out of my box until late in the evening. Anyway, these are the highlights from the mailer for current Costco American Express Cardholders:

The new Costco Anywhere Visa Card by Citi will arrive prior to 6-20-16 and starting on 6-20-16 you can earn cash back everywhere you use your card - 4% on eligible gas worldwide for the first $7,000 and 1% thereafter, 3% on restaurant and eligible travel purchases worldwide, 2% on all other purchases from Costco and Costco.com, and 1% on all other purchases.

Now - June 2016 - Continue to use your exisiting Costco American Expresss Card as your membership card and for purchases everywhere American Express is accepted. Direct any payments or billing inquiries to American Express.

April 2016 - Citi will send you more information about the transfer of your Costco card from American Express to Citi

May 2016 - a new card will be mailed to you and you can start using it on 6-20-2016. There's no need to re-apply and we won't pull a credit report as part of the account transfer process.

June 20, 2016 - Your card will be available for use and the rewards you've earned will transfer to your new card. After 6-20-2016, remember to provide your new card information to companies who automatically bill your card and online retailers where you've saved your information.

Also - FYI, the new cards will have the Costco emblem on the back and also have your photo, the same as the current card.

The card also comes with similar benefits regarding damage & theft protection, extended warranty, travel benefits, and the annual reward being included in the February statement.

CelticCrafter · ‎03-09-2010

I have a question about the change over, maybe someone knows the answer.

We have an Amex card, but not attached to Costco - so having it replaced isn't the problem. We were able to use it there for our purchases.

We also have a Visa card but it's through Chase. Will we be able to use that card for our purchases or are we going to have to get a Citibank issued card?

Jannyg · ‎03-10-2010

I was at Costco in Phoenix yesterday. They are handing out flyers that explain the change which will happen on June 20rh. Like others, I have an Amex card not through Costco so I will continue to use it other places. Meanwhile I have a Visa card already and according to the flyer, Costco will accept any Visa card. No need to get a new card.