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Old 09-21-2015, 05:15 PM   #21
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Have not seen this question asked. Will Costco, still give us reward, for
reward dollars earned from Jan 2016 to April?
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Old 09-21-2015, 08:09 PM   #22
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Have not seen this question asked. Will Costco, still give us reward, for
reward dollars earned from Jan 2016 to April?
Wolf, This is from the Costco link I posted
"Additionally, Costco members will continue to earn cash rebates from American Express through March 2016."
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Old 09-21-2015, 08:35 PM   #23
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So now I need to find the best value Visa card.

The Costco web site says "beginning April 1, 2016, Costco also will accept all Visa credit cards, including the Citi/Visa co-brand credit card, for payment at Costco warehouses, Costco Gas Stations and Costco.com.
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Old 09-22-2015, 10:08 AM   #24
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My understanding is that if AMEX offers you a replacement card, they will still do a hard inquiry into your credit records if you choose to get a new AMEX card. That may or may not be a negative depending on your situation and future credit plans.

My small concerns is that the average life of my credit will go down since the Costco Amex is one of my longest held cards. Over the past few years I have closed several credit cards, usually those that offer few cash back benefits, and/or, charge foreign transaction fees. Both, my B of A and Chase cards had these fees and are no more. Thus, my credit card average life is rather low.

Personally, I will try to get one of those travel VISA cards that offers me 100 zillion devalued airline miles, free transportation of a pet lemur on flights, extra toilet paper in the plane lavatory, and use of the Last Class lounge for a $35 fee.
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Old 09-22-2015, 10:20 AM   #25
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My understanding is that if AMEX offers you a replacement card, they will still do a hard inquiry into your credit records. That may or may not be a negative depending on your situation and future credit plans...
They offered and I accepted and they did do a hard pull. (but I got a $300 statement credit for a $1000 spend)
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Old 09-22-2015, 01:04 PM   #26
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I read somewhere that you won't get dinged for the Costco/AMEX card going away because it's the company canceling, not the user. If Citi buys the data and issues cards based on it, you'll have the same credit limit and age on the card, so again no change to your FICO score.

If they don't buy the data, I'm guessing you will get a ding. I had a card closed for non-use and the drop in credit limit did drop my score.


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I thought one of the factors in the FICO score was length of time with individual credit cards... so if you've had a costco amex for a long time - it could ding you... even more if it's your oldest credit card.

I don't think it will have a huge effect - but it will have SOME effect.
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Old 09-22-2015, 03:09 PM   #27
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Supposedly the reason you don't have to cancel the Amex card is because the combo Amex/Costco card only exists because of the exclusive agreement with the two companies. When this agreement ends on 3/31/16 the card/account won't 'exist' either. You try to run it and it will decline. Of course I am going to double check mine and make sure but I am not anticipating a problem.

The other thing to consider is that supposedly Citi is either required or strongly encouraged to purchase the Costco/Amex portfolio from Amex as part of their deal with Costco. This would mean that everything would be seamless for everyone holding a current Costco/Amex card, a month before the deadline you'd receive a new Citi/Costco/Visa that would have the same exact credit limit/balance/etc as your previous card. The only difference is that the rewards *should* be better.
Because of an potential identity theft concern when my wallet was stolen I put a freeze on my credit through the 3 major bureaus.

Will I have to do anything or contact the 3 major bureaus when the Amex/Costco card is no longer valid?

Also will I have to unfreeze my credit at the 3 major bureaus to get the new Citi/Costco/Visa card and then refreeze? That would be such a hassle but I like to have a Costco card that I use exclusively for Costco purchases and gas as well as for easier bookkeeping.

Cheers!
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Old 09-22-2015, 06:51 PM   #28
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Because of an potential identity theft concern when my wallet was stolen I put a freeze on my credit through the 3 major bureaus.

Will I have to do anything or contact the 3 major bureaus when the Amex/Costco card is no longer valid?

Also will I have to unfreeze my credit at the 3 major bureaus to get the new Citi/Costco/Visa card and then refreeze? That would be such a hassle but I like to have a Costco card that I use exclusively for Costco purchases and gas as well as for easier bookkeeping.

Cheers!
No to paragraph 2. They'll eventually be notified that the card account no longer exists.

Yes to paragraph 3, but you can try to find out which bureau will be used so that you only have to unfreeze one of them.
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Old 09-22-2015, 09:32 PM   #29
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I thought one of the factors in the FICO score was length of time with individual credit cards... so if you've had a costco amex for a long time - it could ding you... even more if it's your oldest credit card.



I don't think it will have a huge effect - but it will have SOME effect.

Based on what I read, if Citi buys AMEX data, your new Citi Costco card will keep the original length of time and credit limit as your soon to expire AMEX Costco card. This should have a net zero effect on your FICO score.


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Old 03-05-2016, 06:00 PM   #30
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I've run across some updates on the Costco transition to accepting VISA and the new Citi VISA. Very recent scuttlebutt says it is delayed to June 2016, or "mid summer".

BTW Citi is taking over the Costco AMEX accounts, not creating a new account for you.

Here is a fairly recent article about the delay, and a Jan discussion that goes into a lot of detail about the new Citi replacement:

Costco delays credit-card switch | The Seattle Times

Quote:
Starting in April maybe June 2016, Costco will start a new partnership with Visa and Citi; only Visa credit cards will be allowed at the warehouse and Citi will issue a Costco co-branded credit card under the Visa network.

Personal credit card details
No annual fee
• 3% on the first $4,000 of gas, 1% thereafter
• 2% on travel and at US restaurants
• 1% on all other purchases including Costco
Details on new Citi Costco VISA! - FlyerTalk Forums

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What about the Fidelity AMEX to VISA transition?

The new Fidelity 2% VISA (another transition from AMEX - but not really, it was FIA Card Service on the AMEX network) is also a mid-2016 for existing customers, although they are already offering the 2% Fidelity VISA to new customers as of now.

Existing Credit Card Customer FAQs: https://www.fidelity.com/cash-manage...ardmember-faqs

FidelityŽ Rewards Visa SignatureŽ Credit Card: https://www.fidelity.com/cash-manage..._tnt=73764:7:0

Oh - and this new one supports Apple/Android/Samsung Pay - yay! The old FIA card services one did not. https://www.fidelity.com/cash-manage...s-credit-cards
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Old 03-05-2016, 08:02 PM   #31
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I hope the rewards are better than what is posted. That is pretty much what they are now. Supposedly Costco was asking for not only less fees for them but better rewards for their members co-branded cards.

If those are the rewards, I might be better off getting a different Visa for Costco shopping....
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Old 03-05-2016, 08:32 PM   #32
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I hope the rewards are better than what is posted. That is pretty much what they are now. Supposedly Costco was asking for not only less fees for them but better rewards for their members co-branded cards.

If those are the rewards, I might be better off getting a different Visa for Costco shopping....
That's right - no change. Just a VISA instead of an AMEX.

I don't expect any change now. It's too close to transition.

I expect to use my new 2% Fidelity VISA for shopping at Costco, just like I use my old 2% Fidelity AMEX right now.
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Old 03-05-2016, 08:41 PM   #33
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Reading the Flyertalk posts, I see that the reward info came from the sec.gov filing that Citi did. I am inclined to believe that the filing (which was done soon after the announcement of the deal) was/is just a 'placeholder' so the info from the current card was used. At least that is my hope

The big delay came about because Amex said the portfolio was worth $XXX and Citi said $XX. I was told that an arbitrator had to come in to finalize the deal, which was just announced last week.

I wonder how much Costco is going to be paying in Amex processing fees during the contract extension They will probably be pushing Citi to be doing the conversion ASAP.
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Old 03-06-2016, 10:48 AM   #34
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A couple of simple questions though that no one seems to know:

1. My current Costco American Express Card is good through 5/17, will it still be an active American Express Card through then, just not usable at Costco?

2. Is Citi Bank automatically sending us new Visa card even though I don't need another Visa card? I plan to just use my BofA Travel Rewards Visa Card.

This whole change over process is becoming a joke. Every person including Costco and AMEX people tell me something different each week.
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Old 03-06-2016, 11:35 AM   #35
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A couple of simple questions though that no one seems to know:

1. My current Costco American Express Card is good through 5/17, will it still be an active American Express Card through then, just not usable at Costco?

2. Is Citi Bank automatically sending us new Visa card even though I don't need another Visa card? I plan to just use my BofA Travel Rewards Visa Card.

This whole change over process is becoming a joke. Every person including Costco and AMEX people tell me something different each week.
I believe you will automatically get the Citibank VISA. That's what all the articles/discussions say.

I'm not sure how the old Costco AMEX will work, since they are turning the existing accounts over to VISA. I haven't seen a clear answer on this.
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Old 03-06-2016, 11:56 AM   #36
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My Costco Amex card is my membership ID, complete with picture. Will it still serve that function or will the new Visa be our ID?
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Old 03-06-2016, 01:21 PM   #37
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Although Costco can easily just issue me a new membership card instead of the old AMEX card one, I don't see how Citi Bank can just open a Visa account in my name send me another card without my permission.
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Old 03-06-2016, 01:23 PM   #38
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Although Costco can easily just issue me a new membership card instead of the old AMEX card one, I don't see how Citi Bank can just open a Visa account in my name send me another card without my permission.
Maybe you already gave permission. It was on Line 4,683, Section B17, in Paragraph 8,122.
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Old 03-06-2016, 01:28 PM   #39
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Exactly!!
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Old 03-06-2016, 02:17 PM   #40
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In this process, Amex offered me a new "blue" credit card, then followed up with an offer of $200 if I just used the card for the first couple of months for $1000. This offer seemed too good to be true, but I tried it anyway, since I had a business trip coming up. Low and behold, they promptly gave me the $200.

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