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Old 03-08-2016, 10:50 PM   #61
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Your latest responses are correct, I had the chance to talk to a Costco manager last night and he had just come from a meeting about this whole situation. He said:

1. ANYONE with a current AMEX Costco card will automatically be getting a new Citi Bank Visa card. Like it or not.

2. Once this new Visa card is activated your old AMEX card will no longer be active. Not even as an AMEX card at other places. Old card is completely closed. No longer will you have a AMEX account even if your card has a future expiration date on it.

3. The only way to not get the new Visa card is to cancel your AMEX card prior to the switch over.

4. Anyone canceling the AMEX card and not getting the new Visa one can simply go to Membership Services and have a new membership card made.

5. For anyone like me who already has a couple of Visa cards and doesn't want another, we need to cancel our AMEX account prior to the June switch over date. If we wish to continue with a new AMEX card, they are offering a new card with a $300. credit bonus after making a certain amount of purchases during the first 90 days.

6. For me, I just plan to use my BofA Travel Reward Visa card at Costco after all this happens.
I doubt it will work this way for those of us who have frozen our credit with the 3 bureaus.
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Old 03-08-2016, 10:54 PM   #62
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I doubt it will work this way for those of us who have frozen our credit with the 3 bureaus.
That will be interesting to see. There may be a loophole for someone buying an existing account. They aren't technically opening a new account.
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Old 03-09-2016, 11:10 AM   #63
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Just changed all my automatic payments from Amex to PenFed. 5 minute job. Goodbye Amex.
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Old 03-15-2016, 05:13 PM   #64
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Looks like June 19th is the last day AMEX will be accepted at Costco AND Costco.com. Visa to start June 20th.
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Old 03-15-2016, 05:37 PM   #65
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Looks like June 19th is the last day AMEX will be accepted at Costco AND Costco.com. Visa to start June 20th.
Thanks! It's good to know the date for the change.
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Old 03-15-2016, 08:08 PM   #66
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Looks like June 19th is the last day AMEX will be accepted at Costco AND Costco.com. Visa to start June 20th.
Is there a link to an announcement or press release or did you ask someone at Costco?
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Old 03-16-2016, 12:55 AM   #67
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Is there a link to an announcement or press release or did you ask someone at Costco?
It was on the Costco Intranet, via someone at Costco.
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Old 03-17-2016, 03:38 AM   #68
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Is there a link to an announcement or press release or did you ask someone at Costco?
Credit card transition

https://customerservice.costco.com/s...erican-Express
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Old 03-17-2016, 07:03 AM   #69
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Thanks!
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Old 03-19-2016, 12:44 PM   #70
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At the Costco fuel pumps today there was a sign that June 19th was the last day AMEX would be accepted. And VISA beginning Jun 20.

I don't think I'm going to be using the new Costco VISA other than paying for the annual membership fee. My PenFed 5% off will work at the Costco pumps starting June 20.

Maybe I'll try to get another Costco membership card so that I don't have to carry the credit card just to use as my entry ID.
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Old 03-19-2016, 01:13 PM   #71
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I have the Penfed card but I thought there was a restriction on using it at places such as Costco -

Quote:
There is only one credit card in America that offers no strings attached 5% cash back at any gas stations (excluding the likes of Costco) – the PenFed Platinum Cash Rewards Visa® Card.
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Old 03-19-2016, 01:22 PM   #72
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At the Costco fuel pumps today there was a sign that June 19th was the last day AMEX would be accepted. And VISA beginning Jun 20.

I don't think I'm going to be using the new Costco VISA other than paying for the annual membership fee. My PenFed 5% off will work at the Costco pumps starting June 20.

Maybe I'll try to get another Costco membership card so that I don't have to carry the credit card just to use as my entry ID.
Or just ask for a member ID without the credit card, I did that for years. I generally just use by Costco card for shopping in the store and at the gas pump. With Visa being accepted, unless there are better points on the Citi card, I'll switch to using my Visa card.
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Old 03-19-2016, 01:24 PM   #73
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Or just ask for a member ID without the credit card, I did that for years. I generally just use by Costco card for shopping in the store and at the gas pump. With Visa being accepted, unless there are better points on the Citi card, I'll switch to using my Visa card.
Yeah - that's what I'm going to do. I have my old one, but I wanted an executive member card. I asked for it when I upgraded a while back, and they told me just to use my AMEX card.
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Old 03-19-2016, 01:25 PM   #74
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I have the Penfed card but I thought there was a restriction on using it at places such as Costco -
Oh right - that may be an issue. If so, we'll have to use the Costco card for gas there as that is our next best gas rewards card.

Although according to a commenter on nerdwallet.com who showed that same language, they get the 5% discount at Sam's Club gas stations, so I don't know why Costco would be different.

The only language I see (from my application) about gas on the card is 
Quote:
VISA USA determines which transactions are classified as gas purchases paid at the pump based on Merchant Category Codes. Fuel purchases for airplanes and boats do not receive cash back rewards.
I haven't been able to find PenFed language that excludes "warehouse" stations.

I have gotten full rewards from the gas pumps at my grocery store, and other grocery stores, and at Flying J.
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Old 03-19-2016, 05:01 PM   #75
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From Costco's site
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For more information on the new Visa credit cards as it becomes available, visit Costco.com and click Customer Service, or visit citi.com/WelcomeCostco (available starting March 24).
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Old 03-19-2016, 05:12 PM   #76
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Although according to a commenter on nerdwallet.com who showed that same language, they get the 5% discount at Sam's Club gas stations, so I don't know why Costco would be different.
I'm another very happy PenFed customer and the only language I've ever seen restricting gas bought at the pump applies to fuel for airplanes and boats.
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Old 03-22-2016, 11:00 AM   #77
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Good summary of the many variables from the Costco Amex/Visa changes just posted on Marketwatch site--http://www.marketwatch.com/story/5-things-to-know-about-the-costco-and-amex-breakup-2016-02-11
Some Key points:
Starts June 20
No hit on credit report, same credit line with Citicorp card as AMEX
Scheduled payments on Amex card will have to be reset to a new card as AMEX card is dead on June 20 and new Citi Visa has new numbers.
Outstanding balances on AMEX do not need to be paid off
New card will arrive in mail during May

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Old 03-22-2016, 11:19 AM   #78
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Thanks for the helpful info. Guess I need to pull out last year's American Express Summary and see whom I have on auto pay.
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Old 03-24-2016, 11:14 AM   #79
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Here's the official scoop on the new Costco Visa card:

Rewards are going up in several categories, including spending at Costco.

https://www.citi.com/credit-cards/cr...ard-conversion
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Old 03-24-2016, 01:54 PM   #80
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costco always has the lowest gas prices so 4% at costco might be better than 5% elsewhere unless you can use the penfed visa at costco. Also 3% at restaurants is the best I've seen.
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