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Old 02-12-2015, 02:53 PM   #21
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I automatically download into Quicken from Capital One for one of my cards. Should be OK for all their cards I would assume.
Actually I prefer to import a QFX file.
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Old 02-12-2015, 04:47 PM   #22
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Originally Posted by Cobra9777 View Post
Costco has a cult-like following, so I doubt they will lose much revenue. Personally, I dislike Costco for many reasons and haven't been there in years. This fallout with AMEX just adds to the list of reasons to avoid them.
Cobra, Is that your blog? Cute.
I guess we don't have the cult following that you have in Texas and our stores aren't mobbed. No problem finding a parking space (then again I park as far out as I can), no line to get in to store, hardly a line to check out or get out of store. I have had to stand in line to buy a frozen yogurt or hot dog.
I just got a Costco AMEX card this past November. Only reason I got the card is because they excepted no other card and if you want to order online you're out of luck. Does anyone know why they only except one card? Is it cheaper for them?
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Old 02-12-2015, 04:54 PM   #23
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Cobra, Is that your blog? Cute.
I guess we don't have the cult following that you have in Texas and our stores aren't mobbed. No problem finding a parking space (then again I park as far out as I can), no line to get in to store, hardly a line to check out or get out of store. I have had to stand in line to buy a frozen yogurt or hot dog.
I just got a Costco AMEX card this past November. Only reason I got the card is because they excepted no other card and if you want to order online you're out of luck. Does anyone know why they only except one card? Is it cheaper for them?
They accept any AMEX card - not just their own. I'm sure they got some kind of sweet deal to allow them not to accept MasterCard or VISA for so long.
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Old 02-12-2015, 04:59 PM   #24
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They accept any AMEX card - not just their own. I'm sure they got some kind of sweet deal to allow them not to accept MasterCard or VISA for so long.
For a long time they accepted no credit cards. Then they accepted the Costco Amex, then ALL Amex cards. It's possible that when they started taking all Amex cards they got a financial incentive to not take any other cards, I suppose.
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Old 02-12-2015, 06:31 PM   #25
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Interesting. I passed an AMEX sign-up table at Costco just last week.
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Old 02-12-2015, 06:40 PM   #26
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Hey, so long as they give you a gift at the AMEX signup table go for it.
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Old 02-12-2015, 06:44 PM   #27
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There is no COSTCO store where I live but I am a member of Sams Club. As a Sams Club Plus members we had a Discover card with 2% cash back on all purchases but Sams Club moved from Discover Card to Mastercard in 2014. Mastercard is the most aggressive amongst the four major credit cards, I understand.
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Old 02-12-2015, 07:27 PM   #28
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Cobra, Is that your blog? Cute.
I guess we don't have the cult following that you have in Texas and our stores aren't mobbed. No problem finding a parking space (then again I park as far out as I can), no line to get in to store, hardly a line to check out or get out of store. I have had to stand in line to buy a frozen yogurt or hot dog...
No, not my blog. Just a very funny, well-written Costco rant that someone sent me a while back after I went on a similar rant.
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Old 02-12-2015, 07:39 PM   #29
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All co-branded cards from American Express and Costco can be used any place American Express cards are accepted through March 31, 2016.
That's a bummer. We use the AMEX card for other purchases also.
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Old 02-12-2015, 08:40 PM   #30
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We went to Capital One Platinum MC in Canada but Costco now takes any MC. The Costco AMEX went extinct and AMEX reissued regular cards. I cancelled and chopped mine up as only used it at Costco. I had been considering a premium AMEX for travel due to all the airport lounge access but they have cut this way back so decided against that. Capital One MC is 3% restaurant, 2% gas and 1% for other things. It started with 3 months of 2% for regular purchases.
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Old 02-12-2015, 09:17 PM   #31
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We went to Capital One Platinum MC in Canada but Costco now takes any MC. The Costco AMEX went extinct and AMEX reissued regular cards. I cancelled and chopped mine up as only used it at Costco. I had been considering a premium AMEX for travel due to all the airport lounge access but they have cut this way back so decided against that. Capital One MC is 3% restaurant, 2% gas and 1% for other things. It started with 3 months of 2% for regular purchases.
Crud! I have Visa. Not sure I want to go through canceling and getting a different card. Guess I'll wait and see what happens.
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Old 02-13-2015, 07:02 AM   #32
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This could be a PITA. They accept any Amex card now. If they only start accepting co-branded MC or debit cards I will not be able to shop there without carrying cash. They better give fair warning or I will be walking away from the counter with $500 worth of goods rung up.
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Old 02-13-2015, 08:10 AM   #33
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At the moment it appears Warren Buffet may lose ~800M on the AXP drop.

Should we take up a collection?
Oh, dear- DH and I have about $100K in Berkshire. Buffet doesn't need the money but I'll send you the link to DH's and my GoFundMe site as soon as I create it.


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Costco has a cult-like following, so I doubt they will lose much revenue. Personally, I dislike Costco for many reasons and haven't been there in years. This fallout with AMEX just adds to the list of reasons to avoid them.

Yes, that blog captures a lot of my pet peeves with ANY big, warehouse-type store. I just went into Bed, Bath & Beyond and Buy, Buy, Baby, each for one single item, and you're practically forced to navigate through the entire store. Both had floor-to-ceiling walls down the middle and all the boring, essential items near the back. They pay psychologists big money to tell them how to maximize the average customer purchase.


Being retired, I can visit Costco in off-hours and without kids. I'm adamant about bypassing the samples, not making impulse purchases and not buying mass quantities of things that will go to waste because it's just DH and me. We joined so he could get their hearing aids (highly recommended) but I buy things like vitamins and supplements that I know we'll use, a case of disposable diapers when we visit the granddaughter, and large boxes of food and other items to donate to the local women's shelter. (We work from their Wish List so we know it's needed.)


But, to get back to the OT- DH and I always have at least 2 credit cards active. Our Marriott Visa gives back 1.5% so if that's what Costco ends up taking we'll just lose a little on the rebate. If they go with MasterCard, well, we'll find one with a good signup bonus!
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Old 02-13-2015, 09:23 AM   #34
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This also would seem to be an issue for COSTCO, because why should a potential new customer sign up for a card that soon won't be accepted? They need to get the replacement rolled out promptly. I'm sure they have something already in the works.

We like the Kirkland brand items at COSTCO. good quality and good value. We will see what happens. But cash always works fine too.
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Old 02-13-2015, 09:27 AM   #35
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This could be a PITA. They accept any Amex card now. If they only start accepting co-branded MC or debit cards I will not be able to shop there without carrying cash. They better give fair warning or I will be walking away from the counter with $500 worth of goods rung up.
I have to assume there will be some credit card option, Canada got a replacement. I would probably drop Costco if the only option were cash or debit cards.

I am wondering about AmEx rewards for Jan thru Mar? Might be lost?
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Old 02-13-2015, 10:49 AM   #36
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I have to assume there will be some credit card option, Canada got a replacement. I would probably drop Costco if the only option were cash or debit cards............
I really doubt that Costco would stop accepting credit cards. Consumers spend significantly more when they can charge it.
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Old 02-13-2015, 10:58 AM   #37
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I charge everything and pay at the end of the month. If you don't do credit cards or PayPal, then you don't need my business.
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Old 02-13-2015, 11:43 AM   #38
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Costco cards accounted for 8% of American Express’ billed business and 10% of its cards, according to a note by John Hecht, an analyst at investment banking firm Jefferies.
Wow. This is appears to be a big deal for Amex.
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Old 02-13-2015, 11:56 AM   #39
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According to a story on Marketplace, "The average Costco customer has an income of $100,000 a year." I would like to see the source data, to see if they used the word average correctly (in lieu of 'typical' for instance) or if the actual average that high because of extra big incomes added in? I wonder what the median would be?

Average Costco customer makes six figures | Marketplace.org
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Old 02-13-2015, 01:15 PM   #40
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According to a story on Marketplace, "The average Costco customer has an income of $100,000 a year."
They sure hide it well in the parking lot and in the store near me. I certainly see some well heeled folks, but most not. Most Costco shoppers at our nearby store look more like WalMart patrons than Saks...

But then The Millionaire Next Door explained how looks can be deceiving. I am sure many of us here don't "look the part" of our portfolios.
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