Costco AMEX Replacement Card

[TrvlBug]

I couldn't find the old thread (I suck at searching) so am starting a new one.

I was on the phone w/AMEX and remembered to ask about what happens next April when their relationship w/Costco terminates. According to the rep, you will need to apply for the 'Blue Everyday Card' (I think that's what she called it). No automatic switchover. She looked at my account and stated that I have an 'offer' out for the card. Told her I have enough cards, so these cc offers, when received, go to the shredder .

I'll check into it when we get back from vacation as I want to continue with that cc in my name rather than DH's. However, now that I'm retired, I doubt they'll give me the $35K limit I have on the Costco card. I was hoping for an automatic switchover, but no such luck.

We have a Fido branded AMEX in DH's name, however, it doesn't offer that enhanced car rental insurance benefit that the Costco card offers and that's why I want to continue with that type of AMEX card. It is especially good for int'l car rentals which we do regularly. And the $20 per rental cost can't be beat. The Blue card does offer that benefit.

 

[target2019]

When this issue came up I decided to not renew Costco membership. I am trying to recall what AMEX rep said about the card, but can't recall. But based on the other cards I have, I just don't need the AMEX. Too many cards, too much confusion.

 

[calmloki]

Just a BTW for Costco AMEX holders in California - check your AMEX online site and sign up for this offer: $25 statement credit for $50 minimum purchase at Smart and Final stores - offer is good 3 times before June 30, so $75 off $150? Not a bad discount...

My other AMEX cards don't have that offer.

 

[6miths]

When we switched over in Canada, I got the new Costco MasterCard which is from CapitalOne. The switch over to the new no charge Amex Blue Card was automatic but I cancelled it. I didn't have a MasterCard prior to this and only had the Amex because of Costco. I only have the MasterCard because of Costco as well but Costco in Canada now takes any MasterCard so if I had had one I would not have needed to get a new card.

 

[TrvlBug]

When we switched over in Canada, I got the new Costco MasterCard which is from CapitalOne. The switch over to the new no charge Amex Blue Card was automatic but I cancelled it. I didn't have a MasterCard prior to this and only had the Amex because of Costco. I only have the MasterCard because of Costco as well but Costco in Canada now takes any MasterCard so if I had had one I would not have needed to get a new card.

I was hoping the switchover to a new non-Costco AMEX would be automatic and will probably just wait and see...perhaps the rep was mistaken. Have several Visa cards w/excellent rewards, so no need for a Costco branded one. If that one's issued automatically, I will cancel it.

 

[6miths]

The CapitalOne Costco MasterCard was not issued automatically. Everyone who wanted to have the card needed to reapply as for any credit card. I would not have if I had already had a MasterCard. Too many cards! Amex, however, wanted to keep their customers and automatically issued a new card to replace the Costco branded card. I cancelled this one and cut it up.

 

[Drake3287]

I had read a story a few weeks ago saying that "most" people will automatically be getting the new Amex card when the Costco one expires. I've since gotten a new BofA Travel Visa Card that gives me the same cash back value. Sounds like when Costco switches over to the new card in April my Visa will work there.

I'm one of those that charge EVERYTHING for reward credits and routinely get well over $1,000 each year.

 

[splitwdw]

I know this is an old thread but I was at Costco yesterday and couldn't remember if there had been any news posted about the Amex Costco card. Customer service told me that the old Costco/Amex card (and all Amex cards) would be accepted until Mar. 31, 1916. That I didn't have to do anything about canceling the old card and that a new Citi/Costco/Visa would be issued to me. Also that any Visa would be accepted but the Costco card would have no fee as long as you were a member and there would be special incentives. The only thing I'm really concerned about is not having to cancel the old card. Isn't it an American Express account and wouldn't I have to cancel it? I checked the web site and don't see anywhere that says I don't have to cancel the old card. Anyone else check on this. I don't want to pay the Amex membership fee. https://customerservice.costco.com/...200500000032922/CitiVisa-Co-brand-Credit-Card

 

[pb4uski]

Actually, I think they will be accepted until March 31, 2016.... not 1916!!!

 

[growing_older]

Meanwhile, Amex is actively soliciting me to sign up for a new travel card instead of my Costco card. The problem is that the incentive they offer is LESS than the incentive I get if I simply apply on my own on their website. The material is full of "we so value you as a customer" but if I judge by the offer they are making, they value me LESS than a random stranger.

 

[Gotadimple]

It was my understanding that Costco Amex will expire 3/31/16. You may be offered an Amex Blue Cash Card, just because. The offer I received included $100 cash back for charging $500 in the first 90 days I had the card. This offer is being made by Amex because they want your business after your Costco Amex expires.

I expect Costco/Citi will issue me a separate member card/credit card to use next Spring. My Costco membership fee covers the Citi credit card. The Amex Blue card has no fee attached to it (unlike other Amex cards).

-Rita

 

[splitwdw]

......That I didn't have to do anything about canceling the old card and that a new Citi/Costco/Visa would be issued to me. Also that any Visa would be accepted but the Costco card would have no fee as long as you were a member and there would be special incentives. The only thing I'm really concerned about is not having to cancel the old card. Isn't it an American Express account and wouldn't I have to cancel it?

Thanks for correcting the date (was thinking about the year Imoldernu was born) and the news on offers but does anyone know if I have to cancel with Amex.

 

[travelover]

......... does anyone know if I have to cancel with Amex.

Good question and will it affect my FICO score if I do cancel? I care because my insurance rates are FICO driven and I plan to start renting next year where my FICO score will also be scrutinized.

 

[Ronnieboy]

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.

As far as FICO score it will be interesting to see how that is affected. I can't imagine it would change enough to alter any credit I already have or want to get.

As noted in other posts, AMEX is really pouring on the marketing to get a new card in my hand. I haven't been impressed with the offers. I really only had the Amex due to the Costco deal and won't miss it when it's gone. I have never paid for the 'opportunity' to have a credit card and I'm not going to now.


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[Daniel J]

I just signed up for the Fidelity 2% cash back Amex in anticipation of losing my Costco Amex.

 

[travelover]

I just signed up for the Fidelity 2% cash back Amex in anticipation of losing my Costco Amex.

I've been using my Fido card at Costco for years.

 

[calmloki]

I just signed up for the Fidelity 2% cash back Amex in anticipation of losing my Costco Amex.

Not to be the bearer of bad tidings, but my understanding is that Fidelity is, or may be, dropping BOFA as it's credit card supplier - maybe it is just negotiation and won't happen, but that is what I've read...

And the Fidelity Amex/Visa cards are my solid mainstays....

 

[splitwdw]

Tralvelover, Never thought of the possible credit ding......hope not.


Ronnieboy, Thanks for the information.

 

[Daniel J]

Not to be the bearer of bad tidings, but my understanding is that Fidelity is, or may be, dropping BOFA as it's credit card supplier - maybe it is just negotiation and won't happen, but that is what I've read...

And the Fidelity Amex/Visa cards are my solid mainstays....

Thanks for the heads up.

 

[akck]

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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[wolf]

Have not seen this question asked. Will Costco, still give us reward, for
reward dollars earned from Jan 2016 to April?

 

[splitwdw]

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."

 

[timo2]

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.

 

[Chuckanut]

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.

 

[calmloki]

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)