Costco AMEX Replacement Card

[Ronnieboy]

Quote:

Originally Posted by Drake3287 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.

The Costco Amex card will no longer work as a Amex card once the conversion completes. That is why Amex is sending out a lot of offers to current Costco/Amex holders.

As long as your account is in good standing, you will be getting a new Citi/Costco co-branded Visa. It will be the same account, with a new number, supposedly same credit limit, same balance (not that anyone here carries one) same interest rate (doesn't matter since you don't carry a balance). Etc. Etc.

[Ronnieboy]

Quote:

Originally Posted by Drake3287 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.

I still have my membership card and don't even use my Costco/Amex card to get in or the cashier to scan for my membership, just my membership card, so yeah, you can stop by membership at anytime and just get a member card (AFAIK).

It is like your mortgage, you applied for it at one bank, but it was later sold to another. Same with the Amex, Citi just bought your account from Amex and will be issuing you their card.

[Ronnieboy]

Quote:

Originally Posted by misanman 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?

Supposedly, it will be the same.

[audreyh1]

Quote:

Originally Posted by Drake3287 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.

They're not opening a new account, they're taking over your AMEX account and sending you a new card.

[mn54]

Quote:

Originally Posted by Ronnieboy The Costco Amex card will no longer work as a Amex card once the conversion completes. That is why Amex is sending out a lot of offers to current Costco/Amex holders. As long as your account is in good standing, you will be getting a new Citi/Costco co-branded Visa. It will be the same account, with a new number, supposedly same credit limit, same balance (not that anyone here carries one) same interest rate (doesn't matter since you don't carry a balance). Etc. Etc.

That's unfortunate. I used that card to get 3% back at restaurants. Will have to find a substitute.

[Fedup]

I wonder what's going to happen to reward points once they close the account.


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[audreyh1]

Quote:

Originally Posted by mn54 That's unfortunate. I used that card to get 3% back at restaurants. Will have to find a substitute.

How did you get 3% back at restaurants? The existing card only offers 2% back for dining, and the new card will offer the same.

[Drake3287]

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.

[Chris7]

I do have a number of items being auto-paid by the Amex card. So sounds like I'll have re-route those. I'll probably re-route them to my USAA Card. What a pain.

chris -- :O)

[Gotadimple]

If you like using an AMEX card, and the only one you have is the Costco Amex, take advantage of Amex's offer on its Blue card. This is a no fee card, with the same benefits for purchases. Cash back on purchases (points) is available in $25 increments, as a statement credit.

Once you meet the initial spend limit in the AMEX offer, your statement will reflect the bonus as a credit.

-Rita

[akck]

One thing to be aware of is that cancelling your Costco AMEX card will be a slight hit to your credit score. My Costco AMEX card is my second oldest card so the age of my credit history would go down, possibly reducing my credit score. Also, getting a replacement AMEX card would drop it. I ran it on a simulator and adding a new card dropped my score by 2 points. Unfortunately, I got a message that dropping my oldest card gave unusual results and to try again later.

[Drake3287]

I've always been concerned about opening and closing credit cards for that same reason. It's sort of a catch 22 situation. I don't need ANOTHER Visa card but at the same time I'd love to take advantage of the new AMEX $300. bonus offer.

Like many others here, I have a 800+ credit score and worked years to get it. Luckily between being newly retired and having a sizable net worth, my credit score isn't as important as it use to be.

I'd love to know exactly how these credit card changes actually affect credit scores for people like myself. I have a couple of credit cards I haven't used in years and would love to just get rid of them. With reward credit cards like they are now, most of us try to use just one card for everything along with keeping another as backup.

[mn54]

Quote:

Originally Posted by audreyh1 How did you get 3% back at restaurants? The existing card only offers 2% back for dining, and the new card will offer the same.

Sorry. Wishful thinking. You're correct. 2%.

[audreyh1]

Quote:

Originally Posted by mn54 Sorry. Wishful thinking. You're correct. 2%.

The new card will give you the same benefit and be accepted at more places, so you aren't out anything. Might even be better for you!

[Another Reader]

I wonder if they will do hard pulls on credit to see if they want to keep you as a customer or offer you other products when they acquire the portfolio. Also makes me wonder if I might have signed my right to refuse this in a transfer of the card account portfolio.

[Gotadimple]

Quote:

Originally Posted by Another Reader I wonder if they will do hard pulls on credit to see if they want to keep you as a customer or offer you other products when they acquire the portfolio. Also makes me wonder if I might have signed my right to refuse this in a transfer of the card account portfolio.

Citi has bought the entire portfolio. They are not assessing on a by-customer basis.

- Rita

[wolf]

Quote:

Originally Posted by Drake3287 I've always been concerned about opening and closing credit cards for that same reason. It's sort of a catch 22 situation. I don't need ANOTHER Visa card but at the same time I'd love to take advantage of the new AMEX $300. bonus offer. Like many others here, I have a 800+ credit score and worked years to get it. Luckily between being newly retired and having a sizable net worth, my credit score isn't as important as it use to be. I'd love to know exactly how these credit card changes actually affect credit scores for people like myself. I have a couple of credit cards I haven't used in years and would love to just get rid of them. With reward credit cards like they are now, most of us try to use just one card for everything along with keeping another as backup.

Was in same situation. However, no big deal. Was in 800+, dropped to
700's. But I got a lot of "free" money when I took advantage of these
Credit Card promo's.

Got the bonus, then cancelled the card.

Added gift, these bonus' are Not Taxable !

[dirt_dobber]

800+ here as well & I also don't care about credit scores - HOWEVER - they are used to determine so much I do care about.
The scores are used in determining...
Car and homeowner insurance rates.
When renting (I own but his could be a detriment to many ER's who don't own)
Buying a cell phone.
Some utility companies.

[Another Reader]

Yes, they bought the portfolio. Like any purchase of accounts, the buyer hopes to make more money off the acquisition than the seller did and avoid losses from customers they don't want. I'm sure their software will be mining the customer data to see who is a valuable customer and who needs to be jettisoned. Just not sure if they acquired permission to pull credit American Express was granted when I opened the account.

[Siestatime]

[QUOTE=OrcasIslandBound;1705568]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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I got the same offer, and I assume all Costco members will do so too. My offer also promises 3% back on all grocery purchases, 2% back on gasoline purchases, and 1% back on all other purchases.

I'm just concerned about the impact of opening a new (BOA Visa) credit card for my Costco ID on my credit rating.


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