CostCo USA dropping Amex for Citigroup VISA

[KentState]

I am sure Hotels, Planes, Trains, etc all work well.

Lol at mentioning a Corp. card.

I've used them for much more than just travel. Restaurants, stores, software, gifts, sporting events and pretty much anything else. I'm sure you are kept on a much shorter leash given your history.

 

[Anubis]

Since when does ANYONE accept American Express?

I haven't seen anything but Visa and Mastercard logos for years.

i can count the number of places that ive seen not take amex on 1 hand

 

[JEDI]

Costco pays no transaction fees with Amex. That's the agreement. In return, Amex gets sole access to Costco members.

huh? how does amex make $ then if:
no annual fee on credit card
no transaction charges to Costco
users cant carry balances so u cant be late w/payments

and how did cap One out do Amex?
how did they top 0% fees?


edit:
ahh.. amex makes $ when the person uses the amex at other locations.

 

[ponyo]

Costco Amex is a credit card. It's not charge card like some of the other Amex cards. Amex customers spend and charge more than any other card members.

 

[alkemyst]

I've used them for much more than just travel. Restaurants, stores, software, gifts, sporting events and pretty much anything else. I'm sure you are kept on a much shorter leash given your history.

My history?

 

[alkemyst]

huh? how does amex make $ then if:
no annual fee on credit card
no transaction charges to Costco
users cant carry balances so u cant be late w/payments

and how did cap One out do Amex?
how did they top 0% fees?


edit:
ahh.. amex makes $ when the person uses the amex at other locations.

Look at the big brain on Jedi.

 

[Linflas]

Just a reminder CostCo accepts several forms of payment:



I prefer paying with my Amex for the rewards/benefits.

That is what we have and have been very happy with it.

 

[alkemyst]

That is what we have and have been very happy with it.

It makes no sense not to use the AMEX at Costco unless you have a better points card, which I don't think there really is today that is also an AMEX.

It's crazy how the cash back adds up and you aren't buying anything you wouldn't have been using cash.

 

[Xonim]

It makes no sense not to use the AMEX at Costco unless you have a better points card, which I don't think there really is today that is also an AMEX.

It's crazy how the cash back adds up and you aren't buying anything you wouldn't have been using cash.

For non-gas purchases, the rewards on the SPG AmEx are better than the Costco AmEx. Even though it's 1 point per $1, a proper redemption will generally be 2.5-3 cents per point, sometimes even more, essentially making it 2.5-3% back.

I have at least one Visa/MC/AmEx/Discover, so I don't really care what they use. I'd prefer AmEx or Mastercard though, the rewards on the others aren't worth as much.

 

[notposting]

Don't forget, executive members at Costco get 4% back on (Costco) gas, 2% back on their Costco purchases. Plus the regular cash back numbers of the card.

Plus the customer service of AMEX is generally regarded as superior (of course Visa and MC let anybody slap their logo onto a card, so that figures). Be interesting to see which way this goes.

Though Costco is notoriously tough in negotiations. They straight up dropped selling Coke products for a couple of months a few years back while they bickered.

Hmmm...should tell the wife to bring home some chicken bakes today.

edit: plus, we get executive membership free, and that gets us no fee on the card.

 

[Xonim]

Don't forget, executive members at Costco get 4% back on (Costco) gas, 2% back on their Costco purchases. Plus the regular cash back numbers of the card.

Plus the customer service of AMEX is generally regarded as superior (of course Visa and MC let anybody slap their logo onto a card, so that figures). Be interesting to see which way this goes.

Though Costco is notoriously tough in negotiations. They straight up dropped selling Coke products for a couple of months a few years back while they bickered.

Hmmm...should tell the wife to bring home some chicken bakes today.

edit: plus, we get executive membership free, and that gets us no fee on the card.

The card doesn't have a fee even with the basic membership. AmEx Link.

I do wish we lived closer to Costco to justify filling up with gas there. It's about a 15 minute drive and there's a gas station about 2 minutes from my house. Even at 12-15c/gal cheaper and an 18 gal tank, it's not worth the drive.

 

[alkemyst]

Also keep in mind (at least at the Costco's here) you can always upgrade to the executive at any time in the year and if you don't save at least as much as the difference between basic and executive it's refunded to you.

Cash Back at U.S. Restaurants with The TrueEarnings® Card‡: 2% Cash Back

Cash Back at U.S. Stand-alone Gas Stations, including at Costco with The TrueEarnings® Card‡: 3% Cash Back

Cash Back on Eligible Travel Purchases including Costco Travel with The TrueEarnings® Card‡: 2% Cash Back

Cash Back on Other Purchases, including at Costco with The TrueEarnings® Card‡: 1% Cash Back

Costco Services: Executive Members receive additional benefits and greater discounts on our suite of Costco Services including Costco Travel.

FREE Household Card****: Yes (spouse, domestic partner or any immediate family member over 18 years old and living at the same address)

Membership Covered by Risk-Free 100% Satisfaction Guarantee: Yes

Membership Reward*: Annual 2% Reward (up to $750) on qualified Costco purchases*

 

[alkemyst]

Don't forget, executive members at Costco get 4% back on (Costco) gas, 2% back on their Costco purchases. Plus the regular cash back numbers of the card.

Plus the customer service of AMEX is generally regarded as superior (of course Visa and MC let anybody slap their logo onto a card, so that figures). Be interesting to see which way this goes.

Though Costco is notoriously tough in negotiations. They straight up dropped selling Coke products for a couple of months a few years back while they bickered.

Hmmm...should tell the wife to bring home some chicken bakes today.

edit: plus, we get executive membership free, and that gets us no fee on the card.

3% on gas.

 

[DaTT]

Ahh Rossman is a Canadian.

Explains a lot.

There it is again....your unjustifiable hate of an entire nation of people. Hater.

 

[alkemyst]

There it is again....your unjustifiable hate of an entire nation of people. Hater.

Where is the hate, everyone loves the circus.

 

[notposting]

3% on gas.

4% for Executive and Business members.

 

[DaTT]

4% for Executive and Business members.

How dare you correct him correcting you. He's a genius don't ya know. lol

 

[alkemyst]

4% for Executive and Business members.

Executive and Executive Business are two different things.

Business I think still gets 4%, it used to be 6% but you have to have a business.

Executive is capped at 3% for gas here and I believe everywhere. I can't remember the cap for the gas in cash back though.

It's higher on the Business membership too. I think something like $1500 max vs $2500 max (in gas purchase not rebate)

 

[drbrock]

Does anyone know what will happen to the AMEX cards from Costco? Are they being converted to another version of amex? Easily my favorite card in my wallet. Between the rental program and the warranty protection it is stellar.

 

[alkemyst]

Does anyone know what will happen to the AMEX cards from Costco? Are they being converted to another version of amex? Easily my favorite card in my wallet. Between the rental program and the warranty protection it is stellar.

I'd expect whatever it is to be similar...hoping the cash benefits stick.

Gas with gas back is like $2.65/gallon now, the competitors are equal in price with cash back but those stations are all 4+ miles away. Costco is .64 miles from my house according to GasBuddy.

That said, gas prices are supposed to fall over the weekend further.

 

[alkemyst]

How dare you correct him correcting you. He's a genius don't ya know. lol

 

[notposting]

Executive and Executive Business are two different things.

Business I think still gets 4%, it used to be 6% but you have to have a business.

Executive is capped at 3% for gas here and I believe everywhere. I can't remember the cap for the gas in cash back though.

It's higher on the Business membership too. I think something like $1500 max vs $2500 max (in gas purchase not rebate)

Holy shit, you're right.

Those bastards.

edit: also, they don't have the frozen chicken bakes available anymore. This also colors my impression today.

 

[LostHiWay]

Don't worry...AMEX will be staying at Costco

Dropping Amex for Capital One in the US is a total bluff by Costco and Amex knows it ...yeah, I really do know this Costco currently gets all purchases from the TrueEarnings card with $0 in transactions fees. This is a great deal for Costco since they save ~2-3% in fees per transaction. Amex on the other hand gets a great customer that will use the card at other places. What Costco is trying to negotiate is a $0 transaction on EVERY Amex purchase, not just the TrueEarnings. They can threaten to go to Captial One, Chase, Citi, whatever...there's no way they'll get the entire Mastercard or Visa Network so they'll be stuck in the same position they're at now. If by that 1 in million chance and they drop Amex for another provider it'll take 1.5 - 2 years to even break even and that's not factoring in the "Piss Off" factor of having members have to apply for a new card.

In other words...don't worry

 

[JEDI]

wonder why Costco allows other amex cards in the 1st place?
would have thought only allow Costco amex?

 

[alkemyst]

Holy shit, you're right.

Those bastards.

edit: also, they don't have the frozen chicken bakes available anymore. This also colors my impression today.

They still have their hotdogs, but IMHO they don't taste like the ones up front.