WTF Costco?

[edro]

Really? These numbers don't sound right. Besides, what does average purchase price has to do with anything? Total purchase per customer or total purchase period would make a reasonable matrix.

Makes sense to me.

A huge portion of Amex is for corporate purchases (travel, equipment, etc.).
Whereas Visa/MC is used for everything.
For instance, I use my Visa for a $1 soda, etc.

 

[AznAnarchy99]

Haha, wow. Very insightful.
And now I hate Amex even more. Good riddance.

I was a lifelong Visa fanboy, forced to get Amex due to Costco.
Now I can go back to 100% Visa.

Visa, it's everywhere you want to be.

Visa doesn't matter to me but it is the bank that issues the Visa. Citi Visa's customer service sucks. Chase Sapphire Preferred Visa customer service is great.

Amex however has always taken care of me. I have 6 Amex cards at the moment and after the whole Costco incident, they are going above and beyond to satisfy customers to keep them.

 

[Jeff7]

Did you check the fine print of your amex card to see if there is anything that covers this before you starting throwing around 'class action lawsuit'?

There's probably some kind of forced arbitration clause, and waiving of rights to pursue any kind of legal action against any of the companies involved.

 

[n0tdan]

Really? These numbers don't sound right. Besides, what does average purchase price has to do with anything? Total purchase per customer or total purchase period would make a reasonable matrix.

Meaning that, more often than not, Amex users are spending more money with each transaction therefore Amex is getting more money per transaction. The rational is that just getting someone as an Amex customer means they will (on average) generate more revenue / purchase more than if they were to get a Visa or Mastercard... or something like that.

/notanexpert

 

[sontakke]

Per transaction metric would be useful only if total number of transactions are similar. Otherwise, that metric is hiding average revenue per customer which is probably not high enough to brag about.

I use credit car for every single purchase. My average purchase price probably is lower than the listed numbers.

 

[s0me0nesmind1]

Makes sense to me.

A huge portion of Amex is for corporate purchases (travel, equipment, etc.).
Whereas Visa/MC is used for everything.
For instance, I use my Visa for a $1 soda, etc.

My thoughts as well. AMEX has a lot of corporate card business.

My companies corporate card is an AMEX, so judging cards by balances isn't really useful data persay.

 

[s0me0nesmind1]

There's probably some kind of forced arbitration clause, and waiving of rights to pursue any kind of legal action against any of the companies involved.

Quick Google shows there is a forced arbitration with AMEX, but you have an ability to opt-out.

 

[waffleironhead]

You don't have an amex card handled by Costco. You have a Costco card handled by amex. You will now have a Costco card handled by citi. The customer data was owned by costco so when they got a new vendor, they took their data with them.

 

[kt]

As a Costco member and AmEx credit card holder, I got news for ShitiBank. They are never going to get my business. Will be keeping my AmEx card by switching to another benefit program and shopping at Costco with one of my Chase reward cards.

 

[AznAnarchy99]

As a Costco member and AmEx credit card holder, I got news for ShitiBank. They are never going to get my business. Will be keeping my AmEx card by switching to another benefit program and shopping at Costco with one of my Chase reward cards.

My first credit card ever was the Citi Forward card. The card itself is actually good with 5% back on restaurants and I keep it because it's my longest open account. They don't offer it anymore at all. However, throughout the years every time I had to call in for some reason or another their customer service was trash.

 

[Rakehellion]

Yes, but why do you want it to transition to the new card if it say... has a sign-on bonus? You won't be given the sign-on bonus since it's not a normal application.

Oh and since you already have the card (through AMEX transitioning it), you are no longer eligible for a sign on bonus. Congrats!

That's the only issue I have as well as preserving my credit history.

You wouldn't be given any bonuses by keeping the old card either.

 

[s0me0nesmind1]

You wouldn't be given any bonuses by keeping the old card either.

Agree, but my main concern is keeping the credit line running I suppose....

And in general, I fucking hate Citi. I have their dividend rewards card (Rotating 5% categories). HOLY Shit. God forbid you do something like have a category that Chase or Discover hasn't chosen. Nope. They always go with one of the competitor choices. That card for me has been sock drawered for the longest time.

 

[Stifko]

... and shopping at Costco with one of my Chase reward cards.

You can do that? I thought that if you are not going to use the Citi Visa card the only other option is cash at Costco.

 

[s0me0nesmind1]

You can do that? I thought that if you are not going to use the Citi Visa card the only other option is cash at Costco.

Incorrect.

Just like right now, if you don't have the Costco AMEX, you can use ANY AMEX. The same will hold true with Visa. Any Visa will work.

 

[Muse]

I read my letter from Costco (received today) a couple of hours ago. I read the whole thing, front and back (the FAQ). I wasn't upset. I like Costco, I'll roll with it. It's weird that they said that a lot of factors are up in the air and yet to be determined but I'm not worried. I have never dealt with Citi but got a letter from them a couple of weeks ago promoting their Double Cash CC, and I immediately applied for it and have it now and I'll be using it alot. It will replace my CapitalOne Quicksilver card, which has 1.5% cash back on everything. Am I worried about Citi? What's the deal? People here have touted the Double Cash back Citi card quite a bit, I haven't previously heard about issues dealing with Citi CCs. Now, my Citi Double Cash CC is Mastercard and Costco says the new card they will automatically issue in tandem with Citi is a Visa.

 

[Muse]

This.

I suspect you'll get nothing more than an application in the mail. Or two. Or three. Or one every month for the rest of your life.

Actually the letter says pretty much that you won't have to apply, you'll get the card automatically. However, I imagine that you will receive a letter telling you that you will get the card unless you opt out.
They did say in the letter I got today that they would update members with developments that haven't been worked out yet.

 

[Wreckem]

Agree, but my main concern is keeping the credit line running I suppose....

And in general, I fucking hate Citi. I have their dividend rewards card (Rotating 5% categories). HOLY Shit. God forbid you do something like have a category that Chase or Discover hasn't chosen. Nope. They always go with one of the competitor choices. That card for me has been sock drawered for the longest time.

If you mean by keep running that you want that current account length to show, it will. I have had many cards change ownership and the account length and history stays with the account no matter who owns it. You Amex and all of its history will carry over to the new card. It's the same account just a new owner and card.

My oldest account has been owned by four different banks. Original bank to HSBC to Citi to Capital One.

 

[Wreckem]

What about those of us who already have an existing Citi credit card and another Amex (such as BCE or BCP)?

You'll just get a second citi card and will only have one Amex instead of two.

 

[bradly1101]

I had a US Airways credit card (issued by Barclay). After their merger with American, I received a new American Airlines credit card (from Citi) without applying for it...

Citi's everywhere....like Febreze!

 

[Muse]

You Amex and all of its history will carry over to the new card. It's the same account just a new owner and card.

My oldest account has been owned by four different banks. Original bank to HSBC to Citi to Capital One.

Well, here's a question, then. I have had my Costco Amex card something like 15 years? I had no other Amex card until I applied for and received their Blue Every Day card, with bonus sign up around 3 weeks ago. When I call customer service they mention my 15 years with Amex. Now, when the Costco Amex card goes over to Citi Visa, will my remaining new Amex card's credit history go to a few months instead of 15 years?

 

[Jeff7]

Quick Google shows there is a forced arbitration with AMEX, but you have an ability to opt-out.

At least there's that then.

I just hate that kind of crap. "We love our customers so much that we want them to give up some legal rights if they dare to do business with us."

 

[Muse]

At least there's that then.

I just hate that kind of crap. "We love our customers so much that we want them to give up some legal rights if they dare to do business with us."

What bothers me most about this is Costco's uncertainty about all this. The letter says several times that various details have yet to be worked out, ... _stay_tuned.... :hmm: They really are taking a hit in customer confidence with these developments. They might be OK in the long run, though. My experience with Amex is that they aren't the most rock solid company. How many times have I been told that my vendor does not accept Amex? I'm not keeping score, but it does not inspire confidence in a company when you are repeatedly told that the card is not accepted. Nobody who accepts credit cards tells you that they don't take Visa.

 

[s0me0nesmind1]

What bothers me most about this is Costco's uncertainty about all this. The letter says several times that various details have yet to be worked out, ... _stay_tuned.... :hmm: They really are taking a hit in customer confidence with these developments. They might be OK in the long run, though. My experience with Amex is that they aren't the most rock solid company. How many times have I been told that my vendor does not accept Amex? I'm not keeping score, but it does not inspire confidence in a company when you are repeatedly told that the card is not accepted. Nobody who accepts credit cards tells you that they don't take Visa.

Last I recall, AMEX is pretty much #1 as far as customer service goes (over the other CC providers). I've found that to be pretty much true.

Whenever I have issues theres been no arguing, no "show me", it's just been "Ok, we will credit your account".

 

[Muse]

Last I recall, AMEX is pretty much #1 as far as customer service goes (over the other CC providers). I've found that to be pretty much true.

Whenever I have issues theres been no arguing, no "show me", it's just been "Ok, we will credit your account".

I don't remember being disappointed with any of my CC's customer service. Maybe I should expect more from them. I've never even asked for extended warranty relief. A couple of times I've had bogus/unauthorized charges but have never taken a hit from them.

 

[ponyo]

I don't remember being disappointed with any of my CC's customer service. Maybe I should expect more from them. I've never even asked for extended warranty relief. A couple of times I've had bogus/unauthorized charges but have never taken a hit from them.

Amex has the best customer service. Without question. It's why their cardholders are so loyal compared to the competition. My preferred card is Amex but I'm not blind loyal like my business partner. He spends over million a year on his personal Amex card. When I suggested couple of other Visa and Mastercard for bigger rewards points, he said he didn't care because Amex takes care of him.