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Amex and Costco ,Hints!

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Anonymous
Not applicable

Re: Amex and Costco ,Hints!

@jsucool76 said it well my friend. why didn't that cross my mind I don't know. But your right.. I don't want to stress over it I'll just let it come to me.. In the mean time gardening and CLI lower apr etc
Message 51 of 66
celluloid17
Established Contributor

Re: Amex and Costco ,Hints!

I would think that we would be given a choice of being automatically rolled into the new Citi card or opting out of the conversion and having our accounts closed entirely.

 

If it's going to end up reporting as a new account and impacting our AAoA without our control, I would rather take a HP on another Visa card that may have a better reward structure than the Citi Costco card if it turns out to have lackluster rewards.  

Message 52 of 66
joedtx
Valued Contributor

Re: Amex and Costco ,Hints!


@celluloid17 wrote:

I would think that we would be given a choice of being automatically rolled into the new Citi card or opting out of the conversion and having our accounts closed entirely.

 

If it's going to end up reporting as a new account and impacting our AAoA without our control, I would rather take a HP on another Visa card that may have a better reward structure than the Citi Costco card if it turns out to have lackluster rewards.  


Costco likely conditionalized certain aspects of the card to ensure that its membership was receiving a certain level of value, don't expect this to be just another Citi product. They won the contract and rest assured Costco will hold them to meet their expectation of a product that rewards its members this was a lengthy negotiation process and for Amex to walk away Costco had to make conservative requirements. In Canada Amex lost out to Capitol One. I wouldn't be suprised to see people apping to last minute with the AMEX TE just to get in with Citi. 

Message 53 of 66
yfan
Valued Contributor

Re: Amex and Costco ,Hints!


@Anonymous wrote:
Yes I am and what ive heard.. Could be rumours but, I heard that our percentage for cash back would be greater somakes sense, not sure but I keep hearing 5% on gas only thing is that citi doesn't give large CLI like Amex does so take that into consideration I've heard people transferring their TE into other Amex cards and leaving them at a low cl because of this issue

5% on gas year-round would in fact be a nice perk, and well worth dealing with Shi... I mean Citi.

Message 54 of 66
Anonymous
Not applicable

Re: Amex and Costco ,Hints!

Costco, as a business, would not accept losing all these AMEX customers.

 

I am absolutely sure that rolling AMEX users into the Citi agreement is already part of the deal.  If you have a CostCo AMEX, you will have a Citi Costco when it's available if YOU want it.  

 

Just hang onto your Costco AMEX's folks..you'll be glad you did

Message 55 of 66
celluloid17
Established Contributor

Re: Amex and Costco ,Hints!

I just called to speak with an Amex CSR about an unrelated issue and before I ended the call, I inquired about the future of my Costco card.  The gentleman I spoke with said that I would be receiving a new Amex card with the same number and similar or better reward structure next year and that I wouldn't have to apply for it, but rather it would just be sent to me (obviously it would no longer be affiliated with Costco).  I was surprised to hear this and asked again if it would involve having to apply for the new card and he assuredly said no.  They apparently are still working out the details of what this new card would be and would be sending out details about it towards the end of this year or beginning of next.  I don't know what to make of this information as it seems too good to be true and doesn't quite gel with the notion that Citi would automatically be acquiring current Amex TE cardholders as part of their partnership agreement, unless we will in fact end up with two separate TLs (with no HPs) when all is said and done??

 

I'm not sure how much stock to put in the information Amex CSRs really have about this at this time, but it's an intriguing prospect, especially since this is my only Amex and now that there's no potential for backdating in the future, I don't want to lose my history on this card.  

 

Smiley Surprised

Message 56 of 66
Anonymous
Not applicable

Re: Amex and Costco ,Hints!

If this is indeed true, that would great. I don't use my Costco amex outside of Costco but my hubby is an AU on mine and that's the only card he uses (if his spend doesn't go on mine). He's more distraught about it than I am.
Message 57 of 66
MASTERNC
Frequent Contributor

Re: Amex and Costco ,Hints!


@celluloid17 wrote:

I just called to speak with an Amex CSR about an unrelated issue and before I ended the call, I inquired about the future of my Costco card.  The gentleman I spoke with said that I would be receiving a new Amex card with the same number and similar or better reward structure next year and that I wouldn't have to apply for it, but rather it would just be sent to me (obviously it would no longer be affiliated with Costco).  I was surprised to hear this and asked again if it would involve having to apply for the new card and he assuredly said no.  They apparently are still working out the details of what this new card would be and would be sending out details about it towards the end of this year or beginning of next.  I don't know what to make of this information as it seems too good to be true and doesn't quite gel with the notion that Citi would automatically be acquiring current Amex TE cardholders as part of their partnership agreement, unless we will in fact end up with two separate TLs (with no HPs) when all is said and done??

 

I'm not sure how much stock to put in the information Amex CSRs really have about this at this time, but it's an intriguing prospect, especially since this is my only Amex and now that there's no potential for backdating in the future, I don't want to lose my history on this card.  

 

Smiley Surprised


I can't give specifics (out of my agreement of confidentiality) but I have received two different e-mail surveys from AMEX about possible new products, asking for my reaction.  Some of them look appealing, while others haven't been.  If any of the products I liked the most are unveiled as the replacement for TE, I would definitely keep the card.  The point is they are definitely working on product ideas that would hopefully appeal to as many cardholders as possible.

Message 58 of 66
celluloid17
Established Contributor

Re: Amex and Costco ,Hints!


@MASTERNC wrote:
I can't give specifics (out of my agreement of confidentiality) but I have received two different e-mail surveys from AMEX about possible new products, asking for my reaction.  Some of them look appealing, while others haven't been.  If any of the products I liked the most are unveiled as the replacement for TE, I would definitely keep the card.  The point is they are definitely working on product ideas that would hopefully appeal to as many cardholders as possible.

 


Hmmm...very interesting!  Thank you for sharing what you can.  Smiley Wink

Message 59 of 66
Anonymous
Not applicable

Re: Amex and Costco ,Hints!

Great news!! Maybe I'll actually have a use for this card now.
Message 60 of 66
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