Canadian AMEX Costco Platinum Cash Back & True Earnings

[mazinaige]

Does anyone hold both of these cards? In Canada these are the current AMEX/Costco reward offers:

Previous Costco Platinum card (no longer available to new members):

• 0.25% for <= $2000
• 0.50% for > $2000 but <= $5000
• 1.50% for > $5000
• No additional discounts for gas and restaurants

New True Earnings card:

• 0.25% for <= $1000
• 0.50% for > $1000 but <= $3000
• 1.00% for > $3000
• Plus 2% for gas and 3% for restaurants

I have an executive membership so I earn an additional 2% rebate reward for Costco purchases. 

Steveng posted this spreadsheet to a Canadian bargain hunting community:

If you spend less than $7500 then the new card is better, not by much though. If you spend more than $7500 the Platinum Rebate card is much, much better. Did a quick spreadsheet but can't figure out how to post an html table.

Total Spending 5000 7500 10000 15000 25000

Costco Platinum Card 
.25% <=$2000 5 5 5 5 5
.50% >$2000 <=$5000 15 15 15 15 15
1.5% >$5000 0 37.5 75 150 300
Total Rebate 20 57.5 95 170 320

Costco True Earnings Card 
.25% <=$1000 2.5 2.5 2.5 2.5 2.5
.50% >$1000 <=$3000 10 10 10 10 10
1% >$3000 20 45 70 120 220
Total Rebate 32.5 57.5 82.5 132.5 232.5

I'm currently putting just under $7,500 on the AMEX/Costco Platinum Cash Back annually so the True Earnings Card appears better suited for me (especially with the 3% restaurant reward).

My question is, can I apply for the True Earnings and put the Platinum in the sock drawer until I am able to put more than $7,500 through the Platinum card annually? If so, is this a wise move? If I were to apply for the True Earnings card, would I receive a hard or soft inquiry from AMEX?

[Ron1]

No, I don't think so. You only can have one. They asked you to convert your Costco Rebate Amex Platinum  Card into TrueEarning Amex card according to the website.

Ron.

[mazinaige]

Hi Ron, I've looked at the Canadian Amex website and I don't see where they ask you to convert. Maybe I am missing it.

I chatted with the US AMEX online help. They said it was possible to have both cards, but, I would need link a new Costco membership to the new card. A Costco membership can only be linked to one AMEX card at a time. Maintaining two Costco memberships sure would eat into my rewards. Bummer.

[Ron1]

Ooops... Sorry!!!! I didn't know you're talking about Costco Amex in Canada. In U.S., they only let you to keep one.

Ron.

[blacklotus]

IMHO you could get a better rewards card.  Is it possible for Canadians to get American CC's?

[mazinaige]

Blackout, Just to clarify, I'm not a Canadian, I just attend graduate school in Canada. However, from what I hear, it is possible for Canadians to get an American CC but they need to have an American mailing address. What I found as a student in Canada is that the US and Canadian credit bureaus do not share information with each other so I had to build my Canadian credit score from scratch. I need Canadian credit cards to build history here in Canada while also maintaining my US credit card history there for when I return from university. The benefit of opening an AMEX account in Canada was that AMEX backdated my first Canadian AMEX card to 1991, the date I opened my first AMEX in the US, adding 19 years to my Canadian history. I realize there are better US rewards cards, but those offers are not made in Canada. I would be interested in hearing what your favorite reward cards are though, so I can compare them to my American CC wish list.

[blacklotus]

Sorry.  I have never heard of anyone trying to maintain two international credit scores!  That is amazing.  I am guessing you want the flexibility to live in either place?

LOL anyways I don't like making recommendations because I think different cards suit different people but I do use my Chase Freedom card quite often- especially this quarter- mainly on gas- its an easy way to get some points for something that I know I will have to have on a monthly basis anyways.  I might put a hotel charge on it next month- I'm still debating.  Oh just on a sidenote- I called Chase a few days ago because I noticed my 5% wasn't posted and I wanted to make sure I was enrolled (it's free to enroll) and she explained that the 5% cashback rewards for the quarter don't post until after the quarter.  Not a big deal as I am always polite with CSR's  and the fact that I don't really plan on spending my rewards points on anything anytime soon- just using it as kind of a "piggy bank".

Well anyways- Chase Freedom!

EDIT: I received two "preapproval" letters to apply for the Discover More and I didn't- Discover requires you spend I believe 3k in one year to be eligible for 1% rewards on everything whereas Chase has no spending requirements.  My Chase Freedom card is hard to beat.