Costco AMEX Update 8/24/2015

Anonymous · ‎08-24-2015

Welp, it looks like AMEX is making everyone re-apply for an AMEX card after the Costco deal is over.

This was the only mail I received along with a benefits pamphlet, and APR percentage. Nothing in regards to soft pull/hard pull or any other info.

Anonymous · ‎08-24-2015

seemed that was coming with all the email offers about the BCE card everyone has been getting

Imperfectfuture · ‎08-24-2015

Well, I didn't get an email offer (oops, probably because already have it). What about the unsubstantiated rumors of new product? Was it the plenti thing (is that even a card 😈)?

Signature needs updating

-Cal- · ‎08-24-2015

They should have at a bare minimum given you guys a better sign up bonus, they would have better conversions over to the BCE.

It would have been cool if they came out with (and PC you guys to) a new product along the lines of an all around 2% card or a 5% rotating category card that competes with either US Bank/Chase/Discover given there weren't any contractual obligations which would prevent such.

SunriseEarth · ‎08-24-2015

@Anonymous wrote:
Welp, it looks like AMEX is making everyone re-apply for an AMEX card after the Costco deal is over.

This was the only mail I received along with a benefits pamphlet, and APR percentage. Nothing in regards to soft pull/hard pull or any other info.

Eh...I wouldn't bet the farm on that just yet. AMEX hasn't actually agreed to sell the portfolio just yet. If they sell the portfolio to Citi, then you would need to reapply to stay with AMEX. If they do not, then the CCs would be PCed to another AMEX product. IMHO, the very design of the card hints that they wanted to retain the portfolio all along.

CreditCuriosity · ‎08-24-2015

Interesting... Looks like they are trying to decide what to do with the portfolio still thus asking you to re-apply if they can get enough people retained by re-applying for BCE then they might be more inclined to sell it? I thought Citi had to take it over?

longtimelurker · ‎08-24-2015

@-Cal- wrote:
They should have at a bare minimum given you guys a better sign up bonus, they would have better conversions over to the BCE.

It would have been cool if they came out with (and PC you guys to) a new product along the lines of an all around 2% card or a 5% rotating category card that competes with either US Bank/Chase/Discover given there weren't any contractual obligations which would prevent such.

Maybe their market research shows that Costco users are more loyal to Costco than to the card issuer, and so giving good bonsuses wouldn't be cost-effective. Of course, a new card would appeal to a wider audience.

longtimelurker · ‎08-24-2015

@CreditCuriousity wrote:
Interesting... Looks like they are trying to decide what to do with the portfolio still thus asking you to re-apply if they can get enough people retained by re-applying for BCE then they might be more inclined to sell it? I thought Citi had to take it over?

From all accounts, Citi gets the portfolio, in that a Citi card would be given to all current Amex Costco holders (maybe subject to some approval criteria). The question is how hard Amex tries to "retain" them with a different card. And so far, the answer seems to be, not much!

DeeBee78 · ‎08-24-2015

@Anonymous wrote:
Welp, it looks like AMEX is making everyone re-apply for an AMEX card after the Costco deal is over.

This was the only mail I received along with a benefits pamphlet, and APR percentage. Nothing in regards to soft pull/hard pull or any other info.

Sorry, but what did you think would happen? They're not going to give you another card without a HP.

Anonymous · ‎08-24-2015

@DeeBee78 wrote:
@Anonymous wrote:
Welp, it looks like AMEX is making everyone re-apply for an AMEX card after the Costco deal is over.

This was the only mail I received along with a benefits pamphlet, and APR percentage. Nothing in regards to soft pull/hard pull or any other info.

Sorry, but what did you think would happen? They're not going to give you another card without a HP.

Right. They're not Comenity, and even that hopefully is going the way of the dodo.