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@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous, If having a Costco membership got my Venture AF waived or similar benefit, I'd be just fine using it there.
But dude, they really gotta do something about the crapsack CS.Ya that CS wouldn't fly with most Costco members as alot of them are companies and high spenders.. This could be good if Cap1 actually had CSR's with an IQ higher then well you can think of many things
If they WERE to get the contract, they would have to have a US based CSR team one would imagine.
Well, if they do go with MasterCard, Costco will have to accept any MasterCard, not just the cobranded one with Capital One (assuming they are the new partner). So CS may be less of an issue. If you don't like Cap One's CS, you don't have to get the cobranded card since you would be able to use any MasterCard at Costco.
On that note, I guess this was a consideration for Costco. Amex is in general harder to qualify for than a plain ol' MC or Visa, and not being able to use those may have kept some customers from Costco - or kept them from spending as much at Costco as they would like. Even the parts of Costco that do not require a membership - like their optometry clinics and food courts - are now restricted to Amex only. Accepting MCs, I'd imagine, would increase the number of customers who buy these things from Costco even if they don't have a membership.
@Anonymous wrote:
MasterCard
- My current MasterCards top out at 1%; I'd have to apply for Citi DoubleCash
+ 5.5% on gas at CostCo gas pumps using my SallieMae M/C
Doubt that. Gas rewards for pretty much all cards specify stand-alone gas stations and exclude warehouse clubs (except the one they are cobranded with, if any).
@bdhu2001 wrote:
@Anonymous wrote:While this is definitely bad news for Amex, this could actually be terrific for Costco. Sure, they'll lose a few Amex only customers, but it opens doors for customers like myself who don't shop at Costco solely because they don't have an American Express. I'm curious to see how Costco's stocks are going to do for the next 6 months.
I don't think this will have any affect on Costco until they make a decision on who they're going with. Prior to getting and using my co-branded AmEX card, I basically purchased food only at Costco. Depending on who Costco co-brands with, personal shoppers (as opposed to business) will be going back to that practice especially if the option is Discover.
If it's Capital One, I recently got the QS and I guess I could use that for Costco groceries. But if it's just master card, I may apply for a Double Cash card. That way, I don't have to concern myself with Costco jumping ship again.
I don't think Costco would get as many applications from a co-branded master card. Many people already carry master card and Visa. I don't think as many people would be willing to open another account just for a co-branded product.
I'm sure there are plently of people who would be willing to do so. I only shop at costco sometimes, so I am not likely to do so, but there are other people who spend a fairly large amount at costco and would want a card if the bonus rewards were decent.
@yfan wrote:
@Anonymous wrote:
MasterCard
- My current MasterCards top out at 1%; I'd have to apply for Citi DoubleCash
+ 5.5% on gas at CostCo gas pumps using my SallieMae M/CDoubt that. Gas rewards for pretty much all cards specify stand-alone gas stations and exclude warehouse clubs (except the one they are cobranded with, if any).
Hmm. Well, I get 5.5% on gas at Sam's Club gas pumps using my SallieMae M/C. Why would CostCo be any different? I've also always gotten 5% at Sam's Club gas pumps using my Freedom or Discover when they had gas as a quarterly 5% category.
Chris.
@bdhu2001 wrote:
@Anonymous wrote:While this is definitely bad news for Amex, this could actually be terrific for Costco. Sure, they'll lose a few Amex only customers, but it opens doors for customers like myself who don't shop at Costco solely because they don't have an American Express. I'm curious to see how Costco's stocks are going to do for the next 6 months.
I don't think this will have any affect on Costco until they make a decision on who they're going with. Prior to getting and using my co-branded AmEX card, I basically purchased food only at Costco. Depending on who Costco co-brands with, personal shoppers (as opposed to business) will be going back to that practice especially if the option is Discover.
If it's Capital One, I recently got the QS and I guess I could use that for Costco groceries. But if it's just master card, I may apply for a Double Cash card. That way, I don't have to concern myself with Costco jumping ship again.
I don't think Costco would get as many applications from a co-branded master card. Many people already carry master card and Visa. I don't think as many people would be willing to open another account just for a co-branded product.
Well it's rather obvious it won't have an effect on their bottom line until they make a decision who to partner with. That shouldn't even need to be said, lol.
As for losing some credit card accounts, I'm sure they will, but I think enough people who have been left out by the Amex only policy will overcome the loss on revenue from fewer credit cards by still having more paid memberships and more customers. I guess time will tell.
if its Chase that would be sweet!
Word has it that it will be DISCOVER!
@Anonymous wrote:
I REALLY hope it isn't CapitalOne. But if it was...If I can PC my Venture to it that would be ace.
@yfan wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous, If having a Costco membership got my Venture AF waived or similar benefit, I'd be just fine using it there.
But dude, they really gotta do something about the crapsack CS.Ya that CS wouldn't fly with most Costco members as alot of them are companies and high spenders.. This could be good if Cap1 actually had CSR's with an IQ higher then well you can think of many things
If they WERE to get the contract, they would have to have a US based CSR team one would imagine.
Well, if they do go with MasterCard, Costco will have to accept any MasterCard, not just the cobranded one with Capital One (assuming they are the new partner). So CS may be less of an issue. If you don't like Cap One's CS, you don't have to get the cobranded card since you would be able to use any MasterCard at Costco.
On that note, I guess this was a consideration for Costco. Amex is in general harder to qualify for than a plain ol' MC or Visa, and not being able to use those may have kept some customers from Costco - or kept them from spending as much at Costco as they would like. Even the parts of Costco that do not require a membership - like their optometry clinics and food courts - are now restricted to Amex only. Accepting MCs, I'd imagine, would increase the number of customers who buy these things from Costco even if they don't have a membership.
No they don't. The processing network has been separated from the card network. So they could go with a chase visa, and MasterCard processes the card. Before, Amex had both processing and exclusivity. You betcha the competition is heating up for the EXCLUSIVE card provider, but competition is heating up for payment processing. MasterCard could be the netowrk processor, while discover is the financial analysts guess for the card provider.
Those promising the lowest swipe fees gets the golden goose. That may come with higher apr's on the consumer, since Amex was pretty good with apr's. I believe the winner will be discover, because they don't have a lot of the same overhead, customer acquisition costs are lower, and they specialize in only a few cards. Would be interesting if it went to Wells Fargo or boa, much less Citigroup, the king of high apr's (at least from the pre qual site for moi, chase beats them by far).
And discover has that exclusive feel.
@Imperfectfuture wrote:
@yfan wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous, If having a Costco membership got my Venture AF waived or similar benefit, I'd be just fine using it there.
But dude, they really gotta do something aboutthecrapsack CS.Ya that CS wouldn't fly with most Costco members as alot of them are companies and high spenders.. This could be good if Cap1 actually had CSR's with an IQ higher then well you can think of many things
If they WERE to get the contract, they would have to have a US based CSR team one would imagine.
Well, if they do go with MasterCard, Costco will have to accept any MasterCard, not just the cobranded one with Capital One (assuming they are the new partner). So CS may be less of an issue. If you don't like Cap One's CS, you don't have to get the cobranded card since you would be able to use any MasterCard at Costco.
On that note, I guess this was a consideration for Costco. Amex is in general harder to qualify for than a plain ol' MC or Visa, and not being able to use those may have kept some customers from Costco - or kept them from spending as much at Costco as they would like. Even the parts of Costco that do not require a membership - like their optometry clinics and food courts - are now restricted to Amex only. Accepting MCs, I'd imagine, would increase the number of customers who buy these things from Costco even if they don't have a membership.
No they don't. The processing network has been separated from the card network. So they could go with a chase visa, and MasterCard processes the card. Before, Amex had both processing and exclusivity. You betcha the competition is heating up for the EXCLUSIVE card provider, but competition is heating up for payment processing. MasterCard could be the netowrk processor, while discover is the financial analysts guess for the card provider.
Those promising the lowest swipe fees gets the golden goose. That may come with higher apr's on the consumer, since Amex was pretty good with apr's. I believe the winner will be discover, because they don't have a lot of the same overhead, customer acquisition costs are lower, and they specialize in only a few cards. Would be interesting if it went to Wells Fargo or boa, much less Citigroup, the king of high apr's (at least from the pre qual site for moi, chase beats them by far).
And discover has that exclusive feel.
Are you saying you think the new Costco card is going to be a Discover Bank MasterCard?
EDIT: Sidenote:
I just got done shopping at my local Costco about 45 minutes ago. They had the AMEX sign up booth moved up to the front door and plastered with all kinds of signs and stuff. Seemed weired that they were really pushing the card today with the news that broke this morning. I really thought I was going to leave the store with more HPs then I came in with because I want that $55 statement credit before it's gone. I feel like having that card is a lot more exclusive and awesome now that it's on death row.
@Anonymous wrote:
@yfan wrote:
@Anonymous wrote:
MasterCard
- My current MasterCards top out at 1%; I'd have to apply for Citi DoubleCash
+ 5.5% on gas at CostCo gas pumps using my SallieMae M/CDoubt that. Gas rewards for pretty much all cards specify stand-alone gas stations and exclude warehouse clubs (except the one they are cobranded with, if any).
Hmm. Well, I get 5.5% on gas at Sam's Club gas pumps using my SallieMae M/C. Why would CostCo be any different? I've also always gotten 5% at Sam's Club gas pumps using my Freedom or Discover when they had gas as a quarterly 5% category.
Chris.
+1, So do I.
@Anonymous wrote:Hmm. Well, I get 5.5% on gas at Sam's Club gas pumps using my SallieMae M/C. Why would CostCo be any different? I've also always gotten 5% at Sam's Club gas pumps using my Freedom or Discover when they had gas as a quarterly 5% category.
Chris.
Interesting. Maybe Sam's Club gas doesn't code as warehouse?