Mail from AmEx about Costco TE Card

[-Cain-]

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@SunriseEarth wrote:

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@kimjks2003 wrote:

So I just got this from the mail today.

So basically from this letter, it looks like they are not offering us TE Card holders any replacement. So I decided to give them a call (the number in the letter) and ask all the questions that bother me. (I made two calls to make sure I get the most information from different AmEx Card Specialists). Below are what I gathered from these two calls:

Call 1

• Continue monitoring the post for mails from American Express because there will be more coming.
• Existing Costco TE Card members will be offered a replacement card and all the account information will be retained/grandfathered. 

Call 2

• In December/January a new "Big Product" will be unveiled which is touted to be replacement for existing TE card holders.
• Existing Costco TE card holders are not gonna be let go.
• The replacement card will grandfather the account info from the Costco TE Card.
• Only the account number and the plastic will be changed. But all other including account age and history shall be retained.
• Not a new application. (THIS ONE I RE-ITERATED MORE THAN ONCE)
• TE Cards cannot be changed right now because it is a Partnership Card. (I tried to ask If I can change it to Plenti now)
• "We don't want to let go of even one of our card members."
• Still accepting applications for Costco because they will be converted to new product after post-December.

Okay so you guys be the judge on what I got from their team and you can also try calling them. But from the looks of it, us TE card holders should not be worried because they are preparing to launch a new product to replace the Costco TE Card. Anyway, I shall keep checking my mails for anything that comes up from AmEx! I love AmEx and I really don't want to lose my only AmEx card!

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My speculation is that AMEX will offer a card called SimplyCash and the front of it will look exactly like the Costco TE.   Doesn't anyone else find it unusual that the TE has no co-branding on the front of the card?   So all you'd need to do is change the back of the card and you'd have a standard AMEX.  

As for what that product would be like, that's anyone's guess.  It could have a similar rewards structure, but that doesn't really make it stand out much.   Or maybe they could offer rotating categories and go up against Freedom and Discover It.   Who knows?

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That'll work. Is the simply cash already a card though? It sounds familiar...

[Cory]

I don't mean to highjack OP's thread. But this information has been posted on Costco.com.

https://customerservice.costco.com/system/templates/selfservice/costco_en_us/#!portal/20050000000100...

[Anonymous]

That doesn't tell us anymore than what we already know.

[longtime_lurker]

OP, I'm betting the card mentioned coming out in Jan. 16 is the Charles Schwab card.

Could be wrong, but that's what I'm betting on. 

[Anonymous]

I thought that card was going to be a charge card?

[longtime_lurker]

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@Anonymous wrote:
I thought that card was going to be a charge card?

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Pretty sure they're offering both. I'm curious about both too - depending on structures I could PC my PRG to charge and PC my BCE to CS credit

[Jeff532003]

I wonder what they'll do with my JetBlue card. Going to be a hectic time at Amex doing all these PC's at the same time. I only got the JetBlue for the 20k points. I plan to decline a switch to Barclay's as its in violation of my TOS and then apply as a new cardholder on Barclay for whatever the new signup reward will be unless they offer the reward to those who switch. I would like to keep an Amex credit though so hopefully they will PC ours to something good as well.

[celluloid17]

I'm so confused by all this and hope we get some clarity soon.  I spoke to a CSR a couple of months back who mentioned that there might be a new card in the works and that details would be revealed later in the year.  That seems to match up with the information provided by the originator of this thread.

I'm intrigued by the prospect of a new (exciting!) product that would essentially replace the TE, which I hope will have a better reward structure than both the BCE and ED.  As much I want to keep a relationship with Amex, none of their current cards supersede the cash back cards I already have in terms of rewards and I'm not interested in MR points.  As it stands, I'm not really using my TE, so I may just end up Amex-less by choice in the end.  

[Anonymous]

I'm not believing anything from the CSR's until I hear an official announcement. I made a thread a few weeks ago about how I mentioned the TE portfolio was being taken over by Citi and the Amex CSR told me I had no idea what I was talking about. I told him to do a quick google search.

[Anonymous]

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@Anonymous wrote:
I'm not believing anything from the CSR's until I hear an official announcement. I made a thread a few weeks ago about how I mentioned the TE portfolio was being taken over by Citi and the Amex CSR told me I had no idea what I was talking about. I told him to do a quick google search.

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I read about Citi taking over the portfolio too. And that, in my personal opinion, is the reason why AmEx can't PC existing TE cards right now because it has to stay active for a smooth transition next year (at least that's what I gather from talking to CSRs). So in the end, we might end up with a new Citi Costco Card and a replacement AmEx card. Because let's face it if AmEx is losing Costco, I don't think they'd want to lose their card holders too. So they most likely will have to offer a replacement card for us to stick with them as well. 

So for now, i'll just choose to stay positive. Afterall, I dont' really want to lose my AmEx card.