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Frequent Contributor
steve23111
Posts: 355
Registered: ‎08-09-2011
0

Question about AMEX Costco True Earnings Card

Obviously you have to be a Costco member to apply for this card, but what happens if you allow your Costco membership to expire (or cancel it)?  Does the True Earnings card close?  Does it remain open with a different rewards structure?  Does it close?  Is there a fee?  I can't find any details on this anywhere...

5/2002 - Chapter 7
7/2011 - Equifax FICO 693
5/2012 - Equifax FICO 812! In the "800 Club!"
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7/2014 - Lender-pulled EQ FICO 832 (car loan)
Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
0

Re: Question about AMEX Costco True Earnings Card

I'd assume it will close, but even if it doesn't, how would you spend your rewards without a Costco membership?

Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: Question about AMEX Costco True Earnings Card

back when i opened my membership card, they said that if your membership lapses you would have to pay the 55$ af to amex. im not sure how accurate this is but its funny because you might as well just get the membership. 

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Valued Contributor
Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
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Re: Question about AMEX Costco True Earnings Card

I just got mine yesterday, and read the user agreement.

 

They reserve the right to cancel the card, if you cancel your membership.

5/2012: 560 credit scores across the board and $500 secured CC
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Frequent Contributor
steve23111
Posts: 355
Registered: ‎08-09-2011
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Re: Question about AMEX Costco True Earnings Card


Repo-ed wrote:

I just got mine yesterday, and read the user agreement.

 

They reserve the right to cancel the card, if you cancel your membership.


Perfect.  That is exactly the answer I was looking for... thank you!

5/2002 - Chapter 7
7/2011 - Equifax FICO 693
5/2012 - Equifax FICO 812! In the "800 Club!"
2/2013 - Lender-pulled EQ FICO 821 (car loan)
7/2014 - Lender-pulled EQ FICO 832 (car loan)
Epic Contributor
Creditaddict
Posts: 22,067
Registered: ‎10-23-2007
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Re: Question about AMEX Costco True Earnings Card

You start to pay an AF on Costco Amex without Costco Membership Active... I guess they could cancel it but I would think they rather keep you and charge AF.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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Valued Contributor
Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
0

Re: Question about AMEX Costco True Earnings Card


Creditaddict wrote:

You start to pay an AF on Costco Amex without Costco Membership Active... I guess they could cancel it but I would think they rather keep you and charge AF.


Correct.

 

They will charge you the AF if you cancel your membership, BUT - they can also cancel the card.

 

 

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Super Contributor
Ron1
Posts: 5,471
Registered: ‎05-23-2009
0

Re: Question about AMEX Costco True Earnings Card

The Costco Amex has no AF. You have to pay Costco membership to keep the card.  I think $65 for basic and the executive is $110. Amex will cancel if you cancel Costco membership.  Many people pay the membership to get Costco Amex.  I like Costco and it saved me a lot of money on groceries and other stuff.

 

 

Ron.

Valued Contributor
Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
0

Re: Question about AMEX Costco True Earnings Card

What happens to my annual reward if I cancel my Costco membership?

Only Costco members are eligible for the American Express Costco Cash Rebate Credit Card. If you no longer have a valid Costco membership your American Express account may be cancelled and your annual reward forfeited. One convenient way to ensure that your Costco membership stays active is to have your annual membership fee automatically billed to your American Express Costco Cash Rebate Credit Card. Please contact Costco at 1-800-774-2678 to enroll if you are not already enrolled.

 

http://www212.americanexpress.com/dsmlive/dsm/dom/us/en/phaseib/costcocashrebatecreditcard.do?vgnext...

 

Here - everything you need to know about the card.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!

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