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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...
I'd assume it will close, but even if it doesn't, how would you spend your rewards without a Costco membership?
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.
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
I just got mine yesterday, and read the user agreement.
They reserve the right to cancel the card, if you cancel your membership.
@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!
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.
@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.
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.
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.
Here - everything you need to know about the card.