The all new Costco Anywhere Visa card by Citi

[Imperfectfuture]

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@thelethargicage wrote:

Stopped by Costco today to get some TP, and on the way out I asked someone at the CS desk what was up with the transition to Citi. The guy said, "Your Costco American Express is dead. They won't convert it to a different card. If you want the Citi Costco card, you'll have to apply for it. Citi wants to see your credit on April 1st. They don't care what it was when you opened your Costco American Express."

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Wow, that guy is friendly.

[Anonymous]

I think that the backdating will be the driver of how Citi handles the conversion. Citi presumably knows about it, since everybody seems to. However, they may view it as fraudulent or otherwise misrepresentative of the consumer's actual credit profile. If Amex doesn't make it easy for Citi to determine when the card was actually opened, I can easily see them taking a clean slate protocol and either starting scratch or going with the earliest reported payment.

[Ubuntu]

@Spider15 and @TortoiseWins

Thanks for sharing how the HSBC conversion went for you. That gives me real hope that Amex and Citi won't make a mess out of this.

[Ubuntu]

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@Anonymous wrote:

I think that the backdating will be the driver of how Citi handles the conversion. Citi presumably knows about it, since everybody seems to. However, they may view it as fraudulent or otherwise misrepresentative of the consumer's actual credit profile. If Amex doesn't make it easy for Citi to determine when the card was actually opened, I can easily see them taking a clean slate protocol and either starting scratch or going with the earliest reported payment.

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I would swear that I saw a "Date first reported" field on at least one of my raw credit files once but I just looked and couldn't find it. If they have that then it would give Citi an easy reference point. Amex also has at least a full 7 years of payment history data if not more so they could use that.

The accounts are (acutally were until March 2015) reported with the member since date as the date opened and FICO accepts and uses that date but the issuing banks have a record of everything that's ever happened regarding your account so Citi will likely have access to more information than FICO gets.

It won't help me much because my TrueEarnings was opened in March and missed out on being backdated but it would still be nice for all the people that have backdated cards to preserve the oldest date possible.

[Anonymous]

Looks like 3% gas , 2% travel & restaurant, 1% card.

[thelethargicage]

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@Anonymous wrote:
Looks like 3% gas , 2% travel & restaurant, 1% card.

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At least 2 of us read the security release. OK, I just used Ctrl+F and searched for "rewards" 

Just saw an article on a blog (DoctorOfCredit, one of those evil blogs that advocates MS) claiming that the reward details had been "leaked". Hehehe, joke's on them. And they actually posted the exact same picture of that letter Racer609 posted here.

[celluloid17]

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@thelethargicage wrote:

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@Anonymous wrote:
Looks like 3% gas , 2% travel & restaurant, 1% card.

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At least 2 of us read the security release. OK, I just used Ctrl+F and searched for "rewards" 

Just saw an article on a blog (DoctorOfCredit, one of those evil blogs that advocates MS) claiming that the reward details had been "leaked". Hehehe, joke's on them. And they actually posted the exact same picture of that letter Racer609 posted here.

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Well, that sucks that they're sticking with the same rewards structure down to the percent of each respective category.  I was hoping they would tweak it somewhat or incentivize shopping at Costco in some way (like 2% back on purchases at Costco)...something different!  Plus, the waiting for an annual coupon thing has always been annoying.

I've never used another Amex at Costco gas pumps, which leads me to a few questions:  Are Costco gas stations coded differently than other gas stations?  Can you use a non-cobranded Amex (or soon to be Visa) at Costco gas pumps and still earn rewards as you would at any gas station based on the card's reward structure (e.g., Amex BCE earns 3% back at gas stations - does that include Costco?)? 

[SunriseEarth]

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@celluloid17 wrote:

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@thelethargicage wrote:

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@Anonymous wrote:
Looks like 3% gas , 2% travel & restaurant, 1% card.

---

At least 2 of us read the security release. OK, I just used Ctrl+F and searched for "rewards" 

Just saw an article on a blog (DoctorOfCredit, one of those evil blogs that advocates MS) claiming that the reward details had been "leaked". Hehehe, joke's on them. And they actually posted the exact same picture of that letter Racer609 posted here.

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Well, that sucks that they're sticking with the same rewards structure down to the percent of each respective category.  I was hoping they would tweak it somewhat or incentivize shopping at Costco in some way (like 2% back on purchases at Costco)...something different!  Plus, the waiting for an annual coupon thing has always been annoying.

I've never used another Amex at Costco gas pumps, which leads me to a few questions:  Are Costco gas stations coded differently than other gas stations?  Can you use a non-cobranded Amex (or soon to be Visa) at Costco gas pumps and still earn rewards as you would at any gas station based on the card's reward structure (e.g., Amex BCE earns 3% back at gas stations - does that include Costco?)? 

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BCE earns 2% gas, not 3%...and that includes Costco.   IIRC, it codes as "Automated Fuel Dispensers"  

[Anonymous]

guys hold tight. the rewards will be better! if it's not ill like punch myself in the face or something lol i think they'll be matching sams mc 

[iheartwings]

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@celluloid17 wrote:

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@thelethargicage wrote:

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@Anonymous wrote:
Looks like 3% gas , 2% travel & restaurant, 1% card.

---

At least 2 of us read the security release. OK, I just used Ctrl+F and searched for "rewards" 

Just saw an article on a blog (DoctorOfCredit, one of those evil blogs that advocates MS) claiming that the reward details had been "leaked". Hehehe, joke's on them. And they actually posted the exact same picture of that letter Racer609 posted here.

---

Well, that sucks that they're sticking with the same rewards structure down to the percent of each respective category.  I was hoping they would tweak it somewhat or incentivize shopping at Costco in some way (like 2% back on purchases at Costco)...something different!  Plus, the waiting for an annual coupon thing has always been annoying.

I've never used another Amex at Costco gas pumps, which leads me to a few questions:  Are Costco gas stations coded differently than other gas stations?  Can you use a non-cobranded Amex (or soon to be Visa) at Costco gas pumps and still earn rewards as you would at any gas station based on the card's reward structure (e.g., Amex BCE earns 3% back at gas stations - does that include Costco?)? 

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The American Express website specifcally mentions that gas purchased at warehouse clubs does not earn additional rewards. (Kinda like Fred Meyer isn't a grocery strore in AmEx's eyes):

You will NOT earn additional rewards for gas stations that are part of supermarkets or warehouse clubs, unless specifically stated. Examples of merchants where you will NOT earn additional rewards include:

• Costco**

• Target

**Costco TrueEarnings Card Members will earn additional rewards on gas purchases at Costco.