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I'm curious: Anyone app'ing for this in June that isn't existing Costco AMEX user or are you keeping an existing VISA to use at Costco and which one?
I asked this questions on another forum some months ago. There seem to be some evidence regarding the AMEX to Barclay's Jetblue MasterCards conversions being reported as a new account by the credit bureaus, or the date AMEX received and processed the application for credit. The poster mentioned that barclays reported his/or her account information to the credit bureau as a "new" account and the reporting from the credit bureaus didn't reflect the "membership" date previously reported by AMEX.
My take is that this will repeat with Citibank. Citibank will "absorb" the "account open date" the card account was actually opened (i.e., the date and month you applied for credit and/or the date your application was submitted/received) and will not "absorb" the "membership date" or "backdate" which we have all come to love and enjoy, and which by the way is the date AMEX reports to the credit bureaus on what ever monthly, semi-annually basis they choose. I hope that this will not be the case, but I will not be surprised or upset/mad if I am correct.
@Cory wrote:I asked this questions on another forum some months ago. There seem to be some evidence regarding the AMEX to Barclay's Jetblue MasterCards conversions being reported as a new account by the credit bureaus, or the date AMEX received and processed the application for credit. The poster mentioned that barclays reported his/or her account information to the credit bureau as a "new" account and the reporting from the credit bureaus didn't reflect the "membership" date previously reported by AMEX.
My take is that this will repeat with Citibank. Citibank will "absorb" the "account open date" the card account was actually opened (i.e., the date and month you applied for credit and/or the date your application was submitted/received) and will not "absorb" the "membership date" or "backdate" which we have all come to love and enjoy, and which by the way is the date AMEX reports to the credit bureaus on what ever monthly, semi-annually basis they choose. I hope that this will not be the case, but I will not be surprised or upset/mad if I am correct.
This raises another question - since I became an ACM on my DW's TE, will my opening date revert to when she originally opened the card (or to complicate even more, her backdated opening date for when she opened her first amex BC), or to when I became an ACM (about 2 years later)... I guess we'll see. My guess is it stays when I became an ACM.
As it stands right now, the opening date on my CR is 1/2014. Her's should be when she opened her BC about 6 years before that (backdated) and her real opening date is around 2012.
No wonder they've delayed this - sure they've had some fun meetings in the past year.
@Anonymous wrote:
Just received my credit card information packet the other day for the new card, it does show details,looks like my apr went from 10.49 to 15 something doesn't matter to me though i pay off my balances. Also, some more details state May 15 through June 17th is when we should be able to receive the card.
Ouch! I know we all pay in full, but that's still almost 50% more.
Thanks for the update, Racer. So at the end of this week, I will start keeping a vigilant eye on my mailbox.
@Anonymous wrote:
Just received my credit card information packet the other day for the new card, it does show details,looks like my apr went from 10.49 to 15 something doesn't matter to me though i pay off my balances. Also, some more details state May 15 through June 17th is when we should be able to receive the card.
I figured Citi would do this! Well I'll use mine as membership only, and Citi can stuff the rest of it! They are as bad as Comenty & Synroncy
@jwduke wrote:
@Anonymous wrote:
Just received my credit card information packet the other day for the new card, it does show details,looks like my apr went from 10.49 to 15 something doesn't matter to me though i pay off my balances. Also, some more details state May 15 through June 17th is when we should be able to receive the card.I figured Citi would do this! Well I'll use mine as membership only, and Citi can stuff the rest of it! They are as bad as Comenty & Synroncy
I will do the otherway i.e using for 4%, 3% and 2% categories only and dont use it on 1% category which will hurt them more than not using it
Our Citi Visa cards came today. I'm still miffed about three things with this change in vendor relationships. First, I have a relatively decent interest rate on my TE card - 10.15% currently, up a bit since the Fed rate raise. Citi is going to charge me 15+% (I think). Now, I know it doesn't matter if one pays the card off every month, but I have carried a balance sometimes on TE.
I like AMEX; never had an issue with customer service, the card, anything, until now which brings me to my second point: I am amazed that AMEX has not solicited me for a new card. I was going to get the BCP to replace the TE, it had a $350 spiff on it until recently. I held out thinking surely AMEX wanted to keep me as a customer (never late), carried a balance once in a while, and they would offer me some good incentive. Nope. And now the $350 bonus is gone too. Whoever is running the credit card relationships over at Costco has lost his/her mind.
Finally, I am a little PO'd at Costco too for blithely going along with whatever interest rate Citi deemed fit to charge.