The all new Costco Anywhere Visa card by Citi

[Anonymous]

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@thelethargicage wrote:
Will new Citi TL retain backdating or will actual account opening date be reported? I hope so--it would be like having an additional backdated Amex.

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The way I understand it at this point is not that it would be an ADDITIONAL backdated Amex, but that those of us who currently have a backdated TE would now (hopefully) instead have a backdated Citi Visa. Or are people still thinking that AmEx will roll the TE into something as well?

Thanks Racer for giving the Costco side of things. Now we need the Amex person to come through on the other side of things.  

[thelethargicage]

@TortoiseWins: yeah, that's what I meant--the Amex TL will be closed and a Citi TL will be opened (hopefully with the backdated opening date from the Amex)

[Anonymous]

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@thelethargicage wrote:
@Anonymous: yeah, that's what I meant--the Amex TL will be closed and a Citi TL will be opened (hopefully with the backdated opening date from the Amex)

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Ah. I was thinking when one CCC took over from another, the same line item just morphed. But now I recall from others, that's not the case. 

[IncrsCreditScore1]

@Racer609:  Thank you very much for the update on Costco and Citi Bank Visa.

[Anonymous]

It does look like a seamless move on the members part in regards to receiving the Citi Bank visa TE card. As the time gets closer" if it were me", i would transfer any high TE Costco amex limits to another amex card. I highly doubt you'll see a citi bank visa co branded card with a 25k limit, but i could be wrong. Moreover, Amex doesn't really seem to budge. I mean, I took the offer for the BCE "offer mainly for TE Costco Amex" and it was a new TL plus still a hard pull, but maybe as the time gets closer the priorities may be set to low. 

[Anonymous]

and no problem, you are welcome guys!

[CreditCuriosity]

Thanks for this info.. If this is the case Citi is a seemless takeover I will be applying for the Amex TE card to have my "IN" with Citi finally.  Thanks again for the info!

[creditguy]

I recently read an article about Costco Canada and the Amex transition. When Amex was replaced by a Capital one MC at Costcos in Canada, Amex kept their credit card portfolio and just PC'd the Costco Amex to a different Amex card with the same account number, leaving the cardholder with the same account just a different card. The downside was that Amex cardholders would have to apply for the new Cap One card separately since Amex technically owned the cardholders account. 

The article goes on to state that in the US, Amex will more than likely sell the portfolio to Citi for a billion dollar plus profit and use the money for marketing and rewards programs to make up for the Costco loss, Costco does make up 8% of Amex's global sales and 20% of it's cardmember loan portfolio, so they are going to need the cash to keep competitive. So long story short, it does appear more than likely you will have a seamless transition to a Citi card. 

[jeffeverde]

Already a done deal.  This time, AmEx will be selling the TE portfolio, rather than keeping and PC'ing as they did in the Canada changeover.

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@creditguy wrote:

I recently read an article about Costco Canada and the Amex transition. When Amex was replaced by a Capital one MC at Costcos in Canada, Amex kept their credit card portfolio and just PC'd the Costco Amex to a different Amex card with the same account number, leaving the cardholder with the same account just a different card. The downside was that Amex cardholders would have to apply for the new Cap One card separately since Amex technically owned the cardholders account. 

The article goes on to state that in the US, Amex will more than likely sell the portfolio to Citi for a billion dollar plus profit and use the money for marketing and rewards programs to make up for the Costco loss, Costco does make up 8% of Amex's global sales and 20% of it's cardmember loan portfolio, so they are going to need the cash to keep competitive. So long story short, it does appear more than likely you will have a seamless transition to a Citi card. 

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[creditguy]

Well there you go, I haven't seen the confirmed story thanks for the update.