If they'll accept any Visa, then my NFCU cashRewards will get a workout.
Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
New goal 675
I'm so disappointed that the deal is predicated upon the sale of the portfolio of existing TE card holders. Does this mean that our relationship with Amex ends completely once the transition is complete? I'm more concerned about losing my only Amex rather than losing my ability to use it at Costco. 
I hope that Citi offers an enticing reward structure for this new card similar to the TE (but better!), but talk about a step down in quality. Citi has horrendous customer service for the most part and I say this as someone who was hoping MasterCard would win the bid so I could use my Citi Double Cash at Costco.
When one CCC buys out the portfolio of another company's product, does that mean you automatically bypass the HP process or is your transfer still subject to UW review? I would hate to waste a HP on this when Visas are already a dime a dozen and especially if the new Citi card doesn't offer any direct perks for shopping at Costco (i.e., only 1% back for Costco spend like the TE). I'd rather take a hard pull on another Visa product that offers more than 1% for general spend or has some other perks that aren't redundant to what I already have on other cards. This news makes the Quicksilver card and the Fidelity Visa more valuable and enticing.
@Anonymous wrote:
@Gunnar419 wrote:
@CreditCuriousity wrote:@Gunnar419 wrote:
Visa, not bad. 1.5 percent on Costco purchases with the QS sounds good.
Citi? My first reaction is me no like.
I've never had a Citi card, but just from reading around here I've gotten a not great impression. It also sounds as if the Costco TE portfolio will be sold to them so TE holders will automatically get Citi cards. For some reason (not necessarily rational) that makes me nervous.
Where did you hear exisiting TE holders will be converted? If this is the case, might be time to get a TE card so I can get in with Citi if this is true.
This report says the deal with Citi hinges on them acquiring the existing co-brand card portfolio:
I hope it's not true. I'd rather have some choice in the matter.
I had presumed that AmEx would just convert its TE cardholders over to other AmEx products, and that for customers, getting the new cobranded card would be a new application. But yeah, the article makes it sound like Citi will take over the existing TE accounts from AmEx. On the plus side, that means no new credit pull required to get the new cobranded card. OTOH, if my two AmEx TE cards just go away, I'll have two less cards to plunder on Small Business Saturday, and for all of the AmEx Offers throughout the year. Those offers aren't enough to justify a credit pull to get an AmEx, but it's been a nice benefit of having a couple of AmExes in my portfolio.
Overall, though, this works for me. I spend ~$8k per year at CostCo, with a wide range of purchase totals, from $3 to $3,000+. CostCo taking Visa will make it easier to meet my RCA debit card requirement (at least 10 sig transactions, at least $100 total), and my BofA BBR purchases (four cards = four transactions per month). Beyond that, I'll be using my USBank FlexPerks Travel Rewards Visa (effectively nearing 2% CB), when I'm not fulfilling the spending requirement on a new Visa card promo.
I'll be interested to hear what Citi offers as their "genereous" rewards on the cobranded card. 5% restaurant would be nice.
Chris.
G... Gosh Darn, you have a helluva lot of cards. 
@celluloid17 wrote:I'm so disappointed that the deal is predicated upon the sale of the portfolio of existing TE card holders. Does this mean that our relationship with Amex ends completely once the transition is complete? I'm more concerned about losing my only Amex rather than losing my ability to use it at Costco.
I hope that Citi offers an enticing reward structure for this new card similar to the TE, but talk about a step down in quality. Citi has horrendous customer service for the most part and I say this as someone who was hoping MasterCard would win the bid so I could use my Citi Double Cash at Costco.
When one CCC buys out the portfolio of another company's product, does that mean you automatically bypass the HP process or is your transfer still subject to UW review? I would hate to waste a HP on this when Visas are already a dime a dozen and especially if the new Citi card doesn't offer any direct perks for shopping at Costco (i.e., only 1% back for Costco spend like the TE). I'd rather take a hard pull on another Visa product that offers more than 1% for general spend or has some other perks that aren't redundant to what I already have on other cards. This news makes the Quicksilver card and the Fidelity Visa more valuable and enticing.
With this new deal, you do NOT need to take a HP to get a new card. It seems to me that there are 2 options.
1) Citi purchases Amex's portfolio. The Amex TE card expires and is replaced with Citi's new cobranded card (which, hopefully, has a decent rewards structure).
2) Citi purchases Amex's portfolio. In an attempt to maintain it's customer base, Amex offers to issue a new card to existing card holders with no HP.
Granted, option 2 is unlikely, but one can hope!
@Anonymous wrote:
@celluloid17 wrote:I'm so disappointed that the deal is predicated upon the sale of the portfolio of existing TE card holders. Does this mean that our relationship with Amex ends completely once the transition is complete? I'm more concerned about losing my only Amex rather than losing my ability to use it at Costco.
I hope that Citi offers an enticing reward structure for this new card similar to the TE, but talk about a step down in quality. Citi has horrendous customer service for the most part and I say this as someone who was hoping MasterCard would win the bid so I could use my Citi Double Cash at Costco.
When one CCC buys out the portfolio of another company's product, does that mean you automatically bypass the HP process or is your transfer still subject to UW review? I would hate to waste a HP on this when Visas are already a dime a dozen and especially if the new Citi card doesn't offer any direct perks for shopping at Costco (i.e., only 1% back for Costco spend like the TE). I'd rather take a hard pull on another Visa product that offers more than 1% for general spend or has some other perks that aren't redundant to what I already have on other cards. This news makes the Quicksilver card and the Fidelity Visa more valuable and enticing.
With this new deal, you do NOT need to take a HP to get a new card. It seems to me that there are 2 options.
1) Citi purchases Amex's portfolio. The Amex TE card expires and is replaced with Citi's new cobranded card (which, hopefully, has a decent rewards structure).
2) Citi purchases Amex's portfolio. In an attempt to maintain it's customer base, Amex offers to issue a new card to existing card holders with no HP.
Granted, option 2 is unlikely, but one can hope!
Option 2 would be ideal - two new cards and no HP for either! *wishful thinking*