topic Re: When Card partnerships change.... in Credit Cards

When Card partnerships change....

ttleigh — Sat, 11 Apr 2015 23:38:11 GMT

So when a card partnership ends (like Costco and amex) do current cardholders get offers from both parties? Meaning will Costco's new partner (citi?) auto give a Costco card to everyone currently with a Costco amex and the will amex offer another product as well?

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 00:10:35 GMT

@ttleigh wrote:
So when a card partnership ends (like Costco and amex) do current cardholders get offers from both parties? Meaning will Costco's new partner (citi?) auto give a Costco card to everyone currently with a Costco amex and the will amex offer another product as well?

You won't automatically get a new card. However it's highly likely Amex will still want your business and will try to offer you something else to keep you.

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 00:45:14 GMT

Are you sure? Usually when a company buys a portfolio you will be PCd to the new product. I am fairly certain that will happen here too.

Amex may or may not offer a replacement product without you actually applying. I lean towards they won't. But you will likely get plenty of targeted offers.

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 01:08:01 GMT

@Anonymous wrote:
Are you sure? Usually when a company buys a portfolio you will be PCd to the new product. I am fairly certain that will happen here too.

Amex may or may not offer a replacement product without you actually applying. I lean towards they won't. But you will likely get plenty of targeted offers.

I think applurker meant a new Amex. By all reports, part of the conditions of the change is that Citi will take over the Costco card portfolio, so existing holders will get a new Citi card (with maybe some exceptions)

Re: When Card partnerships change....

CreditCuriosity — Sun, 12 Apr 2015 01:59:32 GMT

Deal was contigeant on citi obtaining card portfolio of current TE card holder I believe.

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 02:23:57 GMT

Glad this question was asked because I was going to post something similar. I was toying around with getting a Costco Amex as an easy lead-in to a relationship with Citi when the changeover occurs. But I just don't know if it's better to just wait since a) I currently have an Amex (not Costco though) b) I have a Visa.

Maybe I'll be able to legitimately qualify in April, just don't want to chance a low SL since I could apply for a TE now and grab a 3XCLI before the changeover would occur (assuming they would at least try to match current CLs).

Sorry OP if this is outside of the vein of your thread...I can move it if need be

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 02:33:18 GMT

@Anonymous wrote:
Glad this question was asked because I was going to post something similar. I was toying around with getting a Costco Amex as an easy lead-in to a relationship with Citi when the changeover occurs. But I just don't know if it's better to just wait since a) I currently have an Amex (not Costco though) b) I have a Visa.

Maybe I'll be able to legitimately qualify in April, just don't want to chance a low SL since I could apply for a TE now and grab a 3XCLI before the changeover would occur (assuming they would at least try to match current CLs).

Sorry OP if this is outside of the vein of your thread...I can move it if need be

I would guess that this isn't neccesarily going to be like a same lender PC, where CL, APR are (usually) retained. The cards will have to fit into Citi's underwriting model, so while they MAY match CL, if they feel it is too high they may not.

Re: When Card partnerships change....

CreditCuriosity — Sun, 12 Apr 2015 02:39:50 GMT

I will apply for the Costco TE in a few months just to get my "IN" with citi when it is convereted or they gotta take over the portfolio, still waiting for a bit more information to come out... I don't mind if they slash my limit a bit or what not, just seems like the easiest way in with them since most likely citi won't accept me for another year or two on a normal basis. Wait a few more months and see what more information comes before jumping the gun on this. Maybe citi will relax their fairly strict UW for the new cards as well from pressure from costco.. This is all speculation until more is known. I really don't even care for most citi cards other then the double cash, but just a bank I want to have one card with.

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 03:31:52 GMT

I would wager a guess that AMEX will send some type of targeted offer to the TE cardholders when the switch happens, and maybe they'll treat it as a product change rather than a new card (like they used to do with MSD) but there's no real telling.

Re: When Card partnerships change....

jsucool76 — Sun, 12 Apr 2015 04:11:13 GMT

Sometimes stores and banks split up. They might have loved eachother in the past, but sometimes feelings change. The important thing is that you realize this isn't your fault, and I dont want you to feel guilty about it.

#CreditDivorce

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 12:04:34 GMT

But I feel like we weren't profitable enough and Costco loved us too much wanting the moon for us so Amex left

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 12:33:35 GMT

@jsucool76 wrote:
Sometimes stores and banks split up. They might have loved eachother in the past, but sometimes feelings change. The important thing is that you realize this isn't your fault, and I dont want you to feel guilty about it.

#CreditDivorce

But I wonder if Costco was having an affari with that **** Citi behind Amex's back. They hooked up remarkably quickly!

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 13:01:46 GMT

@Anonymous wrote:
@jsucool76 wrote:
Sometimes stores and banks split up. They might have loved eachother in the past, but sometimes feelings change. The important thing is that you realize this isn't your fault, and I dont want you to feel guilty about it.

#CreditDivorce
But I wonder if Costco was having an affari with that **** Citi behind Amex's back. They hooked up remarkably quickly!

So it appeared on the surface. Likely this was in the process way before it ever got to the public. Thinking back when JP Morgan Chase had to restructure management how one of their key executives went to the Visa Network and out of the blue late 2012 Chase let it come out that Mastercard would be a thing of the past and we were forced to VIsa. Hmm... how far in advance was that transformation figured out?

Re: When Card partnerships change....

Anonymous — Sun, 12 Apr 2015 13:49:27 GMT

Costco, that whore!