topic Re: Cancel Amex Costco Card? in Credit Cards

Cancel Amex Costco Card?

gingerdad — Thu, 23 Jul 2015 19:57:31 GMT

I have had an Amex Costco card for a number of years and trying to figure out best way forward now that they are discontinuing relationship.

The costco card is one of 3 amexs on the personal side (I also have a gold card for my business); does it make sense to simply cancel the costco card?

Re: Cancel Amex Costco Card?

Anonymous — Thu, 23 Jul 2015 22:01:18 GMT

If you have no need for it, move the limit unto another card and then close it.

Re: Cancel Amex Costco Card?

Anonymous — Thu, 23 Jul 2015 22:19:47 GMT

What is your rush? Just wait until they offer you a replacement card and take it.

Re: Cancel Amex Costco Card?

SunriseEarth — Thu, 23 Jul 2015 22:23:46 GMT

@Anonymous wrote:
What is your rush? Just wait until they offer you a replacement card and take it.

That's my plan. I intend on waiting to see if AMEX offers a PC. I really don't want to close my TE, since it's backdated to 1998.

Re: Cancel Amex Costco Card?

morgacj2004 — Thu, 23 Jul 2015 23:56:49 GMT

I heard that Barclays would be replacing the Costco AX. Has anyone heard about this? I have a Costco Exec membership but never was able to get the AX card. I do have several BC.

Re: Cancel Amex Costco Card?

Creditaddict — Fri, 24 Jul 2015 00:02:47 GMT

@morgacj2004 wrote:
I heard that Barclays would be replacing the Costco AX. Has anyone heard about this? I have a Costco Exec membership but never was able to get the AX card. I do have several BC.

Citi is replacing the Costco Amex with MasterCard.

Re: Cancel Amex Costco Card?

SunriseEarth — Fri, 24 Jul 2015 00:09:13 GMT

@Creditaddict wrote:
@morgacj2004 wrote:
I heard that Barclays would be replacing the Costco AX. Has anyone heard about this? I have a Costco Exec membership but never was able to get the AX card. I do have several BC.
Citi is replacing the Costco Amex with ~~MasterCard~~.

Visa. And on April 1st, Costco will accept all Visa cards as payment.

Re: Cancel Amex Costco Card?

morgacj2004 — Fri, 24 Jul 2015 00:27:34 GMT

That is good news I can use my BC Visa. Still cant get a CITI card due to having a BK reporting.

Re: Cancel Amex Costco Card?

Anonymous — Fri, 24 Jul 2015 03:04:39 GMT

@gingerdad wrote:
I have had an Amex Costco card for a number of years and trying to figure out best way forward now that they are discontinuing relationship.

The costco card is one of 3 amexs on the personal side (I also have a gold card for my business); does it make sense to simply cancel the costco card?

I'm pretty sure (because there are few sure bets in the world) that Amex will offer you something different w/no hard pulls or prequal questions. But why not wait to see if Citi offers something too? Hard to say, but they may....who knows? I'm hanging onto mine till the dust settles.

Re: Cancel Amex Costco Card?

Anonymous — Fri, 24 Jul 2015 06:33:49 GMT

I'll wait for the card to get moved to Citi (they bought the portfolio so there's a big chance we'll all get new cards from them), then i'll move the limit over to my other Citi Cards.

I heard AmEx will also offer replacement cards without new Hard Pulls so i'm waiting on that as well.

Re: Cancel Amex Costco Card?

too-much-time — Fri, 24 Jul 2015 06:40:57 GMT

@SunriseEarth wrote:
@Anonymous wrote:
What is your rush? Just wait until they offer you a replacement card and take it.
That's my plan. I intend on waiting to see if AMEX offers a PC. I really don't want to close my TE, since it's backdated to 1998.

Me too! My TE goes way back.

Re: Cancel Amex Costco Card?

takeshi74 — Fri, 24 Jul 2015 12:23:57 GMT

@gingerdad wrote:
The costco card is one of 3 amexs on the personal side (I also have a gold card for my business); does it make sense to simply cancel the costco card?

Your call to make based on your needs/wants/preferences/priorities/etc. If you have no use for it then it might make sense to just close it out.

I'm waiting to see what their official announcement is for existing TE cardholders. There has been a lot of speculation. Some have received BCE offers but AmEx hasn't officially announced anything regarding what will happen to the TE accounts after the cutover.

I don't have much use for mine but it is backdated to 1998 so I'm waiting to see if I can keep it open as another product.

Re: Cancel Amex Costco Card?

gingerdad — Fri, 24 Jul 2015 16:35:18 GMT

Thank you all for your resposnes. Going to hold tight for a little while longer. The Costco card goes back to 2002 I think, so not going to be in a hurry to cancel.

Re: Cancel Amex Costco Card?

Anonymous — Fri, 24 Jul 2015 16:41:03 GMT

@gingerdad wrote:
Thank you all for your resposnes. Going to hold tight for a little while longer. The Costco card goes back to 2002 I think, so not going to be in a hurry to cancel.

Great choice

Re: Cancel Amex Costco Card?

onstar — Fri, 24 Jul 2015 18:38:28 GMT

@gingerdad wrote:
Thank you all for your resposnes. Going to hold tight for a little while longer. The Costco card goes back to 2002 I think, so not going to be in a hurry to cancel.

A lot of people don't like uncertainties. "What's going to happen to my Amex Costco TE card???"

I like uncertainties. I'm really curious as to how this will all work out. I'm SOOOOO curious that I app'd for the Amex Costco TE card just last month, so my card goes waaaaay back about 45 days now. Some of the questions that many have:

Will Citi be issuing a Citi Costco Visa to EVERYONE that had the Amex Costco TE card, even Citi blacklisted people?

Will it be a new TL with an open date of 2016?

Will the same CL be preserved?

Will Amex create a new product and migrate all TE users to the new product?

Will Amex PC all the TE cards to one of the existing cards (maybe give us a 3 to pick from)?

Re: Cancel Amex Costco Card?

Anonymous — Fri, 24 Jul 2015 20:04:40 GMT

IMO:

Will Citi be issuing a Citi Costco Visa to EVERYONE that had the Amex Costco TE card, even Citi blacklisted people?

This is a big posibility. But again, blacklisted people may or may not get the card. Im sure that's a discussion for a meeting between Citi and Costco. Costco wont want to loose those customers only because they're blacklisted with Citi and Citi might not want to issue credit to those blacklisted. Im sure they'll come to an agreement.

Will it be a new TL with an open date of 2016?

This is most likely what i think will happen since it is a different bank. But im positive that the AMEX Costco card will keep the original open date.

Will the same CL be preserved?

Im going to say no. I would be sure to check everyone's credit just to see what CL each person gets if it was my bank. A least a SP

Will Amex create a new product and migrate all TE users to the new product?

From what i read, this is the option that has been talked about and everyone is anxious to know what the new card will look like and what benefits it will have.

Will Amex PC all the TE cards to one of the existing cards (maybe give us a 3 to pick from)?

Sure will be nice and it's possible.

This is just my opinion, although i dont have an AMEX, im also curious as to how this will turn out.

Re: Cancel Amex Costco Card?

Anonymous — Fri, 24 Jul 2015 20:14:40 GMT

@onstar wrote:
@gingerdad wrote:
Thank you all for your resposnes. Going to hold tight for a little while longer. The Costco card goes back to 2002 I think, so not going to be in a hurry to cancel.
A lot of people don't like uncertainties. "What's going to happen to my Amex Costco TE card???"

I like uncertainties. I'm really curious as to how this will all work out. I'm SOOOOO curious that I app'd for the Amex Costco TE card just last month, so my card goes waaaaay back about 45 days now. Some of the questions that many have:

Will Citi be issuing a Citi Costco Visa to EVERYONE that had the Amex Costco TE card, even Citi blacklisted people?
Will it be a new TL with an open date of 2016?
Will the same CL be preserved?
Will Amex create a new product and migrate all TE users to the new product?
Will Amex PC all the TE cards to one of the existing cards (maybe give us a 3 to pick from)?

From my experience when it comes to bank card crossovers (happened to me when the REI card went from CitiBank to USBank)

You will be given the option to migrate your card to the new bank, from Amex to CitiBank

If you choose not to, you will keep your trade line and it will be migrated to an AMEX card of their choosing. Typically disclosed ahead of time.

If you choose to migrate, your AMEX account will be closed and a new trade line with Citi will be opened for the new card.

The CL will likely be preserved, but no guarantees, especially for existing AMEX TLs that are crazy high. The APR may also be tweaked.

AMEX likely wont create a new product just for this, though a choice is possible, but typically they pick a generic product that you can transition over to if you wish to keep the TL. Im taking a wild guess here that the transition card will be the AMEX Everyday.

Re: Cancel Amex Costco Card?

onstar — Fri, 24 Jul 2015 20:23:12 GMT

@Anonymous wrote:
IMO:

Will Citi be issuing a Citi Costco Visa to EVERYONE that had the Amex Costco TE card, even Citi blacklisted people?
This is a big posibility. But again, blacklisted people may or may not get the card. Im sure that's a discussion for a meeting between Citi and Costco. Costco wont want to loose those customers only because they're blacklisted with Citi and Citi might not want to issue credit to those blacklisted. Im sure they'll come to an agreement.

Will it be a new TL with an open date of 2016?
This is most likely what i think will happen since it is a different bank. But im positive that the AMEX Costco card will keep the original open date.

Will the same CL be preserved?
Im going to say no. I would be sure to check everyone's credit just to see what CL each person gets if it was my bank. A least a SP

Will Amex create a new product and migrate all TE users to the new product?
From what i read, this is the option that has been talked about and everyone is anxious to know what the new card will look like and what benefits it will have.

Will Amex PC all the TE cards to one of the existing cards (maybe give us a 3 to pick from)?
Sure will be nice and it's possible.

This is just my opinion, although i dont have an AMEX, im also curious as to how this will turn out.

If you're REALLY curious, then you should app for the Amex Costco TE card now. Then you can experience it firsthand. That's what I did.

Re: Cancel Amex Costco Card?

Anonymous — Fri, 24 Jul 2015 21:26:24 GMT

@onstar wrote:
@Anonymous wrote:
IMO:

Will Citi be issuing a Citi Costco Visa to EVERYONE that had the Amex Costco TE card, even Citi blacklisted people?
This is a big posibility. But again, blacklisted people may or may not get the card. Im sure that's a discussion for a meeting between Citi and Costco. Costco wont want to loose those customers only because they're blacklisted with Citi and Citi might not want to issue credit to those blacklisted. Im sure they'll come to an agreement.

Will it be a new TL with an open date of 2016?
This is most likely what i think will happen since it is a different bank. But im positive that the AMEX Costco card will keep the original open date.

Will the same CL be preserved?
Im going to say no. I would be sure to check everyone's credit just to see what CL each person gets if it was my bank. A least a SP

Will Amex create a new product and migrate all TE users to the new product?
From what i read, this is the option that has been talked about and everyone is anxious to know what the new card will look like and what benefits it will have.

Will Amex PC all the TE cards to one of the existing cards (maybe give us a 3 to pick from)?
Sure will be nice and it's possible.

This is just my opinion, although i dont have an AMEX, im also curious as to how this will turn out.
If you're REALLY curious, then you should app for the Amex Costco TE card now. Then you can experience it firsthand. That's what I did.

I would BUT, got denied for the AMEX ED in June due to Ch7, no go on recon. People have experiencing positve outcomes at 5 yr mark so im waiting for that. My 5 yr CH7 mark will be in October but will apply until Jan/2016 if my scores are not good enough by October....hate the waiting game, feels like im back in the Marines

When did you apply? what were your scores? baddies?

Re: Cancel Amex Costco Card?

celluloid17 — Fri, 24 Jul 2015 22:10:38 GMT

@Anonymous wrote:
AMEX likely wont create a new product just for this, though a choice is possible, but typically they pick a generic product that you can transition over to if you wish to keep the TL. Im taking a wild guess here that the transition card will be the AMEX Everyday.

I would think if they're going to PC TE holders over to any existing Amex card it would be the BCE since both are cash back cards and the Everyday is a MR point card. I'm holding out hope that they will create a new product that is a bit more exciting than either the BCE or Everyday card. I would think they would want to in order to compete with whatever Citi is going to be offering (probably equal to or better than the TE) and by that point the Everyday card would be two years old and they may simply want to introduce something new to their credit card line-up. Here's to wishful thinking!