topic Re: Latest on Costco and Citi Bank Visa in Credit Cards

The all new Costco Anywhere Visa card by Citi

Anonymous — Sun, 03 Apr 2016 03:13:13 GMT

Hey guys so i mentioned from my other post that if i had any updates I would share it with you so here it is!

Re: Latest on Costco and Citi Bank Visa

delaney1 — Wed, 14 Oct 2015 20:40:30 GMT

Thank you, looking forward to being able to use Visa at Costco.

Re: Latest on Costco and Citi Bank Visa

Anonymous — Wed, 14 Oct 2015 20:52:32 GMT

Thank you for the information. Will we be able to use Citi Double Cash credit Card? I know it says Citi and Visa, just wanted to ask if it has to be a cobranded Costco Citi CC . Thanks.

Re: Latest on Costco and Citi Bank Visa

Skye12329 — Wed, 14 Oct 2015 20:57:33 GMT

@dendom since dbl cash is a MC. It would not be accepted at Costco. It would need to be a visa even though it's a Citi card.

On a side note it sounds like people will automatically have their Costco cards switched to Citi Visa? Do I understand that correctly?

Re: Latest on Costco and Citi Bank Visa

thelethargicage — Wed, 14 Oct 2015 21:06:00 GMT

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.

Re: Latest on Costco and Citi Bank Visa

Anonymous — Wed, 14 Oct 2015 21:18:10 GMT

@Skye12329 wrote:
@dendom since dbl cash is a MC. It would not be accepted at Costco. It would need to be a visa even though it's a Citi card.

On a side note it sounds like people will automatically have their Costco cards switched to Citi Visa? Do I understand that correctly?

Thank you. My bad . I thought it doesn't matter if MC or Visa as long as it's a CIti CC . In other words, any Visa CC will work at Costco then, right?

Costco cards ... you meant Costco CC? or Cosotco Membership cards? ... I apologize for my ignorance

Re: Latest on Costco and Citi Bank Visa

thelethargicage — Wed, 14 Oct 2015 21:21:22 GMT

The Costco Visa will have your name, picture and membership # printed on it, so you can use it as your membership card
Any Visa card will work at Costco regardless of issuer--including Quicksilver!

Re: Latest on Costco and Citi Bank Visa

Anonymous — Wed, 14 Oct 2015 21:25:36 GMT

@thelethargicage wrote:
The Costco Visa will have your name, picture and membership # printed on it, so you can use it as your membership card
Any Visa card will work at Costco regardless of issuer--including Quicksilver!

Thank you

Re: Latest on Costco and Citi Bank Visa

Anonymous — Wed, 14 Oct 2015 21:27:27 GMT

thelethargicage: Im hoping that the TL will backdate. Currently my TE costco card is the oldest account i have :/

Re: Latest on Costco and Citi Bank Visa

Ron1 — Wed, 14 Oct 2015 22:45:04 GMT

Thanks for the info!!!

Ron.

Re: Latest on Costco and Citi Bank Visa

Anonymous — Wed, 14 Oct 2015 22:45:57 GMT

@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.

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.

Re: Latest on Costco and Citi Bank Visa

thelethargicage — Wed, 14 Oct 2015 23:09:07 GMT

@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)

Re: Latest on Costco and Citi Bank Visa

Anonymous — Wed, 14 Oct 2015 23:33:40 GMT

@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)

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.

Re: Latest on Costco and Citi Bank Visa

IncrsCreditScore1 — Wed, 14 Oct 2015 23:46:16 GMT

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

Re: Latest on Costco and Citi Bank Visa

Anonymous — Thu, 15 Oct 2015 00:28:58 GMT

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.

Re: Latest on Costco and Citi Bank Visa

Anonymous — Thu, 15 Oct 2015 00:30:48 GMT

and no problem, you are welcome guys!

Re: Latest on Costco and Citi Bank Visa

CreditCuriosity — Thu, 15 Oct 2015 00:36:06 GMT

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!

Re: Latest on Costco and Citi Bank Visa

creditguy — Thu, 15 Oct 2015 01:18:50 GMT

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.

Re: Latest on Costco and Citi Bank Visa

jeffeverde — Thu, 15 Oct 2015 04:09:12 GMT

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.

@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.

Re: Latest on Costco and Citi Bank Visa

creditguy — Thu, 15 Oct 2015 04:11:18 GMT

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