topic Is there any downside to the new Costco card? in Credit Cards

Is there any downside to the new Costco card?

CF_Frost — Fri, 01 Jul 2016 15:59:24 GMT

My cards/limits are below:

Amex BCE $34,000
Discover $27,500
CSP $10,000
Chase Freedom $3,000

I feel like I could pick up a few more points by adding this to my arsenal, but feel like I have a good setup as is. I have no inquiries across the board but might want to spend one on upping my Chase limits for my ego's sake instead. Scores are 790ish.

Any reason not to pull the trigger on the new Costco?

Re: Is there any downside to the new Costco card?

kdm31091 — Fri, 01 Jul 2016 16:01:21 GMT

@CF_Frost wrote:
My cards/limits are below:

Amex BCE $34,000
Discover $27,500
CSP $10,000
Chase Freedom $3,000

I feel like I could pick up a few more points by adding this to my arsenal, but feel like I have a good setup as is. I have no inquiries across the board but might want to spend one on upping my Chase limits for my ego's sake instead. Scores are 790ish.

Any reason not to pull the trigger on the new Costco?

The reason to not pull the trigger would be that you don't sound very enthused about the card. You don't have to apply for a card just because it is popular. Does it really work for you? Does it add anything to your lineup that you feel is substantial?

Other downsides include only getting rewards once a year and having to physically go to Costco to either spend or cash them out. Not the end of the world, but pretty much guarantees you have to continue paying for Costco membership, as it's unlikely the "membership year" and "rewards year" will be the same exact dates.

In any case, if you aren't 100% sure, don't get it. It isn't going anywhere.

Re: Is there any downside to the new Costco card?

jacetx — Fri, 01 Jul 2016 16:02:39 GMT

@CF_Frost wrote:
My cards/limits are below:

Amex BCE $34,000
Discover $27,500
CSP $10,000
Chase Freedom $3,000

I feel like I could pick up a few more points by adding this to my arsenal, but feel like I have a good setup as is. I have no inquiries across the board but might want to spend one on upping my Chase limits for my ego's sake instead. Scores are 790ish.

Any reason not to pull the trigger on the new Costco?

If you don't shop at Costco often, have no membership, you mind having to wait a whole year to collect your cashback, and don't need a new card, I would say those are good reasons not to apply.

Re: Is there any downside to the new Costco card?

CF_Frost — Fri, 01 Jul 2016 16:03:29 GMT

I seldomly cash out my rewards anyways, but they only allow you to do so once per year? And you have to go there to collect?

Re: Is there any downside to the new Costco card?

Anonymous — Fri, 01 Jul 2016 16:04:13 GMT

I agree, you don't sound excited. I looked at it for the gas % but reazlied that I really don't shop at Costco all that much and I would hate for my cashback to be tied to just Costco so I went with the BOA card. In any case, wait it out and then see if you will be a good fit with it.

Re: Is there any downside to the new Costco card?

jacetx — Fri, 01 Jul 2016 16:04:47 GMT

@CF_Frost wrote:
I seldomly cash out my rewards anyways, but they only allow you to do so once per year? And you have to go there to collect?

Yes, and yes. You receive a check that you can use for purchases or cash it out.

Re: Is there any downside to the new Costco card?

Anonymous — Fri, 01 Jul 2016 17:13:41 GMT

lol my freedom is in the same boat as yours. 15k limits and then there is the freedom that wont budge off 3k. its silly

Re: Is there any downside to the new Costco card?

Anonymous — Fri, 01 Jul 2016 17:21:42 GMT

Looks like you have some nice cards already so its up to you. Im not overly impressed with citi overall but the rewards on the card are nice so it is tempting.

Re: Is there any downside to the new Costco card?

Anonymous — Fri, 01 Jul 2016 17:23:02 GMT

I personally like my cash rewards straight up so having it tied to costco and keeping a relationship with them doesnt work when I consider it. I would just stay with what you have since it seems that really works for you. Good luck with whatever you decide!

Re: Is there any downside to the new Costco card?

RonM21 — Sat, 02 Jul 2016 14:58:53 GMT

You are in a good spot OP. I'm sure there's no question that you'd get the card, but I wouldn't do it if you don't see a high need for it, personally.