topic Re: Citi Costco Card in Credit Cards

Citi Costco Card

Anonymous — Tue, 28 Apr 2020 21:19:55 GMT

Asking for a friend...

He has the Citi Costco Card. If he cancels his Costco membership, will the credit card be canceled as well??

Thanks for any input

Re: Citi Costco Card

CBrow — Tue, 28 Apr 2020 21:22:55 GMT

Unfortunately, yes. The requirement for the card is that you have to hold an active membership, since it is specifically tailored to Costco members.

Re: Citi Costco Card

Gunnerboy — Tue, 28 Apr 2020 21:23:51 GMT

Yes, it'll be cancelled immediately, and he'll probably lose his cash-back rewards.

Re: Citi Costco Card

Anonymous — Tue, 28 Apr 2020 21:25:18 GMT

@Gunnerboy

@CBrow

Thank you. I will let him know

Re: Citi Costco Card

CBrow — Tue, 28 Apr 2020 21:26:51 GMT

@Gunnerboy wrote:
Yes, it'll be cancelled immediately, and he'll probably lose his cash-back rewards.

Correct. He will forfeit all cash back accrued YTD.

Re: Citi Costco Card

wasCB14 — Tue, 28 Apr 2020 21:37:09 GMT

While the idea of canceling a Costco membership would be blasphemous in my family, I have heard anecdotes on here of people keeping their cards for something like 12-18 months after canceling the membership. I don't know if they ever found a way to redeem the rewards after canceling, though.

But again, not something I've done or seriously explored doing, so not something I'm at all certain about.

Re: Citi Costco Card

CBrow — Tue, 28 Apr 2020 21:45:49 GMT

@wasCB14 wrote:
While the idea of canceling a Costco membership would be blasphemous in my family, I have heard anecdotes on here of people keeping their cards for something like 12-18 months after canceling the membership. I don't know if they ever found a way to redeem the rewards after canceling, though.

But again, not something I've done or seriously explored doing, so not something I'm at all certain about.

Full related T&Cs:

Costco Membership: The Card Account is only available if you have a current Costco membership in your name. We may cancel your Card Account and participation in the Costco Cash Rewards Program if you do not maintain your Costco membership. You must maintain your Costco membership to redeem Costco Cash Rewards earned with the Card Account. Each authorized user must also have a Costco membership in his or her name.

Account Closure: If we close your Card Account, you will no longer be able to earn Costco Cash Rewards, and you will forfeit any Costco Cash Rewards accumulated, but not yet distributed. If you close or convert your Card Account prior to receiving the credit card reward certificate in your February billing statement, any earned Costco Cash Rewards will be forfeited.

Forfeiture: All Costco Cash Rewards not disbursed via an annual credit card reward certificate due to the reward amount being less than $1, the account status (including account closure), or other reasons, will be forfeited. Additionally, any Costco Cash Rewards not redeemed by December 31 of the year of issuance of the credit card reward certificate will be forfeited.

Re: Citi Costco Card

wasCB14 — Tue, 28 Apr 2020 22:00:24 GMT

@CBrow wrote:
@wasCB14 wrote:
While the idea of canceling a Costco membership would be blasphemous in my family, I have heard anecdotes on here of people keeping their cards for something like 12-18 months after canceling the membership. I don't know if they ever found a way to redeem the rewards after canceling, though.

But again, not something I've done or seriously explored doing, so not something I'm at all certain about.
Full related T&Cs:

Costco Membership: The Card Account is only available if you have a current Costco membership in your name. We may cancel your Card Account and participation in the Costco Cash Rewards Program if you do not maintain your Costco membership. You must maintain your Costco membership to redeem Costco Cash Rewards earned with the Card Account. Each authorized user must also have a Costco membership in his or her name.

Account Closure: If we close your Card Account, you will no longer be able to earn Costco Cash Rewards, and you will forfeit any Costco Cash Rewards accumulated, but not yet distributed. If you close or convert your Card Account prior to receiving the credit card reward certificate in your February billing statement, any earned Costco Cash Rewards will be forfeited.

Forfeiture: All Costco Cash Rewards not disbursed via an annual credit card reward certificate due to the reward amount being less than $1, the account status (including account closure), or other reasons, will be forfeited. Additionally, any Costco Cash Rewards not redeemed by December 31 of the year of issuance of the credit card reward certificate will be forfeited.

https://ficoforums.myfico.com/t5/Credit-Cards/Data-Points-for-Costco-Anywhere-Closure-for-Non-Membership/td-p/5094900

One example of a membership ending in 2016 but the card not closing until 2018.

Re: Citi Costco Card

Anonymous — Tue, 28 Apr 2020 22:05:08 GMT

I've also heard of people who cancel their Costco membership and their card not being cancelled immediately, but a few months later.

Re: Citi Costco Card

Andypanda — Tue, 28 Apr 2020 22:22:43 GMT

@Anonymous wrote:
I've also heard of people who cancel their Costco membership and their card not being cancelled immediately, but a few months later.

Probably takes that long for citi's system realize that there is no Costco membership associated with the account.

Re: Citi Costco Card

wasCB14 — Tue, 28 Apr 2020 22:38:55 GMT

@Andypanda wrote:
@Anonymous wrote:
I've also heard of people who cancel their Costco membership and their card not being cancelled immediately, but a few months later.
Probably takes that long for citi's system realize that there is no Costco membership associated with the account.

It's possible there's some intentional lag. They have a non-subprime customer who might use the card but earn nothing in rewards.

Of course, many would SD the card because of the lack of rewards...and a SDed card in an economic boom can quickly become a massive credit loss in a downturn, especially one with a perhaps unprecedented spike in unemployment.

Re: Citi Costco Card

Aim_High — Tue, 28 Apr 2020 23:47:26 GMT

@CBrow wrote:
@Gunnerboy wrote:
Yes, it'll be cancelled immediately, and he'll probably lose his cash-back rewards.
Correct. He will forfeit all cash back accrued YTD.

I have the CITI Costco and still use it although it used to get more regular dining/travel spend before my CSR.

Potentially losing significant rewards by not planning Costco membership closure is a real pitfall to avoid. As much as I like Costco and plan to keep my membership, there are several disadvantages to their cash back program. I dislike CITI keeping the accrued cash-back for a full year, I dislike having to cash a paper check (that is easily misplaced) only in Costco, and I dislike not getting the additional 2% for spending on my card if I take the easy route and apply the check to new purchases at the register. They don't make it easy to get paid or to get the full 2%.

Re: Citi Costco Card

Gunnerboy — Wed, 29 Apr 2020 00:10:01 GMT

@Aim_High wrote:
I dislike CITI keeping the accrued cash-back for a full year, I dislike having to cash a paper check (that is easily misplaced) only in Costco,

Did you get your rewards certificate in an email?

Re: Citi Costco Card

Anonymous — Wed, 29 Apr 2020 01:08:46 GMT

I got mine via snail mail and email.

Re: Citi Costco Card

Aim_High — Wed, 29 Apr 2020 01:08:48 GMT

@Gunnerboy wrote:
@Aim_High wrote:
I dislike CITI keeping the accrued cash-back for a full year, I dislike having to cash a paper check (that is easily misplaced) only in Costco,
Did you get your rewards certificate in an email?

I don't do e-statements. I'm old-school and like my paper so it comes that way. But for those with e-statements, don't you still have to print it and carry it into Costco to cash it? Or do they send it separately?

Re: Citi Costco Card

wasCB14 — Wed, 29 Apr 2020 01:11:54 GMT

@Aim_High wrote:
@Gunnerboy wrote:
@Aim_High wrote:
I dislike CITI keeping the accrued cash-back for a full year, I dislike having to cash a paper check (that is easily misplaced) only in Costco,
Did you get your rewards certificate in an email?
I don't do e-statements. I'm old-school and like my paper so it comes that way. But for those with e-statements, don't you still have to print it and carry it into Costco to cash it? Or do they send it separately?

They do both. Paper check in the USPS mail and printable check via email.

Either way, you still need to carry a piece of paper into Costco.

Re: Citi Costco Card

Gunnerboy — Wed, 29 Apr 2020 01:14:15 GMT

@Aim_High wrote:
I don't do e-statements. I'm old-school and like my paper so it comes that way. But for those with e-statements, don't you still have to print it and carry it into Costco to cash it? Or do they send it separately?

I just showed the email from my phone and they scanned the bar code.

Re: Citi Costco Card

Anonymous — Wed, 29 Apr 2020 01:28:03 GMT

@Gunnerboy wrote:
@Aim_High wrote:
I don't do e-statements. I'm old-school and like my paper so it comes that way. But for those with e-statements, don't you still have to print it and carry it into Costco to cash it? Or do they send it separately?
I just showed the email from my phone and they scanned the bar code.

I also showed them the email and received everything.

Re: Citi Costco Card

SouthernCredit — Wed, 29 Apr 2020 01:36:02 GMT

You can redeem the rewards via the Citi app, email, or paper certificate. There is also a separate check/award that comes for executive members.

OP - if he's hellbent on cancelling before he can redeem the rewards, I would tell him to call Citi prior to cancelling his membership and request a product change to something else in Citi's lineup, with the DC or Simplicity the likely candidates. That would allow him to retain the product and positive trade history without being tied to Costco.

Re: Citi Costco Card

Wavester64 — Wed, 29 Apr 2020 02:01:54 GMT

@SouthernCredit wrote:
You can redeem the rewards via the Citi app, email, or paper certificate. There is also a separate check/award that comes for executive members.

OP - if he's hellbent on cancelling before he can redeem the rewards, I would tell him to call Citi prior to cancelling his membership and request a product change to something else in Citi's lineup, with the DC or Simplicity the likely candidates. That would allow him to retain the product and positive trade history without being tied to Costco.

Would love to know if the OP winds up doing this since I have the Citi/Costco and you never know I might need to do this someday