topic Re: Costco Amex in Credit Cards

Costco Amex

pattycake — Wed, 30 Sep 2009 22:52:43 GMT

Anyone app for this card recently and get approved? If so, please share your experiences. I'm thinking about app'ing in the next few months.

Thank you!

Re: Costco Amex

DI — Wed, 30 Sep 2009 23:05:51 GMT

@pattycake wrote:
Anyone app for this card recently and get approved? If so, please share your experiences. I'm thinking about app'ing in the next few months.

Thank you!

Pattycake I thought you were gardening. LOL. I'm done apping until July 2010. My next card may be the Costco Amex to upgrade from the Blue, so I'm interested in the responses you receive.

Re: Costco Amex

pattycake — Thu, 01 Oct 2009 00:11:20 GMT

@DI wrote:
@pattycake wrote:
Anyone app for this card recently and get approved? If so, please share your experiences. I'm thinking about app'ing in the next few months.

Thank you!
Pattycake I thought you were gardening. LOL. I'm done apping until July 2010. My next card may be the Costco Amex to upgrade from the Blue, so I'm interested in the responses you receive.

I'm gardening until I app for the Costco Amex!!!!!

Re: Costco Amex

Anonymous — Thu, 01 Oct 2009 00:28:10 GMT

I've had the blue sky card a while, but never used it.

I apped for the costco card and found out some interesting things:

My account was aged to the date I joined as a Costco member. A new card in July of 09 says June 07 on it.

Just today I realized something a little disturbing: about 70% of the "restaurants" I've dined at, including places like McDonald's are paid as 1% "other". I'm going to have to get to the bottom of this soon. That was over $500 I only got 1% vs. 3% reward. I noticed on my statement that these 70% don't identify as restaurants even though they are, clearly.

Lastly, today was my 3 month anniversary. Teaser rate is over, and they gave me a $349 CLI... bringing the credit line to $2349. Not great in my opinion. I still can't use this card to buy flights for my work... but thats their loss.

Overall, I like the card, but I need to get my rewards issue straightened out.

Message Edited by anevilpetingzoo on 09-30-2009 05:28 PM

Re: Costco Amex

jaysdad2k — Thu, 01 Oct 2009 01:44:13 GMT

Hmm...

I got my first Amex, a Gold in May 2008, and then the Costco in June 2008.

But, I joined Costco in May 2007. Are you saying I can get re-aged to 2007 on both my Amex cards?

P. S. I don't think history with Costco is that significant a factor when applying for the card. I had only a year of membership and probably less than $500 in purchases when I was approved.

Message Edited by jaysdad2k on 09-30-2009 09:44 PM

Re: Costco Amex

Anonymous — Thu, 01 Oct 2009 16:16:14 GMT

I don't honestly know about the re-aging thing. Maybe you could and it couldn't hurt to ask!

I also have been a mediocre customer of Costco. I get my membership though my work so maybe they liked that history...I'm not sure.

BTW, strangest thing! I logged into my Costco Amex account this morning, and my CLI was GONE! I guess I have to set aside some time to chat with a CSR today.

Re: Costco Amex

Anonymous — Thu, 01 Oct 2009 16:31:40 GMT

@Anonymous wrote:

Just today I realized something a little disturbing: about 70% of the "restaurants" I've dined at, including places like McDonald's are paid as 1% "other". I'm going to have to get to the bottom of this soon. That was over $500 I only got 1% vs. 3% reward. I noticed on my statement that these 70% don't identify as restaurants even though they are, clearly.

There is no human or program from the credit card company reviewing your purchases. The "tag" which denotes your purchase type comes from the merchant you purchase from. It may be improperly formatted or simply incorrect, or ran in tandem with another aspect of the business and therefore not categorized correctly.

Going to my local big box grocery store and picking up dry cleaning at the service counter, and filling my tank up at the outside pumps still flags the transaction as grocery store.

Re: Costco Amex

pattycake — Thu, 01 Oct 2009 16:39:33 GMT

Amex told me they don't review your history, but that Costco does review some things prior to granting a CL. I have Ameriprise insurance on my house and car, so they may also look into whether applicants are likely to purchase these types of products through them (got the policies under Costco).

Anyway, I'm debating whether it's worth it. I didn't get the Addison Ave card because they were looking at an old CRB from EX (the one I ordered had no derogs from Chase or CapOne, but that was a couple of weeks after they pulled). Do they still do instant approvals at Costco's member desk?

Re: Costco Amex

Anonymous — Thu, 01 Oct 2009 17:22:58 GMT

@pattycake wrote:
Amex told me they don't review your history, but that Costco does review some things prior to granting a CL. I have Ameriprise insurance on my house and car, so they may also look into whether applicants are likely to purchase these types of products through them (got the policies under Costco).

I'm sorry.

You should really shop around. I found them to be not at all competitive and very disingenious.

Apped online through COSTCO.

Received a great quote cheaper then USAA. paid with a credit card to establish

Called USAA to see if they could match, USAA could not but CSR from USAA asked me to maintain coverage until I received the Ameriprise documents, which I did.

Received documents, quote was $78.00 a month more then then USAA, and 98 more then the online quote, called, got a foreign CSR and found out that the initial quote was before they actually investigated you as a customer and ran your bureau and such and thats why my "real" rate was different.

So I went to cancel as they were no longer competitive at all with USAA.

They demanded keeping in the refund a processing fee/transaction fee, so I had to dispute the transaction with my CC to get all my money back since had I known the quote was not my real quote I would not have purchased.

They contacted me and complained to me about filing the dispute.

much argumenting went on.

I actually wrote Costco a compplaint letter, which I heard nothing back from COSTCO on.

In my eyes after 11 years of COSTCO membership the only bad experience I ever had with COSTCO.

Message Edited by usmc58555 on 10-01-2009 10:22 AM

Re: Costco Amex

pattycake — Thu, 01 Oct 2009 20:29:51 GMT

@Anonymous wrote:
@pattycake wrote:
Amex told me they don't review your history, but that Costco does review some things prior to granting a CL. I have Ameriprise insurance on my house and car, so they may also look into whether applicants are likely to purchase these types of products through them (got the policies under Costco).

I'm sorry.

You should really shop around. I found them to be not at all competitive and very disingenious.

Apped online through COSTCO.

Received a great quote cheaper then USAA. paid with a credit card to establish

Called USAA to see if they could match, USAA could not but CSR from USAA asked me to maintain coverage until I received the Ameriprise documents, which I did.

Received documents, quote was $78.00 a month more then then USAA, and 98 more then the online quote, called, got a foreign CSR and found out that the initial quote was before they actually investigated you as a customer and ran your bureau and such and thats why my "real" rate was different.

So I went to cancel as they were no longer competitive at all with USAA.

They demanded keeping in the refund a processing fee/transaction fee, so I had to dispute the transaction with my CC to get all my money back since had I known the quote was not my real quote I would not have purchased.

They contacted me and complained to me about filing the dispute.

much argumenting went on.

I actually wrote Costco a compplaint letter, which I heard nothing back from COSTCO on.

In my eyes after 11 years of COSTCO membership the only bad experience I ever had with COSTCO.

Message Edited by usmc58555 on 10-01-2009 10:22 AM

Still want to know recent experiences on the Costco Amex app process.

usmc - Ameriprise was actually one of the better rates I was quoted for home/car. The auto rate was close to $500 a year cheaper than what I had, and the home rate was also much less expensive. They did a soft pull, which is legal in Arizona, for rates. I have no claims and a clean driving record, so that might have helped.

Re: Costco Amex

manyquestions — Thu, 01 Oct 2009 20:52:26 GMT

@pattycake wrote:
Anyone app for this card recently and get approved? If so, please share your experiences. I'm thinking about app'ing in the next few months.

Thank you!

I apped about a month ago. I had no Costco history. Joined Costco, got my member number, apped for the Costco card and was approved for 4k credit limit. I was happy with that. So you don't need a Costco history to be approved. You can be new. They pulled Experian. Experian fako score was around 750..

Re: Costco Amex

pattycake — Fri, 02 Oct 2009 17:09:47 GMT

Thanks - I have an executive membership with Costco and buy computers and tires, mattresses, etc. through them so prior history isn't an issue. I don't know what my EX is, but when I got my mortgage in March of 08, it was the highest of the three at 682. Then it moved up to 693 by the time EX stopped offering scores here on myfico.

Re: Costco Amex

Anonymous — Fri, 02 Oct 2009 17:23:20 GMT

So I got some answers from a CSR on the "is it a restaurant or not" problem.

They code the business type by their tax id number. If they're registered as a restaurant based on that number, than they will be correctly picked up by AMEX as such (if they don't than uncle Sam might have some tax questions for them). So far, they have been 100% correct for me.

In their internal system, they have some coded as restaurants already and they show up as such. Amex doesn't have detailed records on others, but they are paid correctly.

Re: Costco Amex

haulingthescoreup — Fri, 02 Oct 2009 22:43:59 GMT

Also, many rewards programs differentiate between sit-down restaurants and fast-food restaurants.

Re: Costco Amex

Anonymous — Fri, 02 Oct 2009 23:11:27 GMT

@Anonymous wrote:

My account was aged to the date I joined as a Costco member. A new card in July of 09 says June 07 on it.

Wow, I never know about this before! I've been wanting to app for the Costco AmEx but didn't want to bring down my average age. But I've been a Costco member for 6 years - longer than my AAoA. Maybe it's time!

Re: Costco Amex

Anonymous — Sat, 03 Oct 2009 03:27:38 GMT

I would not call McDonalds a restaurants

Re: Costco Amex

Anonymous — Sat, 03 Oct 2009 03:32:26 GMT

Last month I received a costo Amex invitation to apply letter. Last month my util was 25%, I am going to pay that down and apply for the card 2 weeks from now.

I have a costco membership for a year now...

I will let you know then.

Re: Costco Amex

pattycake — Sat, 03 Oct 2009 03:34:50 GMT

Thanks, voidman. I see that tray just approved for an Amex green, but I don't know what their requirements are for the Costco card. They do instant approvals in store, from what the membership desk told me. We shop there so often, I would love to get rewards! Also, to buy furniture on the 0% promo rate (six months until the end of October).

Re: Costco Amex

Anonymous — Sat, 03 Oct 2009 03:40:49 GMT

@pattycake wrote:
Thanks, voidman. I see that tray just approved for an Amex green, but I don't know what their requirements are for the Costco card. They do instant approvals in store, from what the membership desk told me. We shop there so often, I would love to get rewards! Also, to buy furniture on the 0% promo rate (six months until the end of October).

I would NEVER revolve Amex. Even for 3 months some say that Amex is fine with.

Re: Costco Amex

CHARGE_IT — Sat, 03 Oct 2009 11:52:35 GMT

It's your choice, but is also your loss. One can't believe everything one reads on the internet.

I've revolved like crazy and take advantage of all services and they jump when I call.

(last year, they wiped out most of the cost for our vacation due to flight cancellation. Great free hotel rooms too; and dinner in my favorite DFW restaurant.)

I just don't understand the fear and hysteria. I USE THEM.........NOT THE OTHER WAY AROUND.

GOOD LUCK,