topic Re: Do I need Costco Amex? in Credit Cards

Do I need Costco Amex?

wmarat — Sat, 25 Jun 2011 19:26:53 GMT

Do I need Costco Amex if I have Amex Blue?

Re: Do I need Costco Amex?

Anonymous — Sat, 25 Jun 2011 19:52:00 GMT

Who have both of those? Any benefit of having the both cards?

Re: Do I need Costco Amex?

Lel — Sat, 25 Jun 2011 20:14:48 GMT

You have the Amex Blue Cash, not the points-earning Blue, correct?

The Costco Amex pays 2% back on travel. It currently pays 3% at restaurants, but this is going to drop to 2% soon. However, if you get a Costco Amex right now, you'll get the 3% for 12 billing cycles. New cards issued after July 31 ( I think) will only get 2%.

No annual fee. So, there's minimal downside - except, of course, the effects that the new account would have on FICO. But it would get you closer to $500,000 in CL!

Re: Do I need Costco Amex?

wmarat — Sat, 25 Jun 2011 20:52:49 GMT

No, I have Blue Preferred.

To get 500000 in CL's would be nice, but I start closing useless accounts, so I gonna go down to 250000.

Re: Do I need Costco Amex?

veracious — Sat, 25 Jun 2011 21:27:48 GMT

@wmarat wrote:
No, I have Blue Preferred.
To get 500000 in CL's would be nice, but I start closing useless accounts, so I gonna go down to 250000.

Hi, wmarat.

You already have an AMEX card so, you have the only card that Costco accepts, unless of course you use a debit card instead.

I can appreciate the achievement you have reached by having such a high available credit, but I'm sure you realize more than others

that "Credit means nothing if you don't need it ."

Re: Do I need Costco Amex?

wmarat — Sat, 25 Jun 2011 22:18:27 GMT

@veracious wrote:
@wmarat wrote:
No, I have Blue Preferred.
To get 500000 in CL's would be nice, but I start closing useless accounts, so I gonna go down to 250000.
Hi, wmarat.

You already have an AMEX card so, you have the only card that Costco accepts, unless of course you use a debit card instead.
I can appreciate the achievement you have reached by having such a high available credit, but I'm sure you realize more than others
that "Credit means nothing if you don't need it ."

Thanks.

I do have AmEx Blue and AmEx's from BOA, USAA and Macy's. 2% on travel and 2-3% on restaurants are not attractive.

Credit indeed means nothing when you don't need it, but available credit means a lot when you need it.

Re: Do I need Costco Amex?

haulingthescoreup — Sat, 25 Jun 2011 22:28:59 GMT

Now that I have the Blue Cash Preferred, my Costco card has definitely lost its luster. I don't know if I'll keep it when my membership is due for renewal.

I know that many people don't like paying fees (understandably), but if you have kids --or big grocery bills for any reason --the BCP is a heckuva lot better deal than Costco.

6% cash back on groceries

3% cash back on gas (and you can use it for Costco gas)

3% cash back at department stores

1% elsewhere

If you spend $500 at supermarkets each month, that's $30 every month, so that takes care of the $50 fee pretty quickly.

I don't eat at restaurants that often. I'd rather cook up a storm at home.

Re: Do I need Costco Amex?

BluMoon — Sun, 26 Jun 2011 10:43:02 GMT

Lel,

Where did you get your info about the Costco Amex dropping to 2 percent for restaurants after July? I went to the Costco Amex site and it still states 3% with no disclaimers.

Re: Do I need Costco Amex?

Anonymous — Sun, 26 Jun 2011 13:55:05 GMT

@haulingthescoreup wrote:
Now that I have the Blue Cash Preferred, my Costco card has definitely lost its luster. I don't know if I'll keep it when my membership is due for renewal.

I know that many people don't like paying fees (understandably), but if you have kids --or big grocery bills for any reason --the BCP is a heckuva lot better deal than Costco.

6% cash back on groceries
3% cash back on gas (and you can use it for Costco gas)
3% cash back at department stores
1% elsewhere

If you spend $500 at supermarkets each month, that's $30 every month, so that takes care of the $50 fee pretty quickly.

I don't eat at restaurants that often. I'd rather cook up a storm at home.

I don't think my True Earnings card is going to see nearly as much action as it's been used to, save for at Costco, and I might relegate it to my "travel" card for the 2%. I'm still spending enough at Costco (thanks to my two in diapers, and a few large charitable purchases each year) to win the rewards game with the Executive membership. But, my Blue Cash Preferred has most definitely taken lead in my purse.

6% cashback on groceries even has DH smiling... and he doesn't usually care one iota about this stuff.

Re: Do I need Costco Amex?

700orbust — Sun, 26 Jun 2011 14:02:51 GMT

Hauling,

So the BCP 3% works on Costco Gas? Is that the same for other wholesale gas pumps? (like Sam's Club, BJ's, etc)

If so that would be nice, as my company car I usually fill up at Sam's...

Re: Do I need Costco Amex?

Lel — Sun, 26 Jun 2011 14:21:04 GMT

BluMoon, I received a notice with my last statement about the Costco Amex rewards reduction:

http://ficoforums.myfico.com/t5/Credit-Cards/Costco-AMEX-restaurant-reduction/m-p/946210#M271361

Besides using this card at Costco, I only use this for travel and restaurants. I sometimes have to travel a lot, so the rewards add up after a while. I use a different rewards card for gas because it has a better cash back bonus.

I've considered taking a shot at applying for the blue cash preferred card, but there's a lot of inertia on my end.

Re: Do I need Costco Amex?

Tazman81 — Sun, 26 Jun 2011 15:32:10 GMT

@700orbust wrote:
Hauling,

So the BCP 3% works on Costco Gas? Is that the same for other wholesale gas pumps? (like Sam's Club, BJ's, etc)

If so that would be nice, as my company car I usually fill up at Sam's...

I think the only card that gives the higher percentage for gas at Costco is the Costco TrueEarnings... All other cards specifically say it excludes wharehouse items.

Re: Do I need Costco Amex?

haulingthescoreup — Sun, 26 Jun 2011 22:35:48 GMT

@Tazman81 wrote:
@700orbust wrote:
Hauling,

So the BCP 3% works on Costco Gas? Is that the same for other wholesale gas pumps? (like Sam's Club, BJ's, etc)

If so that would be nice, as my company car I usually fill up at Sam's...
I think the only card that gives the higher percentage for gas at Costco is the Costco TrueEarnings... All other cards specifically say it excludes wharehouse items.

I might have gone out on a limb on this one, and fallen right off. I didn't consider if a Costco gas purchase is coded as a gas purchase or a Costco purchase. I'll have to try it out and see, but it will be a while before I can see which way it goes on my statement.

*slinks away in confusion*