topic Re: Costco AMEX card? in Credit Cards

Costco AMEX card?

Anonymous — Wed, 20 Jun 2012 00:07:54 GMT

My Gf received a pre-approval letter in the mail for a Costco AMEX card, she has been COSTCO member for 3 years now. We had her fill out the online application with their RSVP # and it gave us the msg most of you heard before. If you qualify you will receive the card in 14 days" or something like that...

Her credit isnt that great unless they wil base it of Costco database on how much she spends there, does anyone know anything about this?

Re: Costco AMEX card?

Datx — Wed, 20 Jun 2012 00:11:36 GMT

From what I read, Amex would have to verify your GF's Costco membership before giving a decision. BOL, hope she gets the card.

Re: Costco AMEX card?

Repo-ed — Wed, 20 Jun 2012 00:18:32 GMT

She's good. This is pretty standard

Re: Costco AMEX card?

Anonymous — Wed, 20 Jun 2012 00:28:07 GMT

@Repo-ed wrote:
She's good. This is pretty standard

Thats interesting, if she gets approved that means her spending at COSTCO is mainly what the decision was made from, not her score.

Re: Costco AMEX card?

Repo-ed — Wed, 20 Jun 2012 00:29:18 GMT

@Anonymous wrote:
@Repo-ed wrote:
She's good. This is pretty standard
Thats interesting, if she gets approved that means her spending at COSTCO is mainly what the decision was made from, not her score.

Time will tell.

Re: Costco AMEX card?

tntexans72 — Wed, 20 Jun 2012 00:34:30 GMT

More than likely, I would say she will be approved for the card. It may be a $2k starting CL but she'll get her foot in the door.

Re: Costco AMEX card?

Anonymous — Wed, 20 Jun 2012 00:36:13 GMT

@tntexans72 wrote:
More than likely, I would say she will be approved for the card. It may be a $2k starting CL but she'll get her foot in the door.

Crossing my fingers, that would beat any of my cards.

Re: Costco AMEX card?

-Cain- — Wed, 20 Jun 2012 01:08:30 GMT

The Costco manager that signed me up said he sees about a 25% approval rate. He told me it is AmEx's decision, Costco doesn't have too much influence. Best of Luck anyway.

Re: Costco AMEX card?

Anonymous — Wed, 20 Jun 2012 15:26:07 GMT

@-Cain- wrote:
The Costco manager that signed me up said he sees about a 25% approval rate. He told me it is AmEx's decision, Costco doesn't have too much influence. Best of Luck anyway.

Re: Costco AMEX card?

Anonymous — Wed, 20 Jun 2012 15:33:45 GMT

@Anonymous wrote:
My Gf received a pre-approval letter in the mail for a Costco AMEX card, she has been COSTCO member for 3 years now. We had her fill out the online application with their RSVP # and it gave us the msg most of you heard before. If you qualify you will receive the card in 14 days" or something like that...

Her credit isnt that great unless they wil base it of Costco database on how much she spends there, does anyone know anything about this?

Normal credit check with Amex. Might be one of easier Amex credit cards to get however (delta too). What's her fico score and what negatives? Also did the letter actually say preapproval or something else? Check her credit report (likely experian) for soft from Amex. If there is none, it wasn't preapproval. If there is one, I would say her chances are good. The message she got is pretty standard with approvals and denials.

Re: Costco AMEX card?

ajh5408 — Wed, 20 Jun 2012 16:06:56 GMT

Generally speaking, the lending standards for affinity products are set in conjunction with the co-brand (in this case Costco), though it's rare that they have direct, card-by-card involvement in the decision-making process.

When all else fails, it (usually) never hurts to call and ask.

Re: Costco AMEX card?

pizzadude — Wed, 20 Jun 2012 16:58:39 GMT

I agree that the amount of spend at Costco likely doesn't play into the approval decision, it will be up to AMEX to approval/reject. Given that it is a revolving card it probably is harder to qualify for than most cards, and this seems to make sense given what the manager told Cain about the low approval rate.

I know with this card they do have to verify your Costco membership, so this probably contributes to the delay in processing. However you should be able to check your application status at the AMEX website: https://www262.americanexpress.com/eaol/welcome.do

Re: Costco AMEX card?

Anonymous — Wed, 20 Jun 2012 18:16:21 GMT

Unless you app in store, you get a long delay for approval or denial as Costco needs to verify membershp for Amex.

Re: Costco AMEX card?

Anonymous — Wed, 20 Jun 2012 18:54:10 GMT

If you are added as an ACM on a Costco AmEx, can you use that for backdating purposes? Not sure if the Costco AmEx is any different than a "standard" AmEx like Gold, Platinum, BCE, etc.

Re: Costco AMEX card?

pizzadude — Wed, 20 Jun 2012 19:05:30 GMT

@Anonymous wrote:
If you are added as an ACM on a Costco AmEx, can you use that for backdating purposes? Not sure if the Costco AmEx is any different than a "standard" AmEx like Gold, Platinum, BCE, etc.

Yes, any cards underwritten by AMEX can be backdated. AMEX Cards underwitten by others like BofA, USAA, etc... will not.

Re: Costco AMEX card?

Too_much_debt — Thu, 21 Jun 2012 03:04:26 GMT

Just applied on Sunday. Received the same message about "I'll hear within 14 days". I checked the website numerous times over the past few days and it always said they couldn't find my application or something like that. Then low and behold today I received an email stating I was approved. Didn't state the limit, and I'm not going to call to find out. I'm looking forward to the surprise.

Clean credit record, with the exception of high util. Scores between 700 and 725. Was just approved for the Citi Thank You Preferred card and Walmart Discover within the past two weeks as well.

Re: Costco AMEX card?

Anonymous — Thu, 21 Jun 2012 03:36:37 GMT

You can always call the back door number and speak with someone. From what i've heard most people that have done that on here were approved over the phone!!

I love this card it's a great and the benefits are super

Re: Costco AMEX card?

Anonymous — Thu, 21 Jun 2012 04:27:22 GMT

Apparently you can only have one ACM on a Costco AmEx card. Bummer.