topic Re: Costco Amex? in Credit Cards

Costco Amex?

Anonymous — Mon, 07 Jul 2008 02:51:38 GMT

Funny story- but not at the time:

Went to Costco and at the pay line I realized I forgot my ATM card at home. Well I whip out my Visa- "We don't take Visa- only cash, check and Amex." As my jaw hit the floor and my face flushed red, as I look at the cart of stuff ready to go. I ask if they take MC- no go. Irritated now I know I'm going to have to go to the bank and rack up some fees to get cash. The cashier snottily asked "Well are you going to come back?" Slightly turning back I say "mmm yea.. maybe."

As I'm fuming back to the Buick, I think to myself... he didn't mention the ATM machine in the store, nor the AMEX card- Which brings me to my question:

What are the prereqs for the Costco Amex? From what I've researched on here (man I love these boards) They like above 620's, over 20k/yr and pull Ex. I'm good to go there, but how do the feel about a repo from 5 yrs ago? (only derog) Would I just be "rolling the dice?" Last year I was denied for a clear because of a BK, but it is no longer reporting.

Thanks for the input and hope you are still chuckling from the emarassing moment- LOL now I can laugh at it...

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 03:16:55 GMT

I've read from a couple of posters that the Costco card is one of th emore difficult cards to get.

How is your EX score? If your BK is no longer reporting, you would probably have a much better shot at the Green or Gold Delta Skymiles cards. They are easier to get than the Clear, and with no baddies in the past couple years you would stand a good chance at being approved.

I wish Sams Club took Amex.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 04:00:39 GMT

A few months ago was 640 (lowest score of the 3- of course)

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 04:04:24 GMT

@Anonymous wrote:
A few months ago was 640 (lowest score of the 3- of course)

If you are worried about wasting the inquiry in case you declined, it's definitely a good idea to pull your EX FICO score before you intend to apply. There are plenty of discount codes to be found if you search on Google.

If you're over 650, I would venture to say you will more than likely be approved for a Green or a Gold Delta SkyMiles card.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 04:26:56 GMT

I agree with FM. Costco Amex is a toughie. If you want an Amex, consider one of the two cards FM mentioned above.

I wouldn't try for Costco Amex without 720 or so (on the low end).

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 04:42:50 GMT

@Anonymous wrote:
I agree with FM. Costco Amex is a toughie. If you want an Amex, consider one of the two cards FM mentioned above.

I wouldn't try for Costco Amex without 720 or so (on the low end).

After reading your post cheddar I had to go to the AE website and check out the rewards for this card.

The Costco card looks to have, by far, the best rewards of any of the AE cards, IMO. 3 percent cash back on dining and gas is pretty darn good. If I wasn't in the Concorduser Center, I would app for this one outright.

Maybe they will switch my Blue or Clear to it, but it's probably not possible. But, I think I might call and ask.

I plan on using my Discover Open Road as my gas card since it gets 5 percent back on gas, but I think it's capped at a certain dollar amount. I had two different CSRs tell me that it was capped at $100 a month, and $400 a month. I'm inclined to believe $400 a month, as $100 a month isn't enough to even fill up twice.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 04:54:44 GMT

I don't think they do PC's to this card-

My Simply Cash does 5% cash back on Gas-

@Anonymous wrote:

@Anonymous wrote:

I agree with FM. Costco Amex is a toughie. If you want an Amex, consider one of the two cards FM mentioned above.

I wouldn't try for Costco Amex without 720 or so (on the low end).

After reading your post cheddar I had to go to the AE website and check out the rewards for this card.

The Costco card looks to have, by far, the best rewards of any of the AE cards, IMO. 3 percent cash back on dining and gas is pretty darn good. If I wasn't in the Concorduser Center, I would app for this one outright.

Maybe they will switch my Blue or Clear to it, but it's probably not possible. But, I think I might call and ask.

I plan on using my Discover Open Road as my gas card since it gets 5 percent back on gas, but I think it's capped at a certain dollar amount. I had two different CSRs tell me that it was capped at $100 a month, and $400 a month. I'm inclined to believe $400 a month, as $100 a month isn't enough to even fill up twice.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 04:58:14 GMT

Yeah, I agree they probably don't switch to that card, but I figure it's worth asking.

Who issues the Simply Cash card? Ahem, not that I want to app or anything. My Concorduser Center room has an excellent view.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 05:04:07 GMT

Amex - Small Business

FretlessMayhem wrote:
Yeah, I agree they probably don't switch to that card, but I figure it's worth asking.

Who issues the Simply Cash card? Ahem, not that I want to app or anything. My Concorduser Center room has an excellent view.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 05:10:47 GMT

FretlessMayhem wrote:

After reading your post cheddar I had to go to the AE website and check out the rewards for this card.

The Costco card looks to have, by far, the best rewards of any of the AE cards, IMO. 3 percent cash back on dining and gas is pretty darn good. If I wasn't in the Concorduser Center, I would app for this one outright.

I agree. For Amex, 3% on gas and dining is pretty good.

I have my eye on Citi Professional, which gives 3% on gas, dining, office supply stores, and vehicle rentals, with no AF.

Although that's still several months away for me.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 05:25:36 GMT

I agree that the card has good beni's. Would Costco take any Amex? Or just their own branded card?

I will def. pull my report- when do the CRAs update? I've read different things, some posts said 15th, 19th end of month...??? Would like to get a most up to the minute.

So if I'm over 650 then I should be OK then?

once again I appreciate you guys helping on my ?s. After hrs of reading it begins to blurr together and mind spins. you guys help playing the "game" making everyone informed "players"

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 05:29:13 GMT

Boggled1 wrote:

I agree that the card has good beni's. Would Costco take any Amex? Or just their own branded card?

Costco will take any Amex.

I will def. pull my report- when do the CRAs update? I've read different things, some posts said 15th, 19th end of month...??? Would like to get a most up to the minute.

This varies from person to person. Most cards report to the CRAs on their statement dates, and the CRAs sometimes take up to 10 days or so after that to update your reports with the new balances.

So if I'm over 650 then I should be OK then?

For the Costco Amex? That's probably too low. If you want an Amex consider the Green charge card or the Gold Delta SkyMiles, as FM posted above.

once again I appreciate you guys helping on my ?s. After hrs of reading it begins to blurr together and mind spins. you guys help playing the "game" making everyone informed "players"

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 05:37:31 GMT

Ahh ha I get it now. thought they only took their Amex.

I'll check out the green Amex. Thank you FM and Cheddar for the plethora of info.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 05:37:52 GMT

Just in case any non-Costco members like me are thinking about this card, I think it's worth pointing out that there appears to be an AF. It states that it is fee-free with your Costco membership, but there aren't any of those in my area.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 05:39:41 GMT

FretlessMayhem wrote:
Just in case any non-Costco members like me are thinking about this card, I think it's worth pointing out that there appears to be an AF. It states that it is fee-free with your Costco membership, but there aren't any of those in my area.

I think the way they set it up is that the AF on the card serves as your Costco membership fee.

Re: Costco Amex?

KingAdrock — Mon, 07 Jul 2008 08:19:56 GMT

Costco has always only accepted one type of CC. But it used to be Discover. I always wondered what caused the switch. I'm guessing it involved Amex giving Costco something, likely something with a lot of zeros.

Re: Costco Amex?

athensguy — Mon, 07 Jul 2008 10:52:34 GMT

@Anonymous wrote:
@Anonymous wrote:
I agree with FM. Costco Amex is a toughie. If you want an Amex, consider one of the two cards FM mentioned above.
I wouldn't try for Costco Amex without 720 or so (on the low end).
After reading your post cheddar I had to go to the AE website and check out the rewards for this card. The Costco card looks to have, by far, the best rewards of any of the AE cards, IMO. 3 percent cash back on dining and gas is pretty darn good. If I wasn't in the Concorduser Center, I would app for this one outright. Maybe they will switch my Blue or Clear to it, but it's probably not possible. But, I think I might call and ask. I plan on using my Discover Open Road as my gas card since it gets 5 percent back on gas, but I think it's capped at a certain dollar amount. I had two different CSRs tell me that it was capped at $100 a month, and $400 a month. I'm inclined to believe $400 a month, as $100 a month isn't enough to even fill up twice.

Sadly, it's $100 per month. I buy the first $100 of my gas with Discover, then move on.

Re: Costco Amex?

Anonymous — Mon, 07 Jul 2008 17:10:20 GMT

Just to state my credentials: I work for a major credit union and a family member of mine has done financial consulting work for Costco. Supposedly Costco has an extremely thin profit margin on the sale of goods, as is clear because everything they sell is heavily discounted. They can afford to do this by buying in bulk, but also by charging membership fees; these fees provide the majority of their profit.

All merchants pay the credit card processing companies a processing fee for the credit cards they accept. Visa and Mastercard charge fees at around 2.00%, while American Express charges closer to 3.00%.

Costco accepts cash of course, because they don't have to pay any processing fees and let's face it, everyone takes cash. They also bartered a deal with American Express that went like this: American Express gave Costco a discount on processing fees while Costco made American Express the sole card accepted at all Costco warehouses.

Reasons for switching from Discover to American Express included: 1.) American Express is more widely accepted by merchants and more importantly, more widely held by consumers, and potential Costco members, than Discover; 2.) American Express is widely renowned for their customer service policies and relations. *See returns and exchange policies for American Express*

I applied for this card with my FICO score average in the 720 ballpark and was accepted with a $2000.00 credit limit. The following are taken into consideration when processing an application for this card: 1.) Credit score; 2.) Relationship with American Express including but not limited to how long you've been a member, your spending habits and your payment history; 3.) Your spending habits at Costco warehouses; the more you spend, the better your chances.

Hope this helps.