topic Re: Citibank gets Costco Credit Card Deal in Credit in the News

Citibank gets Costco Credit Card Deal

DaJagman — Mon, 02 Mar 2015 13:09:13 GMT

According to CNBC Squawk Box

Re: Citibank gets Costco Credit Card Deal

Anonymous — Mon, 02 Mar 2015 13:12:15 GMT

Citi + Visa, according to CNBC.com. Sounds like no DC for us.

Re: Citibank gets Costco Credit Card Deal

chalupaman — Mon, 02 Mar 2015 13:15:18 GMT

I didn't see that coming but I'll be checking up to see how this goes.

Re: Citibank gets Costco Credit Card Deal

CreditCuriosity — Mon, 02 Mar 2015 13:54:04 GMT

This blows out of all lenders, other then Cap1 this isn't the partner I wanted them to have

BTW: http://www.marketwatch.com/story/visa-to-replace-american-express-as-costco-credit-card-2015-03-02?dist=beforebell

Might have to apply for a regular QS Visa .. Didn't think this day would ever come again... See what Citi creates for a card I guess although I probably have to many inquiries for citi

Edit: Will just convert my venture one to regular QS in a few months so Cap1 doesn't get a 3 pull on me. Hopefully Citi relaxes their underwritting a slight bit.

Re: Citibank gets Costco Credit Card Deal

I-think-I-can — Mon, 02 Mar 2015 13:45:40 GMT

That was unexpected!

Re: Citibank gets Costco Credit Card Deal

NRB525 — Mon, 02 Mar 2015 14:01:58 GMT

VISA taking over at Costco next month. Not wasting any time cutting out AMEX.

New Citi card due in a few weeks. That will probably lead to an apping crush on Citi.

Re: Citibank gets Costco Credit Card Deal

Anonymous — Mon, 02 Mar 2015 14:14:57 GMT

So... We can use visa card at Costco now?

Re: Citibank gets Costco Credit Card Deal

CreditCuriosity — Mon, 02 Mar 2015 14:19:13 GMT

@Anonymous wrote:
So... We can use visa card at Costco now?

Not until Feb of next year or whatever when Amex contract is up

Re: Citibank gets Costco Credit Card Deal

Anonymous — Mon, 02 Mar 2015 14:20:26 GMT

@NRB525 wrote:
VISA taking over at Costco next month. Not wasting any time cutting out AMEX.
New Citi card due in a few weeks. That will probably lead to an apping crush on Citi.

Not next month. April 2016.

Re: Citibank gets Costco Credit Card Deal

Gunnar419 — Mon, 02 Mar 2015 14:22:16 GMT

@NRB525 wrote:
VISA taking over at Costco next month. Not wasting any time cutting out AMEX.
New Citi card due in a few weeks. That will probably lead to an apping crush on Citi.

? It's still all happening in 2016, right? Not this year.

(Sorry, redundant. Looks like a bunch of us said the same thing at the same time.)

Re: Citibank gets Costco Credit Card Deal

Anonymous — Mon, 02 Mar 2015 14:21:55 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
So... We can use visa card at Costco now?
Not until Feb of next year or whatever when Amex contract is up

Nice, I guess quicksilver card will get more usage than just Netflix subscription after all.

Re: Citibank gets Costco Credit Card Deal

Gunnar419 — Mon, 02 Mar 2015 14:25:52 GMT

Visa, not bad. 1.5 percent on Costco purchases with the QS sounds good.

Citi? My first reaction is me no like.

I've never had a Citi card, but just from reading around here I've gotten a not great impression. It also sounds as if the Costco TE portfolio will be sold to them so TE holders will automatically get Citi cards. For some reason (not necessarily rational) that makes me nervous.

Re: Citibank gets Costco Credit Card Deal

Anonymous — Mon, 02 Mar 2015 14:26:03 GMT

@Anonymous wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
So... We can use visa card at Costco now?
Not until Feb of next year or whatever when Amex contract is up
Nice, I guess quicksilver card will get more usage than just Netflix subscription after all.
Pretty sure it has to be a Citibank Visa, not just any Visa

Balls! Well then, I still have to use cash at Costco 😕

Re: Citibank gets Costco Credit Card Deal

CreditCuriosity — Mon, 02 Mar 2015 14:26:17 GMT

@Anonymous wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
So... We can use visa card at Costco now?
Not until Feb of next year or whatever when Amex contract is up
Nice, I guess quicksilver card will get more usage than just Netflix subscription after all.
Pretty sure it has to be a Citibank Visa, not just any Visa

And the arguement begin again whether they can stop other Visa's from being used at Costco or if it violates the Visa Agreement .. This thread will be the one to watch today lol

Re: Citibank gets Costco Credit Card Deal

Anonymous — Mon, 02 Mar 2015 14:27:29 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
So... We can use visa card at Costco now?
Not until Feb of next year or whatever when Amex contract is up
Nice, I guess quicksilver card will get more usage than just Netflix subscription after all.
Pretty sure it has to be a Citibank Visa, not just any Visa
And the arguement begin again whether they can stop other Visa's from being used at Costco or if it violates the Visa Agreement .. This thread will be the one to watch today lol

The more I think about it, I'm probably wrong and that any Visa will work, just like any AMEX worked

Re: Citibank gets Costco Credit Card Deal

Gunnar419 — Mon, 02 Mar 2015 14:28:24 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
So... We can use visa card at Costco now?
Not until Feb of next year or whatever when Amex contract is up
Nice, I guess quicksilver card will get more usage than just Netflix subscription after all.
Pretty sure it has to be a Citibank Visa, not just any Visa
And the arguement begin again whether they can stop other Visa's from being used at Costco or if it violates the Visa Agreement .. This thread will be the one to watch today lol

As I read it, the co-brand card will be Citi, but any and all Visas will work, just as any and all Amexes (including non-Centurian Bank ones) currently work.

Am I wrong?

I don't think Costco would be so dumb as to say only one type of Visa card will work with them. Even if it didn't violate agreements, it would eliminate way too many potential cc purchases.

Re: Citibank gets Costco Credit Card Deal

CreditCuriosity — Mon, 02 Mar 2015 14:28:27 GMT

Gunnar419 wrote:

Visa, not bad. 1.5 percent on Costco purchases with the QS sounds good.

Citi? My first reaction is me no like.

Where did you hear exisiting TE holders will be converted? If this is the case, might be time to get a TE card so I can get in with Citi if this is true.

Re: Citibank gets Costco Credit Card Deal

Gunnar419 — Mon, 02 Mar 2015 14:30:50 GMT

@CreditCuriousity wrote:
@Gunnar419 wrote:
Visa, not bad. 1.5 percent on Costco purchases with the QS sounds good.

Citi? My first reaction is me no like.

I've never had a Citi card, but just from reading around here I've gotten a not great impression. It also sounds as if the Costco TE portfolio will be sold to them so TE holders will automatically get Citi cards. For some reason (not necessarily rational) that makes me nervous.

Where did you hear exisiting TE holders will be converted? If this is the case, might be time to get a TE card so I can get in with Citi if this is true.

This report says the deal with Citi hinges on them acquiring the existing co-brand card portfolio:

http://seekingalpha.com/pr/12681686-costco-enters-into-a-long-term-co-brand-credit-card-agreement-with-citi-and-an-acceptance-and-co-brand-agreement-with-visa

I hope it's not true. I'd rather have some choice in the matter.

Re: Citibank gets Costco Credit Card Deal

NRB525 — Mon, 02 Mar 2015 14:32:17 GMT

@Gunnar419 wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
So... We can use visa card at Costco now?
Not until Feb of next year or whatever when Amex contract is up
Nice, I guess quicksilver card will get more usage than just Netflix subscription after all.
Pretty sure it has to be a Citibank Visa, not just any Visa
And the arguement begin again whether they can stop other Visa's from being used at Costco or if it violates the Visa Agreement .. This thread will be the one to watch today lol
As I read it, the co-brand card will be Citi, but any and all Visas will work, just as any and all Amexes (including non-Centurian Bank ones) currently work.

Am I wrong?

I don't think Costco would be so dumb as to say only one type of Visa card will work with them. Even if it didn't violate agreements, it would eliminate way too many potential cc purchases.

CNBC says VISA takes over "next month" which tells me April 2015. No wait of a year.

Re: Citibank gets Costco Credit Card Deal

Anonymous — Mon, 02 Mar 2015 14:33:52 GMT

I'll wait until may to use the card, someone else be a guinea of and try using any Visa at Costco 😛