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Maybe I missed this, but I don't remember it being mentioned/posted...
- just went and checked my last statement and didn't see any mention of the change. Maybe an updated T&C will arrive with the next statement
http://bucks.blogs.nytimes.com/2011/06/01/american-express-costco-card-to-lower-restaurant-rebate/
@Anonymous wrote:Maybe I missed this, but I don't remember it being mentioned/posted...
- just went and checked my last statement and didn't see any mention of the change. Maybe an updated T&C will arrive with the next statement
http://bucks.blogs.nytimes.com/2011/06/01/american-express-costco-card-to-lower-restaurant-rebate/
I am going to keep an eye out for the updated T&C... fingers crossed this is just a bad nightmare!
My statement cuts on the 3rd. So, yes it was on mine.
They are reducing the restaurant rebate to 2%. They are also re-structuring the minimum payment. It's pretty complicated, but the new minimum appears to be $35, sort of like the Discover minimum of $40.
This is too bad! I like using this card for restaurants....
Resaurants and hotels are the only things I use the card for.
Ray
@Anonymous wrote:This is too bad! I like using this card for restaurants....
Restaurants and hotels are the only things I use the card for.
Ray
I just got this card and am using it only for restaurants (since that's my largest monthly expense)... and am not too happy about this change. Oh well.
I have read another thread on this issue that after August of this year the 2% cash back for restaurants will begin for any new applicants, but I quess this is not true, but after reading the first thread on this matter, I changed my mind about holding off on apping for this card until the holidays, I decided today to app for the card in store and was approved, the Costco clerk was going over the benefits with me, and I did question her on the subject about the decrease to 2% for restaurants, at first she asked me where did I get this information, and I said online she then stated that it was not true, that costco has a contract with Amex and would not be able to do this, but I quess this employee doesn't have a clue neither!!!. But if you go on the Amex website all the Costco TrueEarnings information has not changed so what really gives here.
Tomorrow I will call Amex to see if I can get any further information.
@tray wrote:I have read another thread on this issue that after August of this year the 2% cash back for restaurants will begin for any new applicants, but I quess this is not true, but after reading the first thread on this matter, I changed my mind about holding off on apping for this card until the holidays, I decided today to app for the card in store and was approved, the Costco clerk was going over the benefits with me, and I did question her on the subject about the decrease to 2% for restaurants, at first she asked me where did I get this information, and I said online she then stated that it was not true, that costco has a contract with Amex and would not be able to do this, but I quess this employee doesn't have a clue neither!!!. But if you go on the Amex website all the Costco TrueEarnings information has not changed so what really gives here.
Tomorrow I will call Amex to see if I can get any further information.
Interesting! Keep us posted on what AMEX says!
I just received my Costco Amex statement, and it does describe the reduction in restaurant rewards. However, for those who have recently opened a new account (or open an account before July 31), they will get 12 months at 3% before the reduction.
"However, if your account was opened between August 1, 2010 and July 31, 2011, you will continue to earn 3% on eligible purchases at restaurants until the start of your 13th billing period. You will then earn 2% on eligible purchases at restaurants as described in the Agreement."
Soooo... Those of us who opened Costco Amex cards prior to August 10th, 2010 will continue to get 3% rewards at restaurants???
My last statement closed on May24th, so I haven't gotten the disclosure yet. I guess I'll see it this month.
@Anonymous wrote:Soooo... Those of us who opened Costco Amex cards prior to August 10th, 2010 will continue to get 3% rewards at restaurants???
No, only those who opened after August 10th, and only for a limited time in order to be in accordance with the credit card law (terms are fixed during the first year).