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Costco AMEX restaurant reduction

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Costco AMEX restaurant reduction

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/

Message 1 of 14
13 REPLIES 13
Established Contributor

Re: Costco AMEX restaurant reduction


@CWBBVI 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! 

FICO: EX: 740 (1/18); TU: 753 (12/17); EQ 777 (12/17)
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Message 2 of 14
Frequent Contributor

Re: Costco AMEX restaurant reduction

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.

 

 

"Knowledge is of no value unless you put it into practice."- Anton Chekhov
4/11 TU 743 4/11 EQ 763
Message 3 of 14
Regular Contributor

Re: Costco AMEX restaurant reduction

This is too bad! I like using this card for restaurants....   Smiley Sad

 

Resaurants and hotels are the only things I use the card for.

 

Ray

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Message 4 of 14
Established Contributor

Re: Costco AMEX restaurant reduction


@RayRocks wrote:

This is too bad! I like using this card for restaurants....   Smiley Sad

 

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. 

FICO: EX: 740 (1/18); TU: 753 (12/17); EQ 777 (12/17)
Amex Blue Cash | Amex Blue Business | Amex Cash Magnet | Amex Gold Rewards | Amex Lowes Business | Amex SimplyCash Plus | Barclays Uber Platinum Visa | Chase Amazon Prime Visa Signature | Chase Freedom Visa Signature | Discover IT More Dawn | Discover IT More Pride | Fidelity Invest Visa Signature | NFCU Cash Rewards World Mastercard | Penfed Pathfinder Rewards Amex | Sams Club Mastercard | USAA Limitless Rewards Platinum Visa | Walmart Mastercard
Message 5 of 14
Valued Contributor

Re: Costco AMEX restaurant reduction

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 approvedSmiley Happy, 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.


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Message 6 of 14
Established Contributor

Re: Costco AMEX restaurant reduction


@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 approvedSmiley Happy, 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!

FICO: EX: 740 (1/18); TU: 753 (12/17); EQ 777 (12/17)
Amex Blue Cash | Amex Blue Business | Amex Cash Magnet | Amex Gold Rewards | Amex Lowes Business | Amex SimplyCash Plus | Barclays Uber Platinum Visa | Chase Amazon Prime Visa Signature | Chase Freedom Visa Signature | Discover IT More Dawn | Discover IT More Pride | Fidelity Invest Visa Signature | NFCU Cash Rewards World Mastercard | Penfed Pathfinder Rewards Amex | Sams Club Mastercard | USAA Limitless Rewards Platinum Visa | Walmart Mastercard
Message 7 of 14
Moderator Emeritus

Re: Costco AMEX restaurant reduction

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."

Message 8 of 14
Moderator Emerita

Re: Costco AMEX restaurant reduction

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.

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Message 9 of 14
Established Contributor

Re: Costco AMEX restaurant reduction


@LilMirth 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).

Message 10 of 14
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