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@bldmt wrote:Looks like AMEX wasn't making a ton on swipe fees with them either, this cam from an article someone else posted.
Costco’s costs to accept credit cards as part of its deal with Amex was about 0.6 percent of every purchase,
While this is true amex benifited greatly from costo. People got costco amex cards and then got other cards from them as well that they might not have gotten. Almost 10% of all amex cards are costco cards from what I read. This is going to hurt a lot.
Could the AMEX/Costco card be used anywhere AMEX was accepted?
@Klesko wrote:
@bldmt wrote:Looks like AMEX wasn't making a ton on swipe fees with them either, this cam from an article someone else posted.
Costco’s costs to accept credit cards as part of its deal with Amex was about 0.6 percent of every purchase,
While this is true amex benifited greatly from costo. People got costco amex cards and then got other cards from them as well that they might not have gotten. Almost 10% of all amex cards are costco cards from what I read. This is going to hurt a lot.
I actually think Amex will be better off without costco.. Yes it was 10% of their business, but they aren't in the business to lose money either and Costco was nickle and diming them to reduce the swype fee even more. At some point the issuer in this case had to walk away from the deal and most likely it was in the best interest of their share holders as they can partner with other companies which I am sure you will see in the future. You just gotta walk away some times and this is what Amex did, it wasn't costco's decision other than them wanting the fees lowered more which Amex wasn't willing to do.
@bldmt wrote:Could the AMEX/Costco card be used anywhere AMEX was accepted?
Yes.. This card wasn't even the best Amex card to use inside costco. I beieve people choose to use the BCE or BCP card inside of costco if I am not mistaken. Anywhere Amex was taken you could use the Amex TE card.
@CreditCuriousity wrote:I really wonder how this is going to work out for citi if they are going to make as much money as they think in this deal or going to lose their arse. I guess they are counting on people carrying balances from either costco or other places to offset the ultra cheap swipe fees.
As had been the case with Amex TE, the ideal Visa to use at Costco will be anything but the Citi Costco Visa, which will surely earn only 1%. Off the top of my head, I can think of better options, e.g., Venture, BofA Travel Rewards (especially combined with Fid Amex transfers), and Chase UR cards.
Finally, for those who *do not* have a Visa, there are other options. For example, for those with *only* an Amex or the old Ink MCs, just buy Office Visa GCs for 5% and use them at Costco.
Thanks. I was wondering if it was a store card like Walmart if you will.
If I take the BCE preapproval offer, how long does that card need to be opened before i can move some of my TE limit to the BCE? My TE has been opened for mpre than 13 months.
@JediNeo wrote:If I take the BCE preapproval offer, how long does that card need to be opened before i can move some of my TE limit to the BCE? My TE has been opened for mpre than 13 months.
i'm honestly not following the logic of stripping CL off of the AMEX TE Costco card, to move to other AMEX cards. If anything, it should be the other way around:
Move as much of your limits as you want onto the AMEX Costco card to influence the decision on the Citi side to give you more CL on that new card. CLI from Citi? Fuggedaboudit. Not easy to do.
Then, when the dust settles, go back to your AMEX revolvers and start the 3X CLI again. It's not like AMEX is taking away 3X CLI anymore, it's always an option every 6 months, and one will be easily able to 3X when they had those larger limits earlier, presuming even that the Costco TE AMEX is deleted and not simply morphed into a new AMEX Revolver.
@NRB525 wrote:
@JediNeo wrote:If I take the BCE preapproval offer, how long does that card need to be opened before i can move some of my TE limit to the BCE? My TE has been opened for mpre than 13 months.
i'm honestly not following the logic of stripping CL off of the AMEX TE Costco card, to move to other AMEX cards. If anything, it should be the other way around:
Move as much of your limits as you want onto the AMEX Costco card to influence the decision on the Citi side to give you more CL on that new card. CLI from Citi? Fuggedaboudit. Not easy to do.
Then, when the dust settles, go back to your AMEX revolvers and start the 3X CLI again. It's not like AMEX is taking away 3X CLI anymore, it's always an option every 6 months, and one will be easily able to 3X when they had those larger limits earlier, presuming even that the Costco TE AMEX is deleted and not simply morphed into a new AMEX Revolver.
Citi does to CLIs, but they may be slow. Every six months you can call and ask for a CLI based on Citi's last SP.
Citi cards will not grow anywhere near as quickly as an Amex card with their 3X CLI process.
@CreditUnionFan wrote:
@NRB525 wrote:
@JediNeo wrote:If I take the BCE preapproval offer, how long does that card need to be opened before i can move some of my TE limit to the BCE? My TE has been opened for mpre than 13 months.
i'm honestly not following the logic of stripping CL off of the AMEX TE Costco card, to move to other AMEX cards. If anything, it should be the other way around:
Move as much of your limits as you want onto the AMEX Costco card to influence the decision on the Citi side to give you more CL on that new card. CLI from Citi? Fuggedaboudit. Not easy to do.
Then, when the dust settles, go back to your AMEX revolvers and start the 3X CLI again. It's not like AMEX is taking away 3X CLI anymore, it's always an option every 6 months, and one will be easily able to 3X when they had those larger limits earlier, presuming even that the Costco TE AMEX is deleted and not simply morphed into a new AMEX Revolver.
Citi does to CLIs, but they may be slow. Every six months you can call and ask for a CLI based on Citi's last SP.
Citi cards will not grow anywhere near as quickly as an Amex card with their 3X CLI process.
I don't know about you, but my experience with CLI with Citi is not good. AMEX, on the other hand, no issues. If I were looking to migrate to a Citi Costco card, I'd want that card to be pushing the best CL I could get, due to the relative slow response of Citi to CLI, and the relative ease of rebuilding CL with AMEX.