Got these super yummy little frosted lemon bites from their upper crust bakery. Delicious!
I am a big fan of Costco and have been a member for years. But I learned I have to be careful about assuming Costco always has a good deal. We need new plantation shutters so I went through Costco Services and a nice lady from a local store came out and gave me an estimate. Assured me it was 5% less than if we did it on our own through them, plus we got a 5% rebate in the form of Costco Cash Card after install. The price seemed high to me and a friend urged me to look “local”. After a little research, I found someone who will make all wood (the others were composite) for less than half of the Costco sub. I assumed custom made (he brought samples and they were stunning and I can’t find a bad review of him on the internet) would be out of my price range and mass produced would be less, but I was very wrong. Never giving up my Costco membership but this was an eye opener for me.
Attention Costco shoppers:
http://www.bizjournals.com/seattle/blog/2016/02/costco-credit-card-switch-delayed.html
The contract with Amex has been extended until sometime in the summer, and the switch to Citi Visa has been delayed due to the unforeseen complexity of the customer data transfer (duh!). Your Costco Amex will be still be usable until the switch to Visa happens in the summer. My major Q is: will I still get my cashback from Amex for March-the contract end date or…?
We were wondering how come we haven’t heard anything about the new card since the original switchover date was coming soon.
Last December we got a letter from Costco talking about the stitch happening on March 31 and how Costco would update us one month or so prior to the switch… So I am expecting a piece in the mail at the end of February.
I am confused about the switch. Why is there data transfer? I was never asked if I wanted my Costco Amex to be a opened or switched to a Costco Visa. I just assumed the Costco Amex would close and I could use any Visa card at Costco just like you use any Amex card now. And anyone that wanted a Costco Visa could open a new account.
@BunsenBurner -
I got a notice telling me my annual refund would be in the February statement, as usual.
That is what I was told.
Your Amex Costco won’t be closed. Since its a cobrand card you can still use it at other places. You just wont be able to use it at Costco.
Amex, however, may send replacement cards without the Costco name. Guess, we have to wait and see.
“I got a notice telling me my annual refund would be in the February statement, as usual.”
Yes, that one is a given. Getting a nice fat check soon. But what would happen with the purchases made with the card on or after March 31? Per the agreement with Amex/Costco, the rebates only happen once a year… in Feb. I guess there should be an amendment.
@learningprog, the Amex will not let me use the card to secure hotel reservations after Feb 29, however, I can still shop with it. Initially, Amex sent us a message that the account will be closed as of the end of March, but that was last year. I guess they are still hashing the details out with Costco while bombarding me with messages and printed applications encouraging me to switch to Amex no fee card.
“I am confused about the switch. Why is there data transfer?”
As I understand this, the card contains your Costco membership info and Amex info. And your Costco membership info will need to migrate to Visa from Amex - securely. When companies say a massive project like this will be done by XYZ, I am usually skeptical. Mammoths move slowly.
[QUOTE=""]
I just assumed the Costco Amex would close and I could use any Visa card at Costco just like you use any Amex card now. And anyone that wanted a Costco Visa could open a new account.<<<
[/QUOTE]
Cit has taken the whole portfolio, so for people like you and I who couldn’t give two hoots as to keeping the amex and I certainly don’t want an auto generated citi visa, are not necessarily the choir, the choir carries a balance and is pooping their pants about losing their years of credit history in amex and taking a real or imaginary hit on their credit score. It is beyond belief to me that citi would take all those customers, warts and all. There has to be collateral damage. There have to be some bad apples in that portfolio and the people with great credit won’t be interested in a visa card that isn’t highly competitive among all the other visas out there on offer. What i have read isn’t indicating that citi’s costco bundle will be competitive at all.
I checked some other sites. What I think will happen is that the Costco Amex will be converted to a Costco Visa. Just like when a mortgage is sold. The Costco Amex has a 2% cashback feature. The top Visa cashback card pays 1.5%. I cannot find any information on the benefits of the Costco Visa.
@BunsenBurner, wow, cant even wrap my head around not being able to secure a reservation, but able to shop. Was this a reservation beyond the March date when the partnership officially ends? We got the same communication last year as well. Hmmm. guess we need to check further.
“The Costco Amex has a 2% cashback feature.”
No, it is not correct. Amex’s rebate was 1% on ALL purchases (except gas at Costco etc. was 3% and some travel was 2%) and additionally Costco itself paid 2% on purchases made at Costco no matter how we paid for them: Amex, cash, or checks.
Our letter from Costco said the benefits would stay the same; the Visa would pay the same % in rebates as Amex. We shall see. I do not give a hoot about credit score hit… Not buying houses any time soon.
IN RE: Post #1251. Yes after the deal was brokered Amex dropped their requirements for the Costco Amex card so they could pass on more bad debt and more total cardholders
“Was this a reservation beyond the March date when the partnership officially ends?”
Yes. Amex kept rejecting it… Ditto another reservation at another hotel. So I just used another card. Meanwhile, we bought $400 worth of stuff at Costco, and Mr. has shopped at HD as usual.
I was literally going to come on here today and ask if anyone has heard any updates about the credit card situation. BB - thank you!!! Don’t mind if they extend the AmEx past March, but yeah, would like an update about the entire situation.
We’re executive level members. Our Costco Visa has provided us with an amazing medical travel policy for $18/month. And, it will provide primary insurance coverage for rental cars of $18 per rental. Those are the perks I will miss.
@BunsenBurner – I have an older Costco AmEx that does not award points in the way you describe. All purchases, regardless of type, are credited at the same level. There is some stepped up structure for the first $5000 or so of purchases, but after $5K, all purchases are credited at 1.5%. I believe they use a higher multiplier if client maintains a balance (as in, does not pay in full each month).
I have a separate 2% paid on all Costco purchases but that is linked to the Executive membership, not the Costco AmEx.
Not knowing how they would pay the reward dollars earned after January, I have started using another AmEx at Costco. This AmEx only credits Costco purchases at 1%, so I wish Costco would address this subject so that I could return to using the Costco AmEx for their 1.5%.