Author Topic: New AMEX for Costco AMEX cardholders  (Read 6012 times)

Trudie

  • Handlebar Stache
  • *****
  • Posts: 1792
New AMEX for Costco AMEX cardholders
« on: August 14, 2015, 01:18:45 PM »
Next spring Costco is phasing out its AMEX card (replacing it with a Visa).  If you contact AMEX right now they'll give you the AMEX blue card (no annual fee, ever) with 1-3% rewards and a $200 statement credit if you purchase $1000 in the first three months.

Of course, they're trying to catch Costco people before they jump ship...

Easye418

  • Bristles
  • ***
  • Posts: 498
Re: New AMEX for Costco AMEX cardholders
« Reply #1 on: August 17, 2015, 03:24:07 PM »
Nice tip.  AMEX shit the bed on this one.... they will feel that pain when VISA takes over.  Literally the only reason why I have an AMEX card.

daverobev

  • Magnum Stache
  • ******
  • Posts: 3440
  • Location: France
Re: New AMEX for Costco AMEX cardholders
« Reply #2 on: August 17, 2015, 05:44:20 PM »
Strong recommendation to keep an Amex account, as you can do a global transfer = immediate credit in new country.

Customer service is generally fantastic, too.

Telecaster

  • Handlebar Stache
  • *****
  • Posts: 2283
  • Location: Seattle, WA
Re: New AMEX for Costco AMEX cardholders
« Reply #3 on: August 17, 2015, 06:28:04 PM »
Nice tip.  AMEX shit the bed on this one.... they will feel that pain when VISA takes over.  Literally the only reason why I have an AMEX card.

Me too.  Without asking, Amex recently upgraded my Blue to an Everyday card.  Although they didn't offer me a statement credit, the bastards!   However, the reality is that most rewards cards are better than anything Amex, so I plan on not ever using the Amex again once Costco switches.  I have an Amex for business too, same thing. 

And to be frank, back in the day there really were some advantages to having an Amex card, especially for travel.  Those advantages seem to have completely evaporated.  Other cards have the same advantages or better, and usually at lower cost.  Not quite sure what Amex's play is here. 

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8926
  • Location: Oregon
Re: New AMEX for Costco AMEX cardholders
« Reply #4 on: August 17, 2015, 07:14:02 PM »
Does anyone know- will credit age transfer to a new card with them? Or will the accounts close, adios, finito? This sucks for me, as my Amex is my oldest card =( This is going to wreck the average age of my accounts, and they're already terrible because I took loans for school the past 2 years.

Telecaster

  • Handlebar Stache
  • *****
  • Posts: 2283
  • Location: Seattle, WA
Re: New AMEX for Costco AMEX cardholders
« Reply #5 on: August 17, 2015, 08:01:41 PM »
Does anyone know- will credit age transfer to a new card with them? Or will the accounts close, adios, finito? This sucks for me, as my Amex is my oldest card =( This is going to wreck the average age of my accounts, and they're already terrible because I took loans for school the past 2 years.

Just keep the card open.  You don't have to use it. 

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8926
  • Location: Oregon
Re: New AMEX for Costco AMEX cardholders
« Reply #6 on: August 17, 2015, 09:12:11 PM »
Does anyone know- will credit age transfer to a new card with them? Or will the accounts close, adios, finito? This sucks for me, as my Amex is my oldest card =( This is going to wreck the average age of my accounts, and they're already terrible because I took loans for school the past 2 years.

Just keep the card open.  You don't have to use it.

But I thought in spring when it transferred to VISA it will be a new card?

Telecaster

  • Handlebar Stache
  • *****
  • Posts: 2283
  • Location: Seattle, WA
Re: New AMEX for Costco AMEX cardholders
« Reply #7 on: August 17, 2015, 09:35:40 PM »
Does anyone know- will credit age transfer to a new card with them? Or will the accounts close, adios, finito? This sucks for me, as my Amex is my oldest card =( This is going to wreck the average age of my accounts, and they're already terrible because I took loans for school the past 2 years.

Just keep the card open.  You don't have to use it.

But I thought in spring when it transferred to VISA it will be a new card?

I understand if you have a Costo-branded Amex card you'll get a new Amex that isn't a Costco card.  That shouldn't affect your credit history. 

jzb11

  • Stubble
  • **
  • Posts: 139
Re: New AMEX for Costco AMEX cardholders
« Reply #8 on: August 18, 2015, 09:01:04 AM »
I use to have an Amex card, but I ended up with a VISA as I travel a ton for work (independent contractor) and ran into too many situations where AMEX was not accepted.

Mississippi Mudstache

  • Handlebar Stache
  • *****
  • Posts: 2160
  • Age: 36
  • Location: Danielsville, GA
    • A Riving Home - Ramblings of a Recusant Woodworker
Re: New AMEX for Costco AMEX cardholders
« Reply #9 on: August 18, 2015, 09:09:06 AM »
Does anyone know- will credit age transfer to a new card with them? Or will the accounts close, adios, finito? This sucks for me, as my Amex is my oldest card =( This is going to wreck the average age of my accounts, and they're already terrible because I took loans for school the past 2 years.

Just keep the card open.  You don't have to use it.

But I thought in spring when it transferred to VISA it will be a new card?

I understand if you have a Costo-branded Amex card you'll get a new Amex that isn't a Costco card.  That shouldn't affect your credit history.

This. Credit card companies send out replacement cards for discontinued cards all the time. For example, I just recently got an American Airlines card from Barclaycard to replace the old US Airways card that was discontinued when AA and US Airways merged this spring. The credit line/login information/age of account should all stay the same. If this is your oldest card, I would definitely not cancel it.

Tremeroy

  • 5 O'Clock Shadow
  • *
  • Posts: 65
Re: New AMEX for Costco AMEX cardholders
« Reply #10 on: August 18, 2015, 09:29:52 AM »
Next spring Costco is phasing out its AMEX card (replacing it with a Visa).  If you contact AMEX right now they'll give you the AMEX blue card (no annual fee, ever) with 1-3% rewards and a $200 statement credit if you purchase $1000 in the first three months.

Of course, they're trying to catch Costco people before they jump ship...

I just (8/18/15) spoke with a customer service representative who told me that AMEX "is still evaluating options" for replacement cards. She was not able/willing to provide me with a replacement card.

tvan

  • Stubble
  • **
  • Posts: 190
Re: New AMEX for Costco AMEX cardholders
« Reply #11 on: August 18, 2015, 09:32:20 AM »
I would echo the previous disappointment with Amex.  Now I have a useless card.  I'm not sure I'll cancel either as it is relatively old and they gave me a huge credit limit (keeping my utilization low).

Platypuses

  • 5 O'Clock Shadow
  • *
  • Posts: 71
Re: New AMEX for Costco AMEX cardholders
« Reply #12 on: August 18, 2015, 03:20:48 PM »
I have the Amex blue cash Preferred card, and it has good rewards. It might be worth asking to switch to this one if you plan on still using the amex card elsewhere (since their is a $75 annual fee) . It gives 6% back on groceries up to $6,000, 3% back on gas and department stores, 1% on everything else.

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8926
  • Location: Oregon
Re: New AMEX for Costco AMEX cardholders
« Reply #13 on: August 18, 2015, 03:35:11 PM »
I have the Amex blue cash Preferred card, and it has good rewards. It might be worth asking to switch to this one if you plan on still using the amex card elsewhere (since their is a $75 annual fee) . It gives 6% back on groceries up to $6,000, 3% back on gas and department stores, 1% on everything else.

DH just opened this. Currently a deal where you get $150 after $500 spending, so the first two years essentially no fee.

shitzmagee

  • 5 O'Clock Shadow
  • *
  • Posts: 48
Re: New AMEX for Costco AMEX cardholders
« Reply #14 on: August 18, 2015, 05:52:39 PM »
Talked to customer service last night and they said if I take no action the account will close when the Costco/Amex partnership ends in 2016. However, at some point before then Amex will offer current cardholders a new card (most likely Blue) where credit limit and account age transfers on top of whatever the current signing bonus is. The guy didn't seem 100% positive though. He said he couldn't just change me from Costco to Blue over the phone without creating a new account (new line of credit) and closing the other (losing credit limit and account age).

 

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8926
  • Location: Oregon
Re: New AMEX for Costco AMEX cardholders
« Reply #15 on: August 18, 2015, 06:15:35 PM »
Talked to customer service last night and they said if I take no action the account will close when the Costco/Amex partnership ends in 2016. However, at some point before then Amex will offer current cardholders a new card (most likely Blue) where credit limit and account age transfers on top of whatever the current signing bonus is. The guy didn't seem 100% positive though. He said he couldn't just change me from Costco to Blue over the phone without creating a new account (new line of credit) and closing the other (losing credit limit and account age).

Thank you for this update! I guess we just have to wait and see for now.

DarinC

  • Bristles
  • ***
  • Posts: 308
Re: New AMEX for Costco AMEX cardholders
« Reply #16 on: August 19, 2015, 12:57:13 AM »
I have the Amex blue cash Preferred card, and it has good rewards. It might be worth asking to switch to this one if you plan on still using the amex card elsewhere (since their is a $75 annual fee) . It gives 6% back on groceries up to $6,000, 3% back on gas and department stores, 1% on everything else.
DH just opened this. Currently a deal where you get $150 after $500 spending, so the first two years essentially no fee.
I opened a preferred card maybe 8 months ago, and Amex CS refused to give me any of the spending bonuses because I already had the Costco Amex card. It's still worthwhile given the cashback amount at grocery stores, especially when I can get back 6% on gift card purchases. But... YMMV on any of their bonuses unless they explicitly offer them to you.

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8926
  • Location: Oregon
Re: New AMEX for Costco AMEX cardholders
« Reply #17 on: August 19, 2015, 08:35:46 AM »
I have the Amex blue cash Preferred card, and it has good rewards. It might be worth asking to switch to this one if you plan on still using the amex card elsewhere (since their is a $75 annual fee) . It gives 6% back on groceries up to $6,000, 3% back on gas and department stores, 1% on everything else.
DH just opened this. Currently a deal where you get $150 after $500 spending, so the first two years essentially no fee.
I opened a preferred card maybe 8 months ago, and Amex CS refused to give me any of the spending bonuses because I already had the Costco Amex card. It's still worthwhile given the cashback amount at grocery stores, especially when I can get back 6% on gift card purchases. But... YMMV on any of their bonuses unless they explicitly offer them to you.

This is very good to know! God I love this forum.

Trudie

  • Handlebar Stache
  • *****
  • Posts: 1792
Re: New AMEX for Costco AMEX cardholders
« Reply #18 on: September 04, 2015, 12:41:03 PM »
Does anyone know- will credit age transfer to a new card with them? Or will the accounts close, adios, finito? This sucks for me, as my Amex is my oldest card =( This is going to wreck the average age of my accounts, and they're already terrible because I took loans for school the past 2 years.

Just keep the card open.  You don't have to use it.

But I thought in spring when it transferred to VISA it will be a new card?

I understand if you have a Costo-branded Amex card you'll get a new Amex that isn't a Costco card.  That shouldn't affect your credit history.

When I got the new AMEX Blue they mentioned they wouldn't even need to check my credit history (thus flagging my file)...  I think the intent is if you get a new card that the history will transfer, but I'm not sure.