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 Post subject: Costco killed my favorite card
PostPosted: February 14th, 2015, 4:21 pm 
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http://money.cnn.com/2015/02/13/news/co ... stco-amex/index.html

Costco and Amex (AXP) announced this week that they have failed to come to terms to extend their 16-year exclusive partnership. American Express was the only credit card Costco (COST) accepted, and the TrueEarnings American Express Card doubled as customers' membership cards.

The relationship will end on March 31, 2016, after which Costco members like me will have to charge some other credit card for orders of 36 paper towel rolls, 150-oz containers of Tide and three-packs of pants.

The TrueEarnings card comes with some fantastic benefits: 3% cash back for gas, 2% for restaurants and travel and 1% back for everything else. And there's no annual fee if you're a Costco member.

In a few days, millions of Costco members will be receiving their annual rebate checks in the mail along with their February statements from American Express. I'm looking forward to mine -- all those cash rewards can really add up. My rewards check is almost going to pay for my family's flight to Texas to visit my in-laws this spring.


I really do use my american express card the most. I used one card for almost everything, unless the store doesn't take it. And with my family where i literally live in Costco.... losing on Amex means I'll have to open another card.

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 Post subject: Register and login to get these in-post ads to disappear
PostPosted: February 14th, 2015, 4:21 pm 
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 Post subject: Re: Costco killed my favorite card
PostPosted: February 15th, 2015, 12:52 am 
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I'm sorry to hear that D:. But aren't there other cards with a deal similar to that? I've never had a credit card so I'm having trouble getting one >.< but I've seen similar deals to that floating around before. Who knows, you might find something even better if you look around :).

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 Post subject: Re: Costco killed my favorite card
PostPosted: February 15th, 2015, 8:58 pm 
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I really just like the card. I show that card when I go into Costco, membership is valid, check on the price of the items, swipe and done. get some money back into my wallet at the end of the year.
Most cards kinda do a flat rate for the cash back which since most of my spending is literally costco, I get slightly more money from using Amex than any other cards at this time.

Rumor is they will be using a Capital one Master card to replace it. We'll see how the rewards are.

Key tip #1. Always use a credit card when buying stuff, not a debit. All credit cards offer more protection and safety than using a debit card, and almost all credit cards offer some sort of reward. Doesn't hurt to have something in return for paying you bills and buying the stuff you need. The only thing everybody must watch out for with credit cards is make sure you pay off the amount every month. With debit, you either have money or you don't. If you don't pay off your credit card bill, it is the interest rate that will hurt you the most.

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 Post subject: Re: Costco killed my favorite card
PostPosted: February 15th, 2015, 9:25 pm 
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I'm not an expert on how these things work but when I spend money via debit card, it shows up as a hold according to my bank for several days while they verify everything. Maybe someone unscrupulous who theoretically gains access to it would have a faster way to push it through though.

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 Post subject: Re: Costco killed my favorite card
PostPosted: February 15th, 2015, 10:31 pm 
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Arceus wrote:
I'm not an expert on how these things work but when I spend money via debit card, it shows up as a hold according to my bank for several days while they verify everything. Maybe someone unscrupulous who theoretically gains access to it would have a faster way to push it through though.


For one thing, credit cards provide more protection and insurance on purchases than debit cards.

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 Post subject: Re: Costco killed my favorite card
PostPosted: February 16th, 2015, 8:23 pm 
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trekkie wrote:
Arceus wrote:
I'm not an expert on how these things work but when I spend money via debit card, it shows up as a hold according to my bank for several days while they verify everything. Maybe someone unscrupulous who theoretically gains access to it would have a faster way to push it through though.


For one thing, credit cards provide more protection and insurance on purchases than debit cards.


Yes, for anyone else reading, it's a really good idea to have a credit card. And not only for the extra protections. By having and using a credit card, you start building up your credit rating which can save you thousands of dollars on deals you can make in the future on loans such as financing a car, or getting a mortgage on a house. There is really no downside to having a credit card as long as you get one that doesn't have a fees and pay off your balance every month. Rewards cards usually have a fee attached and you really have to evaluate whether they are worth it, but a basic card is a great way to start working on your credit rating.

Trekkie, I'm sure you can find another decent card, but that one does sound pretty good. :P


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 Post subject: Register and login to get these in-post ads to disappear
PostPosted: February 16th, 2015, 8:23 pm 
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 Post subject: Re: Costco killed my favorite card
PostPosted: February 21st, 2015, 10:20 pm 
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To my knowledge Amex takes the most off of every credit card puchase (5 cent or something like that) so im suprised that they werent able to come to an agreement. My work amex, I'm finding, isnt accepted at a lot of food places because they dont make as much profit off the purchase.

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 Post subject: Re: Costco killed my favorite card
PostPosted: February 22nd, 2015, 9:56 am 
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That is true, amex does take a bigger share than other credit cards.

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 Post subject: Re: Costco killed my favorite card
PostPosted: February 23rd, 2015, 2:44 am 
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Tim wrote:
To my knowledge Amex takes the most off of every credit card puchase (5 cent or something like that) so im suprised that they werent able to come to an agreement. My work amex, I'm finding, isnt accepted at a lot of food places because they dont make as much profit off the purchase.

Costco was a HUGE part of AmEx sales (8%). However, like Walmart, Costco is in the business of finding consumers the best deals and partnering with whoever has the best offer. AmEx probably couldn't match what Costco was asking in terms of cutting usage fees and as a result were forced to turn down the contract renewal.

Rest assured, trekkie, you have the rest of this year to use the card and after that, you can just sign up for whatever Costco introduces next. As much of a pain in the *** as that is, Costco is looking out for ya buddy.

Concerning credit vs. debit, it's worthy to note that debit is really for people that have spare cash in the bank while credit is mostly for people who live hand-to-mouth (or so it's been explained to me). However, as was mentioned by Mike, it is good to have a credit card in order to build credit even if you can get by using a debit card. Building credit is important later on to getting loans from banks primarily, esp. for houses, cars, etc.

Granted, the quickest way to build credit is by actually getting a loan and paying it off timely. Credit cards allow you a chance to build credit slowly and work best for people who don't need big loans, but rather just need to make small, frequent expenditures. Keep in mind that you don't have to go with the major credit card companies either. Virtually every bank or credit union has their own credit cards you can use with small lines of credit and good interest rates.

Overall, just make sure you do your research first and find out what the best option for YOU is. There is no one-size-fits-all when it comes to credit cards, and there are plenty of options to choose from. No need to take the first credit card offer that comes your way. Just be responsible in how much you use it and making sure you pay it off ASAP and you'll be fine.

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 Post subject: Re: Costco killed my favorite card
PostPosted: February 24th, 2015, 11:08 pm 
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In theory, if they are following Costco Canada, they will be switching to Capital 1 Mastercard.

We'll see what happens.

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