American Express 2Q profit falls 33 percent, due to Costco | The Seattle Times
WHY are Costco and American Express breaking up? Costco will officially end their relationship with Amex on March 31, and VISA will start. Feb 18, Lately, the relationship has been a bit shaky. Last year, Costco Canada dropped AmEx as the exclusive credit card at its stores and as its. American Express Co has won the dismissal of a lawsuit accusing the of a lucrative co-branding relationship with Costco Wholesale Corp.
To me pressing debt is something other than a reasonable mortgage that you can handle, and potentially a reasonable car payment depending upon your financial situation. If you have any other debt, consider holding off until that's taken care of. See my posts on DEBT for tons of tips.
Here's a fabulous comment from a Freeb, Danielle: So I was a little worried that once the partnership ended we might be charged an annual fee for the card. When I first applied for mine they said that your Costco membership essentially waived the annual fee.
They informed me that no additional annual fees would be assessed. Then I asked if the cash back categories outside of Costco would remain the same and they said yes they would. Then the person chatting with me said that she would suggest applying for the Blue Cash everyday card because it has good cash back. Therefore, after the breakup you will still earn cash back but never be able to access it or redeem it.
Why Costco and American Express are Breaking Upand What to Do About It! - Fun Cheap or Free
Which in my mind essentially makes the card worthless though like Jordan said I will still keep it open to help my credit. So for me that was a huge deal and I though that the world should know. If anyone hears anything different from AMEX let me know, but I am almost positive that is the situation. Love, Danielle Thanks for sleuthing and sharing, Danielle!! Well, thanks for asking! Honestly, I trust Costco. I have seen and experienced first-hand how much their members are a priority. If they can pull off something like that, I'm an instant fan.
Now, I need to do my research and look into this new card when it comes out. But realistically it will most likely make sense for our family to get the new card because we pretty much only shop at 2 places: Is it annoying to apply for a new card, but we can handle a slight ding in our credit score both of ours are in the 's right now. But again, this is a very personal decision that it really just comes down to doing your research and weighing the pros and cons.
Why Costco and American Express are Breaking Up…and What to Do About It!
So…how do you know so much about Costco? And why do you talk about it so much? Do they pay you? Psshh, I wish they paid me! Heck, they don't even have an affiliate program. Costco doesn't know I exist, sadly. But alas, they don't advertise, sponsor, sell, recruit, promote, or push anything.
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Those advertising dollars would have to reflect back on the customer and they would have to raise their prices, which would go entirely against their business model. So I guess it's a good thing. Costco, I'd do it for free, you know! Honestly, I believe in the company. I respect it to the core.
The prices and value, quality of products, customer service, how to they treat their employees, entire business model…slow clap. It's unmatched and unheard of. I just totally respect them.
Costco Replaces American Express With Citi For Exclusive Agreement
We shop at Costco, so I'll tell you all about it when we do. How do I know so much? I basically ask a new question every time I go. I read articles on it, watch TV segments on it, and even got a personal behind-the-scenes tour from a Costco GM who saw me talking about Costco on the news and wanted to give me info that is not easily found.
Yes, it was like Disneyland for me! On that date, Costco will stop accepting American Express cards and instead will take only Visa cards plus the usual checks, cash and debit cards. And those Costco American Express cards will cease to work, in Costco and anywhere else. Also, any rewards accrued on the old American Express cards will switch to the new Citi cards.
Existing cardholders do not have to apply, and there is no credit check for existing cardholders before the new cards are issued. Details on the new Citi Costco card were announced in March: There will be no annual fee, except for the usual Costco membership. The full Costco Cash Reward program terms have been posted by Citi, which can be viewed here.
And, according to Costco, its executive membership rewards program will not change.Nightly Business Report: Costco strikes a new deal
If you have a small business that buys in bulk at Costco, or if you tend to spend a lot of money there to feed your family, you should consider the new possibilities. It is a business card that offers an unlimited 2 percent back on all purchases. If you're looking for a personal version of a card that offers a solid return at Costco, consider the Fidelity Rewards Visa no annual feewhich gives 2 percent back.
Another option would be Capital One's Quicksilver Visa card no annual feewith gives 1. Of course, if you prefer other kinds of rewards, such as travel, many other possibilities now come into play with Visa, including airline and hotel cards and bank-operated travel reward cards.
Blue Cash Everyday cardholders can earn 3 percent cash back at U. In general, anytime you see changes like this with a merchant you frequent, you should spend a little time examining the new possibilities to see if they make sense for you.
Here's what it means: People who have Costco American Express cards will receive new cards.
Costco Replaces American Express With Citi For Exclusive Agreement - One Mile at a Time
Beginning June 20,the old cards will not work anywhere. American Express Costco Business Card. Key dates February Costco announced it would begin collaborating with Citi and Visa on a new credit card arrangement in Costco announced it finalized the deal, paving the way for a transition from American Express to Citi.