Costco TruEarnings Amex (sad news)

[Deleted User]

Still no letter received, must be doing in phases.

hschhatwal

Just got my letter today. Does anyone know whether Costco will be replacing the Amex card with another one that gives cashback (eg a Visa one if that is their new partner)? If so, what will be the terms of the new card?

vantage

Deru wrote: »

You'll get the 5% bonus in the first 3 months though.

The promotional 5% cashback does NOT apply at Costco.. the letter I received stated that for "warehouse retailers including Costco" the cashback was only 0.5%.

Costco US are doing cashback with Citi Credit cards according to their web site with 4/3/2/1% cashback amounts on fuel/restaurants/costco/other respectively.

Here's hoping they bring that deal over to the UK too.

WillPS

Don't hold your breath. The rate that any Credit Card operator can earn on transactions from a 'co-branded' card is capped at 0.3% (this includes the Costco Amex). Even a flat rate 0.5% Visa or Mastercard will make a loss on each and every transaction.

Operators like Hilton are struggling to find any company willing to partner with them on such a card.

I think the signalling that Amex will continue to be accepted at Costco should be taken as an indication that no alternative has been arranged.

arthur2

If they are following the USA then we can probably expect a new card from Citibank/Visa linked to Costco. The USA one has even better cashback than the Costco/Amex card. It will be interesting to see how quickly it develops.

Hammer_Time

Does anyone know if the new platinum Amex card includes your membership details? If it doesn’t I presume we need to get new memberships cards.

theone999

arthur2 wrote: »

If they are following the USA then we can probably expect a new card from Citibank/Visa linked to Costco. The USA one has even better cashback than the Costco/Amex card. It will be interesting to see how quickly it develops.

I have already asked Costco customer services. They have flatly said there will be no more co-brand credit cards. However from 6th of January, all credit cards (VISA/Mastercard) as well as AMEX will be accepted at Costco.

System

arthur2 wrote: »

If they are following the USA then we can probably expect a new card from Citibank/Visa linked to Costco. The USA one has even better cashback than the Costco/Amex card. It will be interesting to see how quickly it develops.

They aren't following the USA.
Take the time to read and you'll see why.

[Deleted User]

Hammer_Time wrote: »

Does anyone know if the new platinum Amex card includes your membership details? If it doesn’t I presume we need to get new memberships cards.

Which Platinum card are you referring to, and what membership details?

Hammer_Time

!!! wrote: »

Which Platinum card are you referring to, and what membership details?

Sorry is the Amex Platinum cashback everyday credit card (the one replacing the current card). The membership I am referring to is the Costco's membership which is on the current card. Does anyone know if it will be on the new card?