Costco Fell out with Amex

[javacontour]

I think the 6K is all purchases, but may just be gas.

I'm on about a $300-500/mo spending rate on this card with Sam's Club and gas purchases, so it fits my usage pattern.


Originally Posted By: Hokiefyd
Originally Posted By: javacontour
Sam's Club moved from Discover to MasterCard.

The upside of the Sam's Club MC is 5% cashback on gas purchases for the first $6000 of purchases on the card.


Indeed. May have to consider this one, too. We don't spend near $6,000 in gas annually. Thanks for the tip!

 

[DBMaster]

Originally Posted By: 99Saturn
^ I thought there is additional cost to chip and pin over chip and signature as well.


Don't know, but you can be sure that credit card technologies will change only when there is significant benefit for the issuers. It's an imperfect system, but it makes money and provides convenience.

 

[JHZR2]

Originally Posted By: bigt61
I just got a new Amex card solely for usage at Costco so I wouldn't have to use my debit card. I'll probably keep it after the Costco deal expires (March 2016) - it has 3% back on all gas and 2% on groceries and others. The Amex deal with Costco was not a huge moneymaker for them other than they got extra affluent US customers - the Costco demographic. The Amex stock is cheap right now because of the backlash from the deal expiration - I bought some to hold - Warren Buffet still has a large holding.


We did the same.

The other day I just got a check from AMEX. I wonder if it is related to this. We havent had the card but a few months, and it isnt our costco renewal time either... I thought it was odd, but perhaps it is related.

I really couldnt care less who the cosco issuer is. As you said, if retains the 2% back on groceries and 2-3% back on restaurants, I may keep it for them. I have a pentagon federal card that gives me 5% for gas.

If the cashback deals arent as good on the Amex, it will be gone.

Or... It could be like my US Airways Visa - the entire account, including the transactions made that current cycle, all got transferred from a Bank of America Visa to a Barclay Master Card. I wonder if the AMEX entire deal, cash back scenarios, even recent transactions will all transition over and just go fully from Amex to Citi.

 

[JHZR2]

Originally Posted By: Hokiefyd
On second thought, the way I read the article, it's not that Costco will no longer accept American Express...it's that American Express will no longer be the issuer of Costco-branded credit cards. If Costco does accept only American Express, the article doesn't seem to impart that...at least to me.



hmmmmmm... My parents have a Citi American Express. I know it says Visa, but maybe it will be some other odd setup?

 

[Scott_mi]

Without quoting everything.

American Express was exclusive to Costco in Canada UNTIL last year when their deal was not renewed and replaced by Master Card. Some were some using this to assume that Master Card would also be the new carrier for Costco US.

When they make the switch from American Express to Visa in 2016, Amex is out, not accepted anymore, Visa is in, only credit card accepted. All brands of debt cards still accepted as before.

 

[Merkava_4]

Costco needs to get self checkout.

 

[AdRock]

All 3 Costco locations in my area have 2 lanes of self checkout.

 

[HTSS_TR]

Originally Posted By: JHZR2
The other day I just got a check from AMEX. I wonder if it is related to this. We havent had the card but a few months, and it isnt our costco renewal time either... I thought it was odd, but perhaps it is related.

Every year COSTCO-AMEX mails the rebate check at the end of February, regardless how long you had the card a month or 2 or a year, and it doesn't match with Costco renewal time. The COSTCO-AMEX rebate check can be cashed at Costco only.

 

[Garak]

Up here, Costco seems to deal with Capital One as their branded card, at least as of late. I do have a Capital One card, and their site has very recently been referencing Costco cards.

With Amex, I don't know how it is in the States, but up here, I can see why their merchant fees are high. For each day that an Amex transaction is processed, Amex physically mails a daily report. That's simply nuts.

 

[Hokiefyd]

Originally Posted By: javacontour
I think the 6K is all purchases, but may just be gas.


It appears to me to be fuel purchases only.

Quote:
Rewards percentages depend on the type of purchase made (5% for gas purchases at U.S. and Puerto Rico Sam’s Club and Walmart fuel stations, and at Gas Stations located in the U.S. and Puerto Rico (but excluding purchases at fuel stations at wholesale clubs (other than Sam’s Club), certain supercenters, and supermarkets), for up to the first $6,000 in gas purchases each year and 1% thereafter; 3% for dining and travel purchases (excluding purchases at wholesale clubs other than Sam’s Club) and 1% for all other Eligible Purchases).

 

[DBMaster]

Originally Posted By: Merkava_4
Costco needs to get self checkout.


The Costco near where I live has a few self check out lanes. The people using them tend to have trouble. So, I will only use them if no one is in front of me. I don't know how Costco does it, but even when there are lines their check out process is MUCH faster than Sam's.