momee Posted July 31, 2015 Share Posted July 31, 2015 So called Amex to get update on changes with their canceling Costco AMEX cards. IF they are the ones to close, the rep couldn't say what the ramifications to customer credit will be. IF I close, I lose my rewards points (unless I close right after I get my rewards dollars which isn't until February). She advised I wait until March to see what will happen. I'm sorry but I'm not too keen on "waiting" to find out what they will do. Just curious if anyone on here knows anything about what will happen with credit scores if a creditor closes an account verses a member request to do so. Not happy all around with AMEX right now. Rep used a marriage analogy to explain sometimes two come to irreconcilable differences and that's how AMEX and Costco are right now. Really? Quote Link to comment Share on other sites More sharing options...
momee Posted July 31, 2015 Author Share Posted July 31, 2015 Called back to get more info. The rep didn't speak english well, asked to speak to someone else and he disconnected me. So frustrating! Quote Link to comment Share on other sites More sharing options...
ksr5377 Posted July 31, 2015 Share Posted July 31, 2015 We've been wondering what's going to happen as well. I'm assuming the benefits will be similar with whatever Visa they replace it with, but it's a major annoyance. Our Costco AMEX is our #1 card. Quote Link to comment Share on other sites More sharing options...
vonfirmath Posted July 31, 2015 Share Posted July 31, 2015 When we switched from Costco to Sam's Club, we just changed our American Express to the Blue Cash card and continued right along. I, too, thought it meant I'd need to close the account and was glad to find an alternative that fixed that. Interestingly, I always thought that the Costco membership took the place of the American Express Annual Fee... But the Blue Cash card has NO annual fee and is very similar. Quote Link to comment Share on other sites More sharing options...
KatieJ Posted July 31, 2015 Share Posted July 31, 2015 Costco Amex is our #1 card as well. My understanding is that Costco will cancel our Amex cards and issue us their new card. We have no choice as I see it but to go forward and trust that they will honor those rewards we have earned either by issuing a check when they close it or by transferring them to the new card. We have used the Amex customer service several times to get refunds on lemons and have been extremely pleased with the service. For now we Will see what happens. Yes we could open up an American Express card that is not tied to Costco, but then we don't get the Costco rewards for those purchases. Quote Link to comment Share on other sites More sharing options...
Corraleno Posted July 31, 2015 Share Posted July 31, 2015 I believe the changeover doesn't happen until April 1st, so there's plenty of time to collect the annual rewards in February before making any account changes. I plan to just covert my Costco Amex into another Amex account, like vonfirmath mentioned. I haven't decided yet if I want to get the Costco VISA, since I already have an Amazon VISA. Quote Link to comment Share on other sites More sharing options...
Plateau Mama Posted July 31, 2015 Share Posted July 31, 2015 Costco Amex is our #1 card as well. My understanding is that Costco will cancel our Amex cards and issue us their new card. We have no choice as I see it but to go forward and trust that they will honor those rewards we have earned either by issuing a check when they close it or by transferring them to the new card. We have used the Amex customer service several times to get refunds on lemons and have been extremely pleased with the service. For now we Will see what happens. Yes we could open up an American Express card that is not tied to Costco, but then we don't get the Costco rewards for those purchases. Costco won't (can't) change your American Express to a Visa. Visa and American Express are different companies. My Costco said I could use my card until April 1st ( or whenever the change is, can't remember exactly) but information for applying for the new Costco Visa would be out in a couple of months. 1 Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted July 31, 2015 Share Posted July 31, 2015 Not happy all around with AMEX right now. Rep used a marriage analogy to explain sometimes two come to irreconcilable differences and that's how AMEX and Costco are right now. Really? um, yeah. amex won't meet Costco's terms, so Costco is terminating the relationship. we will use the amex until the new cards go into effect. (it's a visa card.) there should be a transition time. - and dh loathes amex. - and can't wait to dump it. Quote Link to comment Share on other sites More sharing options...
momee Posted July 31, 2015 Author Share Posted July 31, 2015 Don't dump it until you get your rewards in February tho. Quote Link to comment Share on other sites More sharing options...
KatieJ Posted July 31, 2015 Share Posted July 31, 2015 Costco won't (can't) change your American Express to a Visa. Visa and American Express are different companies. My Costco said I could use my card until April 1st ( or whenever the change is, can't remember exactly) but information for applying for the new Costco Visa would be out in a couple of months. Yes that makes total logical sense, but I have read that citi ( the new Costco credit card) is going to buy all the Costco Amex card account and balances and that we would not have to reapply for the Citigroup Visa card. Like I said, we will ride it out and see what happens. I am surely hoping Costco is making the whole change hassle worth our trouble and stressing over it. Quote Link to comment Share on other sites More sharing options...
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