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Email this10:50 am
December 23, 2011
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Loonie said
You can no longer apply for a Costco Amex card at all. Apparently the ones that people already have will still have the same rebate deal until the end of 2014.
Rumour has it that they are cutting a deal with CapitalOne instead, but I can't confirm that.
Should be interesting if they do. I just added a Sears MasterCard to my wallet to avoid the fee to convert foreign exchange. It was seamless, sort of.
I imagine Costco will loose a few customers if this does happen if it is not a seamless transition. And in my opinion they are asking too much of the customer to use their acceptable credit card. I assume that CapitolOne is a MasterCard? No doubt I will follow...but will overhaul our credit card collection as we have a few valid accounts that are never used.
7:38 pm
October 21, 2013
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Yes, CapitalOne uses MasterCard exclusively, as far as I know.
Virtually everyone who has an Amex card also has at least one other credit card because Amex is not accepted everywhere. If the new card is MC, then probably the majority of people will be able to use it right away at Costco.
The issue, I think,, will be in the reward structure. This is what people will be angry about. So they have to work out a really good reward structure that makes people WANT to switch to the new card - perhaps some kind of opening bonus.
9:46 pm
December 23, 2011
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Loonie said
Yes, CapitalOne uses MasterCard exclusively, as far as I know.
Virtually everyone who has an Amex card also has at least one other credit card because Amex is not accepted everywhere. If the new card is MC, then probably the majority of people will be able to use it right away at Costco.
The issue, I think,, will be in the reward structure. This is what people will be angry about. So they have to work out a really good reward structure that makes people WANT to switch to the new card - perhaps some kind of opening bonus.
Hi. If they change to Capital One MasterCard for some reason I may be thinking wrong.....that they will combine the card to a membership card with your pic on it and that will be the only MC they would accept... But I could be wrong as when I use my Costco Amex they always ask if we want the purchase on it.....as I guess we could use cash or another Amex card??? But if the new card has a good cash back better than Amex and a seamless transition ..... It will be their challenge. We switched to Amex cash back as our main card as air miles MC is somewhat useless to is now. Oh well we will see.
6:41 pm
December 23, 2011
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Found this article.
7:47 pm
October 21, 2013
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I think I will hold off applying for any other credit cards until I see what they come up with, so as to keep my credit ratings intact.
I think it will be a good offer. As the article says, it's a big piece of revenue for the card issuer, and volume definitely counts in this business. Costco, for its part, won't want to disappoint members, who will be experiencing disruption. They may agree to keep accepting Amex, at least for a while, to help with the transition, but, as I said, pretty well everyone has another card anyway, and I would guess (only a guess) that most Costco members have both Visa and MC.
The relatively recent experiment with Aeroplan online may be a sign that Costco is becoming more flexible with partnerships. I think aeroplan was a poor choice though. I have a slew of aeroplan points that I don't have much of a use for at this point. I keep them alive in the hope that I might still do some travelling at some point as the other redemption options are poor value, but there is no incentive for me to collect them.
5:40 pm
December 23, 2011
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Yes I am waiting too. I think it is time to overhaul what I need and what I don't need for credit cards...maybe early in 2015.
I was at Costco today picking up some prescriptions and I asked the lady if Costco was no longer going to be with Amex and her surprising reply was "NO COMMENT". We chatted a bit and she said that if I wanted info about Amex to talk to a manager or supervisor as she did not want to be quoted giving out incorrect details. Good cover for her abruptness. She pretty much confirmed what I wanted anyways!!! No doubt any "on the fence" Costco customers will leave. At closing I mentioned, to her surprise, that the information was all over the internet any ways. While we have enjoyed shopping at Costco in Canada and the US I am not sure if I want to commit to their whims....and what will be in the next 5 years down the road?? I do like the Cash Back but if they don't accept it any more and if Amex makes it an annual fee card.....it will be cancelled either way most likely. I would think that Costco will have to do a major "suck up" campaign to their customers.
5:56 pm
October 21, 2013
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Funny, it was a Costco CS manager who first told me about it when I went to ask about applying for the card earlier in the summer (above post #15), so the cat's been out of the bag at least since then.
That's a very guarded response that you got though, especially considering she didn't seem to know that anyone "out there" knew. Presumably, then, it's not the case that she's been inundated with inquiries, which could have put her on the defensive. It does suggest though that management considers it a delicate matter that has the potential to offend, and that they want to keep it all close to their chests for now.
Wait-and-see is the best way forward, I guess. Let's hope there is a better or equivalent card in the works without the limitations of Amex.
8:41 pm
December 23, 2011
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Loonie said
Funny, it was a Costco CS manager who first told me about it when I went to ask about applying for the card earlier in the summer (above post #15), so the cat's been out of the bag at least since then.
That's a very guarded response that you got though, especially considering she didn't seem to know that anyone "out there" knew. Presumably, then, it's not the case that she's been inundated with inquiries, which could have put her on the defensive. It does suggest though that management considers it a delicate matter that has the potential to offend, and that they want to keep it all close to their chests for now.
Wait-and-see is the best way forward, I guess. Let's hope there is a better or equivalent card in the works without the limitations of Amex.
Exactly 
12:27 am
October 21, 2013
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I must say that I am annoyed with their dickering around. If I'd been able to get the card when I first asked about it. by the end of the year I'd be about $30 better off than I'm going to be.
The next time I'm there and have the time, I will complain.
Also, anyone who wants to can fill out a complaint form near the Customer Service desk, and I encourage you to do so. I was told by one store manager that they read those every week and that they do matter. I hope so.
It strikes me that the gift cards are a better deal (although a bit of a nuisance), depending on what sort of rebate you get from your preferred credit card for buying them, although I haven't bought any yet, but am considering it. The CC I use most often gives 1.7%. The longer they delay offering a credit card at Costco, the more they alienate people. I think there is a direct correlation - at least for me, and I have been a member for maybe 10 years or so.
I'm thinking of when Shoppers Drug let go of the exclusive deal with (I think) CIBC within the last year or two. It was publicized well in advance, and then I seem to recall that people had a choice of 2 cards. (I don't have either of them.) That was a better way to manage the situation.
9:47 am
December 23, 2011
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Right now I am sure I can use any Amex card at Costco. If I don't use my Amex Costco cash back card with my pic on it I have to carry my membership card as well. So I assume if they go Capital One MasterCard that we can use any MasterCard. If that is the case unless there is a real good transition, I won't bother with their new card. Like you say "annoyed with dickering around" and like I say "to meet their requirements to shop there". I guess we should all stall a bit and ask if we can have our membership fee refunded. 
9:11 pm
August 5, 2014
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Loonie and Kanaka, did you see that new CIBC double, double visa card. I don't drink coffee out very often but you can push that button to switch back and forth.
When you think you've seen it all, something new and wacky comes out.
1:00 am
October 21, 2013
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Yes, I saw it, but I never drink coffee, in or out.
I never even knew you could use a credit card at Tim's, I am so ignorant!
Their teas aren't bad though, and once in a blue moon I will have one to be sociable.
The part that amazed me is that they actually thought this was worth doing. I mean, how much money can you spend at Tim's? A lot, apparently.
To the extent that caffeine may be an addiction, I can sort of understand them capitalizing on it though. Ugh!
10:51 am
December 23, 2011
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Jack Manning said
Loonie and Kanaka, did you see that new CIBC double, double visa card. I don't drink coffee out very often but you can push that button to switch back and forth.
When you think you've seen it all, something new and wacky comes out.
So if I use the CIBC Visa card on "eligible" purchases and receive 1% to spend at Tim Hortons only. So a Timbit costs .25 and coffee is 1.50. So a coffee break costs 1.75 or in eligible purchases of one hundred and seventy five dollars for that Timbit you did not need and for the coffee that would have cost less than .10 if you made it at home. And some how I think that the Visa card is giving 1% to the card holder and another percentage to Tim Hortons (for all of your purchases). Not a good deal!!!
I have not been a fan of CIBC for many years and lately I have lost confidence in Tim Hortons for how they manage their people and the overall lack of cleanliness in their restaurants (including lack of snow and ice removal in winter). Must also mention how they use migrant labour to cut costs.
The double double card is a trinket gadget that the younger folks will be attracted to, to add to their monthly payments with interest. Any one that really takes a hard look at this offer, it is a POOR CHOICE for a CASH BACK card. Makes me wonder........should we get 10% off for cash purchases. Look what we consumers allowed to happen when we were so excited about a charge card that could be used any where and didn't need to have a gas card, department store card, a tab at the corner store etc. DARN that CHARGEX!!!!!
Oh I can't wait to see the official new card at Costco.
1:59 pm
October 21, 2013
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It's true that, many years on, we are all paying the costs of the existence of credit cards, but only some of us are getting the "rewards", and we are not all getting the rewards equally. The more money you earn and the more money you spend, the greater your entitlement to a card that pays back better returns to you! What a deal, eh?
You forgot to mention, kanaka, that in addition to its other ills, Tim's is being taken over by US Burger King.
I intend to continue to "just say no". Tim's will never make a go of it on the approx. $10/yr that I spend there (and often less). I must be sure though to remember to use my non-CIBC credit card on those rare occasions. Thanks for the tip!
3:09 pm
December 23, 2011
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Loonie said
It's true that, many years on, we are all paying the costs of the existence of credit cards, but only some of us are getting the "rewards", and we are not all getting the rewards equally. The more money you earn and the more money you spend, the greater your entitlement to a card that pays back better returns to you! What a deal, eh?
You forgot to mention, kanaka, that in addition to its other ills, Tim's is being taken over by US Burger King.
I intend to continue to "just say no". Tim's will never make a go of it on the approx. $10/yr that I spend there (and often less). I must be sure though to remember to use my non-CIBC credit card on those rare occasions. Thanks for the tip!
Yes owned by BK ..... But what happens to all Tim Hortons with a Wendy's? Also is good for Canada as they are supposed to be relocating BK to Canada as a tax savings over having their head office located in the USA. And our CPP has huge investments in Tim Hortons. They say when the average American discovers that BK is now a Canadian owned company they are liable to lose business in the USA. I just wonder what a greasy burger flavoured coffee will taste like!
7:29 pm
August 5, 2014
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Loonie and Kanaka, it is more like the double trouble visa card that means now 2 companies to deal with little to no rewards and more trouble then it is worth.
Where do they get this stuff from? They can't think of anything better.
10:58 pm
October 21, 2013
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It does illustrate, I suppose, what a hot and lucrative market Canada is for credit cards. This OUGHT to mean better rewards!
But, really, this card is for people who already waste too much money in expenses that I would consider frivolous, so that they will be encouraged to do even more of it. I don't understand how people can spend so much time there. I always find the air at Tim's stinks of used grease or something, and I come home with the smell of it in my clothes - yuk. Each to their own, I guess.
10:30 am
December 23, 2011
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Loonie said
It does illustrate, I suppose, what a hot and lucrative market Canada is for credit cards. This OUGHT to mean better rewards!
But, really, this card is for people who already waste too much money in expenses that I would consider frivolous, so that they will be encouraged to do even more of it. I don't understand how people can spend so much time there. I always find the air at Tim's stinks of used grease or something, and I come home with the smell of it in my clothes - yuk. Each to their own, I guess.
After my post I was thinking similar. This card "could" encourage more careless spending for the minimal gain. I can count on one hand how many times I have ever paid interest on a credit card. I understand that today, that is not the norm and since credit cards are not going away I guess it makes sense to obtain the best reward, no fee card.
3:06 pm
September 17, 2014
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We took the AmEx as part of the Costco Executive package years ago. Each year before the renewal I go and cancel the Executive option if we hadn't earned the extra $50 in rebates that year. Last year they wouldn't allow the change and credit unless I produced a voucher they sent for the bonus. They always deducted the amount of the rebate cheque before. This year, No! What's up?
Yesterday we got a letter advising the change to a cash advance Costco card from AmEx. No info at all about the Executive membership fees or whether we can use the new card as our ID when entering the store or will have to show a separate member card?
6:11 pm
October 21, 2013
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Spunky said
Yesterday we got a letter advising the change to a cash advance Costco card from AmEx. No info at all about the Executive membership fees or whether we can use the new card as our ID when entering the store or will have to show a separate member card?
Spunky, can you clarify what it is that has been changed to a cash advance card? Is it the Amex credit card or the Executive membership card, or both?
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