Costco/AmEx relationship ending. New Costco MasterCard?
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Costco/AmEx relationship ending. New Costco MasterCard?
American Express Co. today announced its deal to be exclusive credit card accepted at Costco U.S. stores will end March 31, 2016.
AmEx's official announcement: http://about.americanexpress.com/news/p ... o-end.aspx
What's likely to happen now?
Speculation is Costco will do what it did in Canada, where the Costco/AmEx relationship ended Dec. 31, 2014. In Canada, Costco replaced AmEx with MasterCard as the only credit card accepted for in-store purchases; and struck a deal for Capital One to issue Costco MasterCards. AmEx, meanwhile, in late 2014 converted Costco AmEx credit cards to no annual fee AmEx SimplyCash credit cards.
Information on what happened with Costco/AmEx in Canada in 2014:
http://business.financialpost.com/2014/ ... n-express/
http://business.financialpost.com/2014/ ... ress-card/
http://www.costco.ca/_ax-faq.html
AmEx's official announcement: http://about.americanexpress.com/news/p ... o-end.aspx
What's likely to happen now?
Speculation is Costco will do what it did in Canada, where the Costco/AmEx relationship ended Dec. 31, 2014. In Canada, Costco replaced AmEx with MasterCard as the only credit card accepted for in-store purchases; and struck a deal for Capital One to issue Costco MasterCards. AmEx, meanwhile, in late 2014 converted Costco AmEx credit cards to no annual fee AmEx SimplyCash credit cards.
Information on what happened with Costco/AmEx in Canada in 2014:
http://business.financialpost.com/2014/ ... n-express/
http://business.financialpost.com/2014/ ... ress-card/
http://www.costco.ca/_ax-faq.html
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Funny, I just got done reading that article. Sounds like I'll be getting a new Capital One credit card next year.
Even a stopped clock is right twice a day.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
This should translate into lower prices for members as Amex CC fees are excessive.
If they go to MasterCard, they will have to take all mastercards. Maybe I can start using my Sams club mastercard at Costco.
The Citi 1%/1% MC looks better now than my current FIA Amex, however will see what the landscape looks like in 2016.
EDIT : Glad I never bothered with this card. FIA Amex gives double the reward at Costco anyway.
If they go to MasterCard, they will have to take all mastercards. Maybe I can start using my Sams club mastercard at Costco.
The Citi 1%/1% MC looks better now than my current FIA Amex, however will see what the landscape looks like in 2016.
EDIT : Glad I never bothered with this card. FIA Amex gives double the reward at Costco anyway.
Last edited by mikep on Thu Feb 12, 2015 11:16 am, edited 1 time in total.
- dbCooperAir
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Well this just about figures, I just got a new AmEx card for Costco after a few years of putting it off, I just activated it last night and linked it to Quicken. I question now if I should even bother using the dang thing, I may just dump it.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
AmEx did a conference call with analysts this morning.
AmEx CEO Ken Chenault said:
AmEx CEO Ken Chenault said:
On the same call, CFO Jeff Campbell said:Our current contract with CostCo is set to run until March 31 of next year, 2016.
Until that time, American Express cards will be accepted at CostCo U.S. warehouses and will continue to provide premium service to our CostCo co-brand consumer and small business card members.
Many of these customers have come to appreciate the benefits of a relationship with American Express. In fact, 70% of their spending on the co-brand card occurs outside of Costco warehouses. It's important to keep in mind that these are American Express customers just as much as they are Costco customers and existing customers are generally are best customers. Overtime we will be offering them products to continue their relationships with American Express and we expect to invest to develop and market value propositions that will appeal to those customers.
While there are differences in geography and terms, our recent experience in Canada can offer some perspective. Last year we were unable to reach an agreement with Costco to renew our co-brand and merchant acceptance relationship in that country. As a result, we made an aggressive push into the cash back space by launching the SimplyCash and SimplyCash Preferred cards. These products provide rich and easy to earn cash back value to card members. And while it's still very early, we are encouraged by the volume of non-store spending that we have been able to retain.
The Costco U.S. co-brand portfolio makes up about 20% of worldwide loans and about 10% of worldwide cards in force. In addition, about another 1% of our worldwide billings come from other American Express card member spending the Costco.
We could begin to see a modest slowdown in billing zones and revenue growth associated with the Costco U.S. co-brand over the course of 2015 and we would expect to slowdown to increase as we nearly end of the contract. The end of the Costco U.S. relationship will have a positive impact on our reported discount rates as our merchant pricing at Costco U.S. is significantly lower in our overall leverage.
This will likely result in a smaller than average decline or perhaps even an increase in our reported discount rate as Costco U.S. volumes roll-off in 2016. Generally speaking the revenue and profits on the spending inside Costco are much lower than on spending outside of Costco.
Therefore we will focus on customers who frequently use their card at non- Costco merchants. We believe there is an opportunity to offer them attractive products from our suite of proprietary offerings.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
The AmEx cards can be used at Costco until March 2016, however, nothing I saw specifically mentioned whether the 3% gas discounts would continue.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Probably the end to my 4% rebate (Costco/AmEx Business card) on gasoline purchases too. The only place I use this card is at Costco and Costco gasoline stations. Me sad.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Costco will be saving a lot of money since Amex' fees are higher. Looks like any MasterCard might be accepted there. If it's CapOne there might be a rebate/rewards program attached.
“Those who move forward with a happy spirit will find that things always work out.” -Retired 13 years 😀
Re: Costco/AmEx relationship ending. New Costco MasterCard?
I regularly shop at Costco and am there multiple times per week. They have been pushing AmEx signups hard for the past 2 weeks or so. I guess I'll just sign up for a card from whoever they strike a deal with. Or maybe they'll accept any card...
- tainted-meat
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Disappointing for sure. I liked using my FIA Amex at Costco.
It wouldn't surprise me if this is just posturing with a deal struck in a few months. Time will tell.
It wouldn't surprise me if this is just posturing with a deal struck in a few months. Time will tell.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Not that I need to take action yet, but what's a good cash-back MC? The good cards I have now are all Amex or Visa.
Darin
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Citi double cash is probably the best one at 2%. However a lot can change between now and Apr 2016.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Is there a Sam's Club near you? They have partnered with Mastercard to provide a good cash-back card. It is 5% on gas, 3% on travel and dining, 1% on everything else.Drain wrote:Not that I need to take action yet, but what's a good cash-back MC? The good cards I have now are all Amex or Visa.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Looks like everyone will end up with an extra credit card, one from Amex to replace the Costco Amex card and another from whoever gets the Costco account.
I don't want another card, so one of them will not survive a meeting with the scissors.
I don't want another card, so one of them will not survive a meeting with the scissors.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Hopefully the Costco Amex card will be replaced with a better Visa/MC rewards card. I signed up for the Costco TrueEarnings Amex a few years ago and the rewards were better then with 3% cash back at restaurants, in addition to 3% back from gas and 2% at travel. Even though there are currently better rewards cards out there in every category, I still kept it in order to maintain my Costco membership. It would be nice to have an all inclusive rewards card that can be used at Costco in the future.
As for good all around cash back cards, I second the opinion of the Citi Double Cash Card, which I believe is available as either a Visa or MasterCard.
As for good all around cash back cards, I second the opinion of the Citi Double Cash Card, which I believe is available as either a Visa or MasterCard.
Last edited by keystone on Thu Feb 12, 2015 1:15 pm, edited 1 time in total.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Costco has a brief discussion of the situation on their site.
https://customerservice.costco.com/syst ... artnership
I didn't see anything new, but, it appears that everything will be the same including rebates etc. until next year.
https://customerservice.costco.com/syst ... artnership
I didn't see anything new, but, it appears that everything will be the same including rebates etc. until next year.
Bob
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Yeah, this is really disappointing for me, I'm sure I am in the minority viewpoint there. I have enjoyed using my Amex over the years, and then I moved somewhere where it's less accepted. No Costco in our new location, and they finally opened one up a few months ago after waiting a few years, and now this change. In the end I'll probably see little use of my Amex.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Looks like my new citi 2% Master will be the new card for costco after amex ends.
I am bit sad that I have to carry old Amex around which was one of my old credit card and highest limit.
I am bit sad that I have to carry old Amex around which was one of my old credit card and highest limit.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
I was about to take advantage of the Fidelity Amex offer I just received in the mail. Now, I think I'll just stick with the Citi Double Cash MasterCard.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
It's good that Costco wil be opening its doors to other cards. But there has never been a true AmEx exclusivity - you can buy Costco cash cards online using whatever card you want.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
If they no longer allow us to use our Fido AMEX, we will have to go this route to get around it.foglifter wrote:It's good that Costco wil be opening its doors to other cards. But there has never been a true AmEx exclusivity - you can buy Costco cash cards online using whatever card you want.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
I have been using my original Blue Cash AMEX card for years now and will miss using it at Costco. It is the one that after the first $6500 tier is reached gives me 5% at grocery stores (no limit), drugstores, and gasoline and 1.25% on all other purchases. No annual fee for this Blue Cash card. Of course Costco is not considered a grocery store so I only get 1.25% there, but we spend A LOT at grocery stores so I get big cash rebates. Just applied for $450 yesterday as a matter of fact. Have another $400 coming on a VISA cash rewards card also.
Tom D.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
I have always used my debit card at Costco because both of my credit cards were Visa. I just got a Delta airlines AmEx and was thinking I could use it at Costco. Oh well. I'm not inclined to get another card.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
I don't believe was can assume anything about Amex fees to Costco in this relationship. We certainly, in my opinion, cannot assume that just because Amex genreally has higher fees than other cards, that the same applies to Costco.tennisplyr wrote:Costco will be saving a lot of money since Amex' fees are higher. Looks like any MasterCard might be accepted there. If it's CapOne there might be a rebate/rewards program attached.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Oh boy. Nothing is forever, right? The $220 Amex card Costco rebate in my wallet now. Always 100% used the Amex/Costco card since its use refunded/rebated more than its annual fee which I think was $75 or $100. Bye Bye Amex. Onto the next Costco card June 1, 2016. p.s. Can't believe someone paid $475 a year for an Amex "special" card...
Re: Costco/AmEx relationship ending. New Costco MasterCard?
There is no fee for the Costco Amex card. The only required fee is the Costco membership fee.muddlehead wrote:Always 100% used the Amex/Costco card since its use refunded/rebated more than its annual fee which I think was $75 or $100.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
FIA amex = 2%, FIA mastercard = 2% (no longer available for new apps)...... Makes little difference to me.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Getting, and having, an AMEX Card at NO annual fee (except for the Costco annual fee) is a great benefit.jsl11 wrote:There is no fee for the Costco Amex card. The only required fee is the Costco membership fee.muddlehead wrote:Always 100% used the Amex/Costco card since its use refunded/rebated more than its annual fee which I think was $75 or $100.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Maybe open to all MasterCard's. Maybe not. I tend to think not.tennisplyr wrote:Costco will be saving a lot of money since Amex' fees are higher. Looks like any MasterCard might be accepted there. If it's CapOne there might be a rebate/rewards program attached.
Some of those relationships are specific to the card issuer, e.g.
Citi® Cardmembers Only http://concerts.livenation.com/citi
Re: Costco/AmEx relationship ending. New Costco MasterCard?
This has nothing to do with the fee members pay for AmEx or for Costco membership. This is all about the percentage that AmEx charges Costco for processing credit card charges when used at Costco stores. I assume Costco wants a big discount on that since they drive 8% or so of AmEx business.tennisplyr wrote:Costco will be saving a lot of money since Amex' fees are higher.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
Typically yes, at a merchant that takes V/MC/D/Amex, or V/MC/Amex, the Amex will charge the highest interchange fee.tennisplyr wrote:Costco will be saving a lot of money since Amex' fees are higher. Looks like any MasterCard might be accepted there. If it's CapOne there might be a rebate/rewards program attached.
Costco is different. They negotiated a cut-rate interchange fee in exchange for exclusivity. We think the Amex interchange fee is in the low 1.x% range. This is the same reason why Costco was exclusive with Discover before switching over to Amex - getting a super low interchange rate.
Costco might not be saving a lot of money if they need to open up credit card processing to all Visa's, or all Mastercards.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
That's really apples and oranges. LiveNation does accept other cards -- just not for that specific offer.Steelersfan wrote:Maybe open to all MasterCard's. Maybe not. I tend to think not.
Some of those relationships are specific to the card issuer, e.g.
Citi® Cardmembers Only http://concerts.livenation.com/citi
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
It does appear that there's some wiggle room if Costco and Capital One (or any other issuer) wanted to pursue it.takeshi wrote:That's really apples and oranges. LiveNation does accept other cards -- just not for that specific offer.Steelersfan wrote:Maybe open to all MasterCard's. Maybe not. I tend to think not.
Some of those relationships are specific to the card issuer, e.g.
Citi® Cardmembers Only http://concerts.livenation.com/citi
This from the VISA rules:
Uniform Services Merchant Requirement – US Region
A US Merchant must process Transactions with its Acquirer's Cardholders and other Members' Cardholders in exactly the same manner. The Merchant's normal discount rates, controls, regulations, and procedures apply.
This requirement does not apply to a Merchant that provides Cardholders with a discount, promotional offer, or in-kind incentive at the Point-of-Transaction that is not available for other Visa Cards.
So if the card issuer created a specific card with a special discount only available at Costco it might fly.
Whether Costco or a card issuer would want to do that is another matter.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
I'll be curious to see what the new benefits are on the replacement card, the 4% cash back on the fuel purchases for the Costco AMEX Business would be what I would miss most.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
There are other AMEX cards with no annual fees. It's not that great of a benefit.dm200 wrote:Getting, and having, an AMEX Card at NO annual fee (except for the Costco annual fee) is a great benefit.jsl11 wrote:There is no fee for the Costco Amex card. The only required fee is the Costco membership fee.muddlehead wrote:Always 100% used the Amex/Costco card since its use refunded/rebated more than its annual fee which I think was $75 or $100.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
When did FIA offer a Mastercard ?rob wrote:FIA amex = 2%, FIA mastercard = 2% (no longer available for new apps)...... Makes little difference to me.
Anyway, if it's no longer available, it does make a difference.
FIA offers a VISA which is 1.5% cashback on the first $15,000 per year, and 2% afterwards.
The main reason I was using my FIA Amex primarily was because of the 2% from $0, and the fact that I needed it for Costco where I spend significant amounts. I don't know any other merchant that only takes Amex besides Costco. I know a lot of merchants that don't take Amex, and for those I used the FIA VISA.
It's too early to say which card will be the best one for Costco, since we don't know which ones they will accept come next year.
Hopefully, it will be a VISA or Mastercard and not Discover or Diner's club or some other obscure card.
But if Costco stops accepting Amex altogether, I will probably stop using and carrying my FIA Amex.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Second person that has said this, but keep in mind Costco has an exclusive contract with Amex. Costco probably pays a negotiated rate, not the list price that a small establishment pays.tennisplyr wrote:Costco will be saving a lot of money since Amex' fees are higher. Looks like any MasterCard might be accepted there. If it's CapOne there might be a rebate/rewards program attached.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
I'm pretty sure all the major retailers have negotiated rates.denovo wrote:Second person that has said this, but keep in mind Costco has an exclusive contract with Amex. Costco probably pays a negotiated rate, not the list price that a small establishment pays.tennisplyr wrote:Costco will be saving a lot of money since Amex' fees are higher. Looks like any MasterCard might be accepted there. If it's CapOne there might be a rebate/rewards program attached.
Giving AMEX an exclusive on credit card use at Target stores would give the merchant a very strong negotiating position.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
In Canada, it's a CapitolOne MCard, so folks are gueessing US will have same.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Sure, but since Costco's is also exclusive I bet they get a better deal than Target or etc. According to the NYTIMES, Costco drives 8 percent of AmEX's business and the Costco-branded cards account for 10 percent of their portfolio. WSJ indicated Costco wanted a better deal than what they currently had. ISteelersfan wrote:I'm pretty sure all the major retailers have negotiated rates.denovo wrote:Second person that has said this, but keep in mind Costco has an exclusive contract with Amex. Costco probably pays a negotiated rate, not the list price that a small establishment pays.tennisplyr wrote:Costco will be saving a lot of money since Amex' fees are higher. Looks like any MasterCard might be accepted there. If it's CapOne there might be a rebate/rewards program attached.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
I'm in Canada, and the transition was seamless here. Costco announced in Sept., that Amex would not be honoured after Dec. 31st 2014, and there were kiosks in the stores to apply for the new Capital One Costco card. I received the new card within a month... Same limit as the Amex, and my Costco ID / pix etc. was on the back of the new card. The new C1 card came with double cash back offers for the first three months.
Amex also issued a new free card (same account number as the old Costco one). The new Amex came with double cash back offers for the first six months.
SB...
Amex also issued a new free card (same account number as the old Costco one). The new Amex came with double cash back offers for the first six months.
SB...
Last edited by speedbump101 on Fri Feb 13, 2015 9:11 pm, edited 1 time in total.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
So in Canada, you had to use a Capital One MasterCard at Costco, not just any MasterCard?speedbump101 wrote:I'm in Canada, and the transition was seamless here. Costco announced in Sept., that Amex would not be honoured after Dec. 31st 2014, and there were kiosks in the stores to apply for the new Capital One Costco card. I received the new card within a month... Same limit as the Amex, and my Costco ID / pix etc. was on the back of the new card. The new C1 card came with double cash back offers for the first three months.
Amex also issued a new free card (same account number as the old Costco one). The new Amex came with double cash back offers for the first sis months.
SB...
Re: Costco/AmEx relationship ending. New Costco MasterCard?
You can use any MasterCard in Canada.
- speedbump101
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
No, you can use any MC, however the new C1 card, like the old Amex, doubles as a membership card. If you have a stand alone Costco membership card, and a MC, you're good to go.Steelersfan wrote:So in Canada, you had to use a Capital One MasterCard at Costco, not just any MasterCard?speedbump101 wrote:I'm in Canada, and the transition was seamless here. Costco announced in Sept., that Amex would not be honoured after Dec. 31st 2014, and there were kiosks in the stores to apply for the new Capital One Costco card. I received the new card within a month... Same limit as the Amex, and my Costco ID / pix etc. was on the back of the new card. The new C1 card came with double cash back offers for the first three months.
Amex also issued a new free card (same account number as the old Costco one). The new Amex came with double cash back offers for the first sis months.
SB...
SB...
"Man is not a rational animal, he is a rationalizing animal" -Robert A. Heinlein
Re: Costco/AmEx relationship ending. New Costco MasterCard?
Sad. Sooo many happy Costco AMEX memories.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
That would seem to be a win-win for Costco (more customers) and MasterCard card users since MasterCard has many more people who have their cards.dbltrbl wrote:You can use any MasterCard in Canada.
I know it would have helped me out when I shopped there as a guest of as friend of mine. I would have gone there more often.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
I did read this article. Thank you for sharing.
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
(Bloomberg) -- Citigroup Inc. will replace American Express Co. as the exclusive issuer for Costco Wholesale Corp.’s credit cards in the U.S. and Puerto Rico. Transactions will be processed by Visa Inc. beginning April 1, 2016, the Issaquah, Washington-based retailer said Monday in a statement.
http://finance.yahoo.com/news/costco-st ... 12058.html
http://finance.yahoo.com/news/costco-st ... 12058.html
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Re: Costco/AmEx relationship ending. New Costco MasterCard?
What is a good Citi card to sign up for to use at Costco and other places?
The Citi Double Cash is great but I think that card is avaiable as a MC.
The Citi Double Cash is great but I think that card is avaiable as a MC.
Re: Costco/AmEx relationship ending. New Costco MasterCard?
The amount of market share Visa stole from Amex on this is 'awesome', I assume their profit outlook needs to be minimum. I have kept my Amex only because of Costco, and it being a no fee card, it hasnt bugged me much. I now have no use for it, however the card is 10+ years old, so I may just keep it for age. Decisions, Decisions.indexfundfan wrote:(Bloomberg) -- Citigroup Inc. will replace American Express Co. as the exclusive issuer for Costco Wholesale Corp.’s credit cards in the U.S. and Puerto Rico. Transactions will be processed by Visa Inc. beginning April 1, 2016, the Issaquah, Washington-based retailer said Monday in a statement.
http://finance.yahoo.com/news/costco-st ... 12058.html