Liking the new Citi CC at Costco

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
samta09
Posts: 85
Joined: Mon Dec 28, 2009 6:45 pm

Liking the new Citi CC at Costco

Post by samta09 » Fri Mar 25, 2016 8:04 am

Wow, looks like the Costco Citi CC will offer great benefits as long as you're willing to use the rewards at Costco:

According to https://www.nerdwallet.com/blog/credit- ... a-details/


4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year)
3% back on restaurants and most travel purchases
2% back at Costco and Costco.com
1% back on everything else

If true, no need to use any other cards if you're a Costco member.

namenloseblonde
Posts: 193
Joined: Tue Jun 24, 2014 1:40 pm

Re: Liking the new Citi CC at Costco

Post by namenloseblonde » Fri Mar 25, 2016 8:11 am

Yes, seems like it will be a great card, and perhaps a little more widely accepted than Amex. Looking forward to it, although changing all of my autopays won't be fun!

keystone
Posts: 520
Joined: Tue Aug 28, 2012 12:34 pm

Re: Liking the new Citi CC at Costco

Post by keystone » Fri Mar 25, 2016 8:18 am

Yes, I'm really happy with the reward structure. The card will make a great complement to the Citi Double Cash card.

ddunca1944
Posts: 926
Joined: Fri Apr 01, 2011 1:49 pm

Re: Liking the new Citi CC at Costco

Post by ddunca1944 » Fri Mar 25, 2016 8:49 am

Anyone know whether it will chard foreign exchange fees?

User avatar
midareff
Posts: 5853
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Liking the new Citi CC at Costco

Post by midareff » Fri Mar 25, 2016 8:54 am

samta09 wrote:Wow, looks like the Costco Citi CC will offer great benefits as long as you're willing to use the rewards at Costco:

According to https://www.nerdwallet.com/blog/credit- ... a-details/


4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year) PenFed has a 5% Cash Back Gas Card that does not have a spending maximum
3% back on restaurants and most travel purchases Discover is 5% Resturants and Movies April 1 to June 30.
2% back at Costco and Costco.com FIDO 2% Cash Back on everything Visa
1% back on everything else FIDO 2% Cash Back on everything Visa or Citi 1% + 1% Mastercard

If true, no need to use any other cards if you're a Costco member.
Certainly doesn't qualify as a strong offer in my book.

BHUser27
Posts: 636
Joined: Mon Jan 18, 2016 3:07 pm
Location: A Midwestern Town

Re: Liking the new Citi CC at Costco

Post by BHUser27 » Fri Mar 25, 2016 8:59 am

To supplement the nerdwallet link, here is the actual Citi website for the card. Everything "official" is in the FAQ...
https://www.citi.com/credit-cards/credi ... conversion

I agree - this card plus the Citi Double Cash card will make a nice pairing and serve all my needs well.

astrohip
Posts: 441
Joined: Tue Dec 21, 2010 4:29 pm
Location: Houston TX

Re: Liking the new Citi CC at Costco

Post by astrohip » Fri Mar 25, 2016 9:31 am

namenloseblonde wrote:Yes, seems like it will be a great card, and perhaps a little more widely accepted than Amex. Looking forward to it, although changing all of my autopays won't be fun!
I use a separate card for all my auto-drafts. A card I don't even carry around. That way the odds of it being hacked or fraud is very limited. Like you, I got tired of changing my auto-drafts every time fraud was detected. Since I went to this method... never had a problem.

To be specific, I use the CapOne 1.5% rebate card for my auto-drafts. It's not as good as the Citi 2%, but close enough. I've used it for several years now. For every day card use, I have Citi 2%, Discover 1%, Penfed 5% and Amex 6%.
ddunca1944 wrote:Anyone know whether it will chard foreign exchange fees?
I think I read where it does charge a FE fee. If that's a big deal, get a 2nd card that doesn't.
"Happiness is not about doing, it’s about being." - R Branson

Jeff P
Posts: 145
Joined: Tue Aug 11, 2015 10:07 am

Re: Liking the new Citi CC at Costco

Post by Jeff P » Fri Mar 25, 2016 9:36 am

samta09 wrote:as long as you're willing to use the rewards at Costco:
They'll cash you out at customer service.

ddunca1944
Posts: 926
Joined: Fri Apr 01, 2011 1:49 pm

Re: Liking the new Citi CC at Costco

Post by ddunca1944 » Fri Mar 25, 2016 9:40 am

astrohip wrote:
namenloseblonde wrote:
ddunca1944 wrote:Anyone know whether it will chard foreign exchange fees?
I think I read where it does charge a FE fee. If that's a big deal, get a 2nd card that doesn't.
Oh the FE fee isn't a dealbreaker. I'll just continue to use the CapOne when abroad. If the Costco Citi did not charge a FE, then it would likely become our only card. As it is, we'll probably just pair it with the CapOne.

Leesbro63
Posts: 5532
Joined: Mon Nov 08, 2010 4:36 pm

Re: Liking the new Citi CC at Costco

Post by Leesbro63 » Fri Mar 25, 2016 9:42 am

My Sam's Club visa has 5% on gasoline, 3% on dining and 1% on everything else.

User avatar
8foot7
Posts: 858
Joined: Mon Jan 05, 2015 7:29 pm

Re: Liking the new Citi CC at Costco

Post by 8foot7 » Fri Mar 25, 2016 9:48 am

midareff wrote:
samta09 wrote:Wow, looks like the Costco Citi CC will offer great benefits as long as you're willing to use the rewards at Costco:

According to https://www.nerdwallet.com/blog/credit- ... a-details/


4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year) PenFed has a 5% Cash Back Gas Card that does not have a spending maximum
3% back on restaurants and most travel purchases Discover is 5% Resturants and Movies April 1 to June 30.
2% back at Costco and Costco.com FIDO 2% Cash Back on everything Visa
1% back on everything else FIDO 2% Cash Back on everything Visa or Citi 1% + 1% Mastercard

If true, no need to use any other cards if you're a Costco member.
Certainly doesn't qualify as a strong offer in my book.
I don't know about others but you're suggesting carrying around at least three if not four different cards to achieve equivalent savings on every seven thousandth dollar and above spent on gasoline as well as 2 percentage points better on eating out and travel for 90 days.

Or I could just carry one card.

samta09
Posts: 85
Joined: Mon Dec 28, 2009 6:45 pm

Re: Liking the new Citi CC at Costco

Post by samta09 » Fri Mar 25, 2016 9:53 am

8foot7 wrote:
midareff wrote:
samta09 wrote:Wow, looks like the Costco Citi CC will offer great benefits as long as you're willing to use the rewards at Costco:

According to https://www.nerdwallet.com/blog/credit- ... a-details/


4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year) PenFed has a 5% Cash Back Gas Card that does not have a spending maximum
3% back on restaurants and most travel purchases Discover is 5% Resturants and Movies April 1 to June 30.
2% back at Costco and Costco.com FIDO 2% Cash Back on everything Visa
1% back on everything else FIDO 2% Cash Back on everything Visa or Citi 1% + 1% Mastercard

If true, no need to use any other cards if you're a Costco member.
Certainly doesn't qualify as a strong offer in my book.
I don't know about others but you're suggesting carrying around at least three if not four different cards to achieve equivalent savings on every seven thousandth dollar and above spent on gasoline as well as 2 percentage points better on eating out and travel for 90 days.

Or I could just carry one card.
I agree. Simplicity over saving a few extra bucks.

User avatar
dodecahedron
Posts: 3800
Joined: Tue Nov 12, 2013 12:28 pm

Re: Liking the new Citi CC at Costco

Post by dodecahedron » Fri Mar 25, 2016 10:00 am

8foot7 wrote:
I don't know about others but you're suggesting carrying around at least three if not four different cards to achieve equivalent savings on every seven thousandth dollar and above spent on gasoline as well as 2 percentage points better on eating out and travel for 90 days.

Or I could just carry one card.
Cards aren't heavy. I carry two BoA Visas and a Discover. One BoA Visa gives me 5.25% on gas and 3.5% on groceries and the other gives me 2.625% on everything else. The Discover gives me 5% on rotating categories (next quarter it will be restaurants and entertainment, as noted above.)

I would gladly get a Costco card as well, if only a Costco would locate nearby. :(

User avatar
8foot7
Posts: 858
Joined: Mon Jan 05, 2015 7:29 pm

Re: Liking the new Citi CC at Costco

Post by 8foot7 » Fri Mar 25, 2016 10:02 am

dodecahedron wrote:
8foot7 wrote:
I don't know about others but you're suggesting carrying around at least three if not four different cards to achieve equivalent savings on every seven thousandth dollar and above spent on gasoline as well as 2 percentage points better on eating out and travel for 90 days.

Or I could just carry one card.
Cards aren't heavy. I carry two BoA Visas and a Discover. One BoA Visa gives me 5.25% on gas and 3.5% on groceries and the other gives me 2.625% on everything else. The Discover gives me 5% on rotating categories (next quarter it will be restaurants and entertainment, as noted above.)

I would gladly get a Costco card as well, if only a Costco would locate nearby. :(
I don't mind two cards but four and then remembering where to use them?
To each his own but I think this card offer is pretty decent for folks who just want one or two cards in their wallet.

namenloseblonde
Posts: 193
Joined: Tue Jun 24, 2014 1:40 pm

Re: Liking the new Citi CC at Costco

Post by namenloseblonde » Fri Mar 25, 2016 10:14 am

astrohip wrote:
namenloseblonde wrote:Yes, seems like it will be a great card, and perhaps a little more widely accepted than Amex. Looking forward to it, although changing all of my autopays won't be fun!
I use a separate card for all my auto-drafts. A card I don't even carry around. That way the odds of it being hacked or fraud is very limited. Like you, I got tired of changing my auto-drafts every time fraud was detected. Since I went to this method... never had a problem.

To be specific, I use the CapOne 1.5% rebate card for my auto-drafts. It's not as good as the Citi 2%, but close enough. I've used it for several years now. For every day card use, I have Citi 2%, Discover 1%, Penfed 5% and Amex 6%.
This is a really good idea. I have that CapOne card too - I don't use it for anything other than international travel, though, because it doesn't have a foreign transaction fee. Maybe I should switch all of my autopays over there.

tj
Posts: 2237
Joined: Thu Dec 24, 2009 12:10 am

Re: Liking the new Citi CC at Costco

Post by tj » Fri Mar 25, 2016 10:15 am

4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year) PenFed has a 5% Cash Back Gas Card that does not have a spending maximum
As far as I know, you won't get 5% cashback on Costco gas, and COstco is significantly cheaper than everybody else.

User avatar
HueyLD
Posts: 6348
Joined: Mon Jan 14, 2008 10:30 am

Re: Liking the new Citi CC at Costco

Post by HueyLD » Fri Mar 25, 2016 11:01 am

PenFed's gasoline reward is not exactly 5%. It is actually 4.25% because one has to redeem 5,880 points for a $50 Visa debit card.

astrohip
Posts: 441
Joined: Tue Dec 21, 2010 4:29 pm
Location: Houston TX

Re: Liking the new Citi CC at Costco

Post by astrohip » Fri Mar 25, 2016 11:07 am

HueyLD wrote:PenFed's gasoline reward is not exactly 5%. It is actually 4.25% because one has to redeem 5,880 points for a $50 Visa debit card.
Not the Penfed Platinum Cash card. 5% cash rebate every month, on the statement.

I think they had an older card that gave 5% on gas, and 1%/2% on other stuff, but required a points/debit card game to be played. I dropped that, went to Citi 2%, and got the PenFed card that is just gas, just 5%, and no games.

When Penfed changed that card a couple years ago from cash to a debit card, my purchases with them dropped 90%. I don't play rebate games, just give me $$$.
"Happiness is not about doing, it’s about being." - R Branson

Goal33
Posts: 662
Joined: Sun Apr 12, 2015 12:30 pm

Re: Liking the new Citi CC at Costco

Post by Goal33 » Fri Mar 25, 2016 11:27 am

this is good enough for me to use as my full time card in my 'thin wallet'
A man with one watch always knows what time it is; a man with two watches is never sure.

Da5id
Posts: 2061
Joined: Fri Feb 26, 2016 8:20 am

Re: Liking the new Citi CC at Costco

Post by Da5id » Fri Mar 25, 2016 11:37 am

Goal33 wrote:this is good enough for me to use as my full time card in my 'thin wallet'
Different folks, different priorities.

For me, the biggest gap on this card is the lack of a supermarket discount. I'm getting 6% up to $6000 on my Amex, which after the $75 fee works out to 4.25% back.

I personally don't mind extra cards, so I'm happy to also have the Citi Double Cash (2% on everything) and the Chase Freedom (for 5% on rotating categories). And I have a 3% Chase Amazon card I use only for Amazon and sits in a drawer at home.

Pondering getting this new card, it seems worthwhile to me for the 2, 3, and 4% bonuses where it is better than what I currently have.

ndayev6
Posts: 28
Joined: Sat Mar 23, 2013 9:51 am

Re: Liking the new Citi CC at Costco

Post by ndayev6 » Fri Mar 25, 2016 11:38 am

I think one fact that has not been mentioned yet is that the card is giving 4% cash back on Costco gas which is already much cheaper than the large majority of gas stations. I have an Amex Blue Cash Preferred with 3% back on gas that is dwarfed by the savings from just buying gas at Costco. If PenFed gives 5% back at Costco then that is the best case scenario but I would be surprised by that. 4% back on Costco gas is tough to beat.

S&L1940
Posts: 1606
Joined: Fri Nov 02, 2007 11:19 pm
Location: South Florida

Re: Liking the new Citi CC at Costco

Post by S&L1940 » Fri Mar 25, 2016 11:46 am

Jeff P wrote:
samta09 wrote:as long as you're willing to use the rewards at Costco:
They'll cash you out at customer service.
BJ's card deducts .10 per gallon off on gas at the pump and occasionally does another nickel per gallon if you shop first.
BJ's automatically takes rewards off at check out whenever you reach $20 in paybacks. Expect Costco will (eventually) do the same since they already have gone auto deduct for their coupons.
Don't it always seem to go * That you don't know what you've got * Till it's gone

User avatar
midareff
Posts: 5853
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Liking the new Citi CC at Costco

Post by midareff » Fri Mar 25, 2016 11:56 am

samta09 wrote:
8foot7 wrote:
midareff wrote:
samta09 wrote:Wow, looks like the Costco Citi CC will offer great benefits as long as you're willing to use the rewards at Costco:

According to https://www.nerdwallet.com/blog/credit- ... a-details/


4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year) PenFed has a 5% Cash Back Gas Card that does not have a spending maximum
3% back on restaurants and most travel purchases Discover is 5% Resturants and Movies April 1 to June 30.
2% back at Costco and Costco.com FIDO 2% Cash Back on everything Visa
1% back on everything else FIDO 2% Cash Back on everything Visa or Citi 1% + 1% Mastercard

If true, no need to use any other cards if you're a Costco member.
Certainly doesn't qualify as a strong offer in my book.
I don't know about others but you're suggesting carrying around at least three if not four different cards to achieve equivalent savings on every seven thousandth dollar and above spent on gasoline as well as 2 percentage points better on eating out and travel for 90 days.

Or I could just carry one card.
I agree. Simplicity over saving a few extra bucks.
and add in the 6% CASH back on groceries AMEX Blue Cash Preferred. There is a reason they put 4 or 5 card slots in men's wallets. BTW, we did over $2100 in CASH back rewards last year, unencumbered by where or how to use them, so thinking this is a matter of a few extra bucks may not be the way to look at it and adding the thickness of a credit card or two to a wallet is hardly a handicap, nor is remembering which one to pull out.
Last edited by midareff on Fri Mar 25, 2016 12:10 pm, edited 3 times in total.

mikep
Posts: 3698
Joined: Wed Apr 22, 2009 9:27 pm

Re: Liking the new Citi CC at Costco

Post by mikep » Fri Mar 25, 2016 11:58 am

Jeff P wrote:
samta09 wrote:as long as you're willing to use the rewards at Costco:
They'll cash you out at customer service.
Or any register. I do that with the executive rebate as well, to keep the spend on the CC so I don't forfeit the rewards on that purchase.

ResearchMed
Posts: 7615
Joined: Fri Dec 26, 2008 11:25 pm

Re: Liking the new Citi CC at Costco

Post by ResearchMed » Fri Mar 25, 2016 12:03 pm

dodecahedron wrote:
8foot7 wrote:
I don't know about others but you're suggesting carrying around at least three if not four different cards to achieve equivalent savings on every seven thousandth dollar and above spent on gasoline as well as 2 percentage points better on eating out and travel for 90 days.

Or I could just carry one card.
Cards aren't heavy. I carry two BoA Visas and a Discover. One BoA Visa gives me 5.25% on gas and 3.5% on groceries and the other gives me 2.625% on everything else. The Discover gives me 5% on rotating categories (next quarter it will be restaurants and entertainment, as noted above.)

I would gladly get a Costco card as well, if only a Costco would locate nearby. :(
Well, maybe the Amex Centurion card weights a bit more. (Is it really metal?)
I've seen a few, but never asked to "touch one" :shock:

But I can't imagine having only one card regardless of perks, especially for traveling.
IF one card is compromised - or just lost - then what?
Even with overnight delivery (tricky quite that fast overseas), that still would leave one without.

And although MC/VISA are taken most places and more places than Amex, there are a few places that take only Amex.

RM
This signature is a placebo. You are in the control group.

flyingbison
Posts: 1363
Joined: Wed Mar 12, 2014 8:52 am

Re: Liking the new Citi CC at Costco

Post by flyingbison » Fri Mar 25, 2016 12:14 pm

ndayev6 wrote:I think one fact that has not been mentioned yet is that the card is giving 4% cash back on Costco gas which is already much cheaper than the large majority of gas stations.
That depends on where you live. I've never seen much price difference at all.

User avatar
midareff
Posts: 5853
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Liking the new Citi CC at Costco

Post by midareff » Fri Mar 25, 2016 12:15 pm

ResearchMed wrote:
But I can't imagine having only one card regardless of perks, especially for traveling.
IF one card is compromised - or just lost - then what?
Even with overnight delivery (tricky quite that fast overseas), that still would leave one without.

RM

All excellent points for those who do travel. Just surveyed a couple this AM in prep for an overseas trip. The Fidelity Visa is 1% foreign transaction fee and 2% reward. The Citi 1+1 has a 3% foreign transaction fee. That Costco card do anything for you overseas?

ResearchMed
Posts: 7615
Joined: Fri Dec 26, 2008 11:25 pm

Re: Liking the new Citi CC at Costco

Post by ResearchMed » Fri Mar 25, 2016 12:21 pm

midareff wrote:
ResearchMed wrote:
But I can't imagine having only one card regardless of perks, especially for traveling.
IF one card is compromised - or just lost - then what?
Even with overnight delivery (tricky quite that fast overseas), that still would leave one without.

RM

All excellent points for those who do travel. Just surveyed a couple this AM in prep for an overseas trip. The Fidelity Visa is 1% foreign transaction fee and 2% reward. The Citi 1+1 has a 3% foreign transaction fee. That Costco card do anything for you overseas?
Amex Plat has no foreign fees (don't know about Amex green).
And we get far more than the annual fee in perks each year, but YMMV, etc.

Last I looked, Schwab card had no foreign fees.
Don't know about annual fees or perhaps minimum balances, if any.

NOTE: Correction below, thanks to barreg on next page: <insert embarrassed emoticon>

Our BoA card allows us to get cash overseas at "real" ATM's without extra fees.
Note: Be SURE when getting cash at ATM's overseas NOT to select local currency, or they'll "get you" on high currency conversion costs.
Select US $, andyou should (but check with vendor at home) get a reasonable bank conversion rate, still "high", but the best usually possible for such amounts.

NOTE added: That is, select LOCAL currency; let your home financial institution do the conversion.
(But as usual, do check with your local place to double check all such fees/etc.)


RM
Last edited by ResearchMed on Tue Mar 29, 2016 12:48 pm, edited 1 time in total.
This signature is a placebo. You are in the control group.

User avatar
unclescrooge
Posts: 2685
Joined: Thu Jun 07, 2012 7:00 pm

Re: Liking the new Citi CC at Costco

Post by unclescrooge » Fri Mar 25, 2016 12:26 pm

flyingbison wrote:
ndayev6 wrote:I think one fact that has not been mentioned yet is that the card is giving 4% cash back on Costco gas which is already much cheaper than the large majority of gas stations.
That depends on where you live. I've never seen much price difference at all.
True. I've never not seen a large price difference!

User avatar
greg24
Posts: 3298
Joined: Tue Feb 20, 2007 10:34 am

Re: Liking the new Citi CC at Costco

Post by greg24 » Fri Mar 25, 2016 12:32 pm

8foot7 wrote:To each his own but I think this card offer is pretty decent for folks who just want one or two cards in their wallet.
Agreed. There isn't just the issue of physical cards in your wallet, but also the increased overhead of knowing where to use which card this month, multiple statements I need to track, etc. The new visa card will probably become one of our few cards.

new2bogle
Posts: 1359
Joined: Fri Sep 11, 2009 2:05 pm

Re: Liking the new Citi CC at Costco

Post by new2bogle » Fri Mar 25, 2016 12:47 pm

OP, thanks for the link, it cleared up when and how I will be getting the new card.

We have the Business version of the Costco AmEx so were already getting the 4% gas cashback (used to be 5% a few years ago).

The new feature is 2% at Costco which used to be 1%. Does that mean I can cancel my executive membership? Or will the extra $55/year executive membership give me yet an additional 1% (so 3% total) on Costco store purchases?

User avatar
ray.james
Posts: 1048
Joined: Tue Jul 19, 2011 4:08 am

Re: Liking the new Citi CC at Costco

Post by ray.james » Fri Mar 25, 2016 1:07 pm

8foot7 wrote: I don't know about others but you're suggesting carrying around at least three if not four different cards to achieve equivalent savings on every seven thousandth dollar and above spent on gasoline as well as 2 percentage points better on eating out and travel for 90 days.

Or I could just carry one card.
Strongly agree. Before I got Citi 2%, Costco AMEX was my only card, I used extensively. I was sad about losing it since it came with very high limits and oldest card history. Now, I won't miss it much at all. I can see now, why AMEX went so aggressive on opening new accounts. I like AMEX , but use and like Costco way more.
When in doubt, http://www.bogleheads.org/forum/viewtopic.php?f=1&t=79939

User avatar
FrugalInvestor
Posts: 4927
Joined: Fri Nov 07, 2008 12:20 am

Re: Liking the new Citi CC at Costco

Post by FrugalInvestor » Fri Mar 25, 2016 1:12 pm

1530jesup wrote:
Jeff P wrote:
samta09 wrote:as long as you're willing to use the rewards at Costco:
They'll cash you out at customer service.......BJ's automatically takes rewards off at check out whenever you reach $20 in paybacks. Expect Costco will (eventually) do the same since they already have gone auto deduct for their coupons.
I don't think that Costco will do that since it would substantially dilute the impact of the annual rebate. It just doesn't seem that many small discounts/rebates would have the impact (in the consumer's mind) of a single but much larger one.
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

sport
Posts: 7489
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Liking the new Citi CC at Costco

Post by sport » Fri Mar 25, 2016 1:16 pm

new2bogle wrote:OP, thanks for the link, it cleared up when and how I will be getting the new card.

We have the Business version of the Costco AmEx so were already getting the 4% gas cashback (used to be 5% a few years ago).

The new feature is 2% at Costco which used to be 1%. Does that mean I can cancel my executive membership? Or will the extra $55/year executive membership give me yet an additional 1% (so 3% total) on Costco store purchases?
The present arrangement with the Amex card is 1% at Costco plus 2% if you are an executive member. Therefore, it seems the new arrangement will total 4% at Costco; 2% for executive and 2% from Citi Visa.

User avatar
simplesimon
Posts: 3198
Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Liking the new Citi CC at Costco

Post by simplesimon » Fri Mar 25, 2016 2:03 pm

I agree that the rewards don't seem exceptional because the big points are on purchases that make up a small proportion of my spending. If I had to choose one card, a 2% flat cash back card would give me more cash back than the Costco card would. Does anybody really use a single card for everything AND spend most of their money on gas and restaurants?

With that said, I'll likely use a combination of the Costco card and Citi Double Cash.

fareastwarriors
Posts: 920
Joined: Tue Feb 14, 2012 12:31 pm

Re: Liking the new Citi CC at Costco

Post by fareastwarriors » Fri Mar 25, 2016 2:09 pm

It's not The best card for everything but it is still pretty darn good. I like it. :sharebeer

chaz
Posts: 13601
Joined: Tue Feb 27, 2007 2:44 pm

Re: Liking the new Citi CC at Costco

Post by chaz » Fri Mar 25, 2016 2:55 pm

A good card to combine with the Citi double cash card for 'other' purchases.
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page

User avatar
FrugalInvestor
Posts: 4927
Joined: Fri Nov 07, 2008 12:20 am

Re: Liking the new Citi CC at Costco

Post by FrugalInvestor » Fri Mar 25, 2016 2:59 pm

chaz wrote:A good card to combine with the Citi double cash card for 'other' purchases.
Are there any potential downsides to having just two cards, both of which are from the same issuer (bank)?
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

User avatar
midareff
Posts: 5853
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Liking the new Citi CC at Costco

Post by midareff » Fri Mar 25, 2016 3:16 pm

ResearchMed wrote:
midareff wrote:
ResearchMed wrote:
But I can't imagine having only one card regardless of perks, especially for traveling.
IF one card is compromised - or just lost - then what?
Even with overnight delivery (tricky quite that fast overseas), that still would leave one without.

RM

All excellent points for those who do travel. Just surveyed a couple this AM in prep for an overseas trip. The Fidelity Visa is 1% foreign transaction fee and 2% reward. The Citi 1+1 has a 3% foreign transaction fee. That Costco card do anything for you overseas?
Amex Plat has no foreign fees (don't know about Amex green).
And we get far more than the annual fee in perks each year, but YMMV, etc.

Last I looked, Schwab card had no foreign fees.
Don't know about annual fees or perhaps minimum balances, if any.

Our BoA card allows us to get cash overseas at "real" ATM's without extra fees.
Note: Be SURE when getting cash at ATM's overseas NOT to select local currency, or they'll "get you" on high currency conversion costs.
Select US $, and you should (but check with vendor at home) get a reasonable bank conversion rate, still "high", but the best usually possible for such amounts.

RM

Thanks RM.... I used to do local ATM's for local currency but stopped that almost a decade ago. I take local currency with me at a favorable conversion rate storefront near the Miami waterfront. Better than bank, airport and local conversion rates by far. Next trip's need is the is the Ruble this summer. My current mental dilemma is I like to travel at the higher end. I may have to move to higher standard rather than suites to get to all the places I want to see before active travel becomes too difficult.

As far as a credit card that locks me to a store, as in the OP's thread, I can't imagine a situation I would find beneficial. As an example, I took a Delta card for the bonus miles and fee waivers and such. Used them locally with priority boarding and free second bag, and have found out we get priority boarding on flights booked by TA as well, and associates. For those of us who carry camera gear and medical sleeping devices and such it's a big deal.

ddunca1944
Posts: 926
Joined: Fri Apr 01, 2011 1:49 pm

Re: Liking the new Citi CC at Costco

Post by ddunca1944 » Fri Mar 25, 2016 3:32 pm

greg24 wrote:
8foot7 wrote:To each his own but I think this card offer is pretty decent for folks who just want one or two cards in their wallet.
Agreed. There isn't just the issue of physical cards in your wallet, but also the increased overhead of knowing where to use which card this month, multiple statements I need to track, etc. The new visa card will probably become one of our few cards.
This. DH is not going to use one card for this and a different card for that. Plus we've been working to simplify our finances, not make them more complicated. We'll carry the Cap One Venture (2% on everything when redeemed for travel expenses) and the Costco card. He doesn't mind two cards.

madbrain
Posts: 5130
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: Liking the new Citi CC at Costco

Post by madbrain » Fri Mar 25, 2016 5:24 pm

midareff wrote: and add in the 6% CASH back on groceries AMEX Blue Cash Preferred.
Well, if you shop for groceries mostly at Costco, as we do - and I suspect many in this thread also do, this card would not give you 6% back on groceries.
And of course, you won't be able to use AMEX after june.

The only 2 Amex I have currently are the Fidelity Amex and the Costco Amex. Both are getting replaced by VISA cards. I don't plan to get another Amex.
Costco was the only place I shop at that only accepted Amex. Most small businesses don't accept it, also. Good riddance.

madbrain
Posts: 5130
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: Liking the new Citi CC at Costco

Post by madbrain » Fri Mar 25, 2016 5:30 pm

midareff wrote: 4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year) PenFed has a 5% Cash Back Gas Card that does not have a spending maximum
Is the $7,000 of gas limit really an issue for anyone ? That would be 2000 - 3000 gallons. Unless you have a whole family of Hummer drivers, hard to imagine.
3% back on restaurants and most travel purchases Discover is 5% Resturants and Movies April 1 to June 30.
Discover is not as widely accepted, though. Also, rotating reward cards are not for me.
2% back at Costco and Costco.com FIDO 2% Cash Back on everything Visa
This is OK.
1% back on everything else FIDO 2% Cash Back on everything Visa or Citi 1% + 1% Mastercard
This is not. It looks like the fidelity 2% VISA will be my main card when I receive it.

User avatar
Watty
Posts: 14584
Joined: Wed Oct 10, 2007 3:55 pm

Re: Liking the new Citi CC at Costco

Post by Watty » Fri Mar 25, 2016 8:49 pm

If you have the Costco Amex will they automatically send you the Citi CC or do you need to do something?

HIinvestor
Posts: 1718
Joined: Tue Apr 08, 2014 3:23 am

Re: Liking the new Citi CC at Costco

Post by HIinvestor » Fri Mar 25, 2016 8:56 pm

I've been told at Costco that you do nothing and your AmEx will no longer be valid and you will get the new Visa in the mail.

User avatar
BolderBoy
Posts: 4173
Joined: Wed Apr 07, 2010 12:16 pm
Location: Colorado

Re: Liking the new Citi CC at Costco

Post by BolderBoy » Fri Mar 25, 2016 9:56 pm

HIinvestor wrote:I've been told at Costco that you do nothing and your AmEx will no longer be valid and you will get the new Visa in the mail.
I was in Costco yesterday and they have prominently displayed, LARGE signage saying that your present AMEX card is valid at Costco through June 19.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

sport
Posts: 7489
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Liking the new Citi CC at Costco

Post by sport » Fri Mar 25, 2016 10:03 pm

BolderBoy wrote:
HIinvestor wrote:I've been told at Costco that you do nothing and your AmEx will no longer be valid and you will get the new Visa in the mail.
I was in Costco yesterday and they have prominently displayed, LARGE signage saying that your present AMEX card is valid at Costco through June 19.
I received a notice from Amex today. Among other details:
The Costco Amex will be good at Costco and other places through 6/19. The card will not work any place starting 6/20.
The Costco Visa will not work through 6/19. It will work any place starting 6/20.
Any account and reward balances will transfer to the new card.
Send payment of any Amex bills to Amex. Send payment of any Citi bills to Citi.

pkempfur
Posts: 31
Joined: Thu Jan 17, 2013 4:25 pm

Re: Liking the new Citi CC at Costco

Post by pkempfur » Sat Mar 26, 2016 1:15 am

jepalan wrote:To supplement the nerdwallet link, here is the actual Citi website for the card. Everything "official" is in the FAQ...
https://www.citi.com/credit-cards/credi ... conversion

I agree - this card plus the Citi Double Cash card will make a nice pairing and serve all my needs well.
I'm stuck at trying to figure the first FAQ

"How/when do I get my new Costco Anywhere Visa® Card by Citi?

You do not need to apply. In May 2016, Citi will mail it to the basic cardmember or authorized officer’s mailing address provided to Citi. You can begin using your new card on June 20, 2016. If your address has changed, please call the number on the back of the card to update it."

Reminds me of another time when I card to report a lost cc and they wanted my cc number. :oops:

User avatar
midareff
Posts: 5853
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Liking the new Citi CC at Costco

Post by midareff » Sat Mar 26, 2016 7:19 am

madbrain wrote:
midareff wrote: and add in the 6% CASH back on groceries AMEX Blue Cash Preferred.
Well, if you shop for groceries mostly at Costco, as we do - and I suspect many in this thread also do, this card would not give you 6% back on groceries.
And of course, you won't be able to use AMEX after june.
I think you may be confusing the AMEX Blue Cash Preferred 6% on first $6K of groceries with the Fidelity Amex 2%. .. which has been replaced with the Fidelity Visa 2%.

BTW, the Fido Visa has a 1% foreign transaction fee against the 2% rewards so it is a good travel card as well.

User avatar
jeffyscott
Posts: 7366
Joined: Tue Feb 27, 2007 9:12 am
Location: Wisconsin

Re: Liking the new Citi CC at Costco

Post by jeffyscott » Sat Mar 26, 2016 10:04 am

madbrain wrote:
midareff wrote: and add in the 6% CASH back on groceries AMEX Blue Cash Preferred.
Well, if you shop for groceries mostly at Costco, as we do - and I suspect many in this thread also do, this card would not give you 6% back on groceries.
And of course, you won't be able to use AMEX after june.

The only 2 Amex I have currently are the Fidelity Amex and the Costco Amex. Both are getting replaced by VISA cards. I don't plan to get another Amex.
Costco was the only place I shop at that only accepted Amex. Most small businesses don't accept it, also. Good riddance.
Blue cash preferred fee is $75 per year, so using it only for groceries really means 0% on the first $1250 then 6% on the next $4750. Or you could look at it as 1%, if you spend $1500. We also get most groceries at Costco, probably don't even spend $1500 per year at other grocery stores.

We also probably spend more at Costco than any other store for other purchases as well, so the 2% there will be great.

I think Amex acceptance varies by area. In our area I have never run across any business that does not accept Amex (except those that accept no credit cards at all). When traveling in Oregon and Washington we found many places did not accept Amex.

We do have the no annual fee version of the blue cash Amex for 3% at grocery stores. For now we will probably continue to use that for other groceries. If we had the citi double cash card or the Fidelity 2% card, we would probably not bother using the Amex for that extra 1% as it would probably amount to about $1 per month extra for us.

In actual practice, we are often working on some sort of sign-up bonus and that determines the card we use since sign-up bonuses >> normal cash rebate amounts from any card.
press on, regardless - John C. Bogle

User avatar
midareff
Posts: 5853
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: Liking the new Citi CC at Costco

Post by midareff » Sat Mar 26, 2016 10:27 am

jeffyscott wrote:
Blue cash preferred fee is $75 per year, so using it only for groceries really means 0% on the first $1250 then 6% on the next $4750. Or you could look at it as 1%, if you spend $1500. We also get most groceries at Costco, probably don't even spend $1500 per year at other grocery stores.

For us we have been right next to the $6K threshold for $360 less the $75 fee or $285 net the last two years and expect the same this year. We use two local grocery stores depending on WOS and BOGO offers and my Thai wife likes the Chinese grocery store for some things the US majors don't carry but we use the 2% Visa for that.

We do have the no annual fee version of the blue cash Amex for 3% at grocery stores. For now we will probably continue to use that for other groceries. If we had the citi double cash card or the Fidelity 2% card, we would probably not bother using the Amex for that extra 1% as it would probably amount to about $1 per month extra for us.

In actual practice, we are often working on some sort of sign-up bonus and that determines the card we use since sign-up bonuses >> normal cash rebate amounts from any card.
Agreed, but since we travel the 2% can add up very quickly. >$2100 last year.

Post Reply