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Costco will stop accepting American Express next year
Posted by: MGS_forgot_password
Date: February 12, 2015 09:28AM
The News

That's disappointing. I wonder what will replace it.
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Re: Costco will stop accepting American Express next year
Posted by: Racer X
Date: February 12, 2015 09:30AM
Visa, Mastercard or Discover?
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Re: Costco will stop accepting American Express next year
Posted by: Sam3
Date: February 12, 2015 09:39AM
Sams Club switched from Discover to MasterCard.

I will miss how Amex shows you spending categories and percentages.
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Re: Costco will stop accepting American Express next year
Posted by: MGS_forgot_password
Date: February 12, 2015 09:49AM
Actually Sam's takes Discover and MasterCard now.
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Re: Costco will stop accepting American Express next year
Posted by: DharmaDog
Date: February 12, 2015 09:50AM
Bummer!

I love my Costco AMEX True Earnings card.

thumbs down
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Re: Costco will stop accepting American Express next year
Posted by: cbelt3
Date: February 12, 2015 09:58AM
Quote
MGS_forgot_password
Actually Sam's takes Discover and MasterCard now.

and a Visa that is associated with a Debit card. The Walton family's little argument with Visa has been going on for a long time.

It's all about the fees.

What about Diner's Club ?
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Re: Costco will stop accepting American Express next year
Posted by: Robert M
Date: February 12, 2015 09:59AM
Hi everyone,

Costco may not accept Amex but that doesn't necessarily mean a True Earnings card can't be used elswhere. At least in theory. So, the card will likely remain a "True Earnings" card or converted into a non-Costco affiliated Amex card.

Robert
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Re: Costco will stop accepting American Express next year
Posted by: rgG
Date: February 12, 2015 10:07AM
This looks like it might point to a possible replacement.
Costco has already replaced American Express with Capital One Financial Corp (COF.N) as its credit-card issuer in Canada, starting this year.





Roswell, GA (Atlanta suburb)
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Re: Costco will stop accepting American Express next year
Posted by: Michael
Date: February 12, 2015 10:27AM
Quote
Robert M
Hi everyone,

Costco may not accept Amex but that doesn't necessarily mean a True Earnings card can't be used elswhere. At least in theory. So, the card will likely remain a "True Earnings" card or converted into a non-Costco affiliated Amex card.

Robert

That's what I'm hoping for. I get 5% on gas with the business AMEX from Costco and I'd hate to lose that.

But, maybe they'll come to an agreement before it's over. AMEX shares are down.
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Re: Costco will stop accepting American Express next year
Posted by: mrbigstuff
Date: February 12, 2015 10:47AM
Argh, that sucks, AmEx provides the best CC service of all (IMO, and from what I have read).

The only good that could come out of this is a possible lower annual fee attahed to the Costco membership from the new card issuer.
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Re: Costco will stop accepting American Express next year
Posted by: mikebw
Date: February 12, 2015 10:47AM
Quote
DharmaDog
Bummer!

I love my Costco AMEX True Earnings card.

thumbs down

Yeah Bummer! Although I wouldn't have an AMEX card if it were not part of my membership with Costco, I do enjoy having it to use in places that don't accept Discover.
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Re: Costco will stop accepting American Express next year
Posted by: Don C
Date: February 12, 2015 10:53AM
My complaint about AmEx is the way the credits are repaid. It's a once a year thing where my VISA and MC accumulate points and give me a credit on my bill when I reach $50.

The 5% points at AmEx is better than the 1.5% or 2% with the others (VISA does give 5% for one quarter of the year) but I prefer the "as you earn it" model.
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Re: Costco will stop accepting American Express next year
Posted by: N-OS X-tasy!
Date: February 12, 2015 11:10AM
Quote
rgG
This looks like it might point to a possible replacement.
Costco has already replaced American Express with Capital One Financial Corp (COF.N) as its credit-card issuer in Canada, starting this year.

That's a step in the wrong direction.



It is what it is.
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Re: Costco will stop accepting American Express next year
Posted by: N-OS X-tasy!
Date: February 12, 2015 11:11AM
Quote
mikebw
Yeah Bummer! Although I wouldn't have an AMEX card if it were not part of my membership with Costco, I do enjoy having it to use in places that don't accept Discover.

There was a time when Costsco also accepted Discover.



It is what it is.
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Re: Costco will stop accepting American Express next year
Posted by: thermarest
Date: February 12, 2015 11:45AM
Yeah, bummer. I have to say I do prefer the Amex website, tagging transactions, summaries etc better than any other.

For those mentioning the TrueEarnings, well there is a Fidelity branded AmEx that gives 2% back rather than 1%. Hard to argue with that.
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Re: Costco will stop accepting American Express next year
Posted by: Buzz
Date: February 12, 2015 12:20PM
I was just at Costco a couple of days ago, and they had a pop up tent just inside the entrance soliciting their Amex bundle... seems odd if they're gonna be dropping the service so soon. Is there really more to this story than meets the eye...?
==
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Re: Costco will stop accepting American Express next year
Posted by: graylocks
Date: February 12, 2015 12:27PM
Quote
mrbigstuff
Argh, that sucks, AmEx provides the best CC service of all (IMO, and from what I have read).

The only good that could come out of this is a possible lower annual fee attahed to the Costco membership from the new card issuer.

this definitely will be a decision for me. i've used the Amex 90 theft/damage protection, and extended warranties a number of times in the past few years. w/o costco membership i'd have to balance those possible protections against an annual fee.



"Success isn't about how much money you make. It is about the difference you make in people's lives."--Michelle Obama
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Re: Costco will stop accepting American Express next year
Posted by: GGD
Date: February 12, 2015 12:27PM
Quote
Buzz
I was just at Costco a couple of days ago, and they had a pop up tent just inside the entrance soliciting their Amex bundle... seems odd if they're gonna be dropping the service so soon. Is there really more to this story than meets the eye...?
==

I had seen news reports late last year about them possibly dropping AMEX and I too saw the tent outside on my last visit and took that as a hopeful sign.

I just wonder what they'll replace AMEX with. I do hope that they will continue to accept at least one form of credit card for purchases.
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Re: Costco will stop accepting American Express next year
Posted by: silvarios
Date: February 12, 2015 12:39PM
Quote
graylocks
this definitely will be a decision for me. i've used the Amex 90 theft/damage protection, and extended warranties a number of times in the past few years. w/o costco membership i'd have to balance those possible protections against an annual fee.

No more AMEX offers without annual fee? My old Blue card has a fairly crappy bonus points reward system, but a lot of those buyer protection services built in, but no annual fee.
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Re: Costco will stop accepting American Express next year
Posted by: mrbigstuff
Date: February 12, 2015 12:43PM
Quote
Buzz
I was just at Costco a couple of days ago, and they had a pop up tent just inside the entrance soliciting their Amex bundle... seems odd if they're gonna be dropping the service so soon. Is there really more to this story than meets the eye...?
==

ha! now that you mention it, same at my location.
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Re: Costco will stop accepting American Express next year
Posted by: billb
Date: February 12, 2015 12:51PM
axp dropped a little this morning on the news
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Re: Costco will stop accepting American Express next year
Posted by: Racer X
Date: February 12, 2015 01:31PM
This whole episode is probably just a chapter in brinksmanship.
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Re: Costco will stop accepting American Express next year
Posted by: hal
Date: February 12, 2015 02:28PM
Until AMEX brings their fees (to retailers) down with the others, I applaud all that stop accepting them. They charge retailers more so that you users can get marvelous benefits. The retailers in turn charge ME more so that you can have those marvelous benefits. Screw that! Die AMEX, DIE!!
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Re: Costco will stop accepting American Express next year
Posted by: Speedy
Date: February 12, 2015 03:25PM
I just wish we had a Costco.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Costco will stop accepting American Express next year
Posted by: Psurfer
Date: February 12, 2015 03:27PM
I've noticed More places have started accepting AMEX in the last year that previously did not, like State Farm Ins.

I'll bet their bonus promotions have been working, getting more people (like me) to use AMEX as their default cc, and writing to the companies that don't accept it.



Edited 1 time(s). Last edit at 02/12/2015 03:30PM by Psurfer.
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Re: Costco will stop accepting American Express next year
Posted by: zeppo2
Date: February 12, 2015 03:54PM
First they switched from Coke to Pepsi at Costco food courts, and now this? They're testing my loyalty.
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Re: Costco will stop accepting American Express next year
Posted by: GGD
Date: February 12, 2015 04:15PM
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zeppo2
First they switched from Coke to Pepsi at Costco food courts, and now this? They're testing my loyalty.

If their grazing stations disappear, I'm out of there.
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Re: Costco will stop accepting American Express next year
Posted by: silvarios
Date: February 12, 2015 04:59PM
Quote
hal
Until AMEX brings their fees (to retailers) down with the others, I applaud all that stop accepting them. They charge retailers more so that you users can get marvelous benefits. The retailers in turn charge ME more so that you can have those marvelous benefits. Screw that! Die AMEX, DIE!!

Yet a small fry like me can manage AMEX just fine. Weird.
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Re: Costco will stop accepting American Express next year
Posted by: max
Date: February 12, 2015 06:18PM
Quote
silvarios
Quote
hal
Until AMEX brings their fees (to retailers) down with the others, I applaud all that stop accepting them. They charge retailers more so that you users can get marvelous benefits. The retailers in turn charge ME more so that you can have those marvelous benefits. Screw that! Die AMEX, DIE!!

Yet a small fry like me can manage AMEX just fine. Weird.
I am a dinosaur, we accept checks or cash only...
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Re: Costco will stop accepting American Express next year
Posted by: silvarios
Date: February 12, 2015 08:12PM
Quote
max
I am a dinosaur, we accept checks or cash only...

Most of my clients pay via check. Then again average age is something like 70.
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Re: Costco will stop accepting American Express next year
Posted by: max
Date: February 12, 2015 09:42PM
Mine are mostly between 25 and 65, but I do have the luxury of picking customers and making the rules...
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Re: Costco will stop accepting American Express next year
Posted by: silvarios
Date: February 12, 2015 09:48PM
Quote
max
Mine are mostly between 25 and 65, but I do have the luxury of picking customers and making the rules...

Being your own man is pretty nice, eh?
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Re: Costco will stop accepting American Express next year
Posted by: pqrst
Date: February 13, 2015 01:30AM
Not a huge surprise that it changed. I remember when Discover was the in-house card.
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Re: Costco will stop accepting American Express next year
Posted by: thermarest
Date: February 13, 2015 09:21AM
Quote
hal
Until AMEX brings their fees (to retailers) down with the others, I applaud all that stop accepting them. They charge retailers more so that you users can get marvelous benefits. The retailers in turn charge ME more so that you can have those marvelous benefits. Screw that! Die AMEX, DIE!!

This is a pretty dated gripe in my experience, and applies only to those who haven't reexamined the merchant account marketplace in many years. I set up card processing last year with two different payment processors, Braintree and Stripe. Both charge the same fees for AmEx as for Visa/MC.

Braintree has a fantastic lure-you-in promotion as well: no fees at all on your first $50,000 in transactions.
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Re: Costco will stop accepting American Express next year
Posted by: dk62
Date: February 13, 2015 10:39AM
I hate AMEX for a number of reasons, including truly awful customer service to the point that I would have cancelled the card several times by now if my company did not require me to have it. And for someone who does a lot of international travel, it tends to be useless at a lot of places.
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