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Costco will stop accepting American Express and switch to Citi Bank Visa 4/1/16

submitted on February 16, 2015 by YanBz in "Stores / Merchants", last updated on March 2, 2015 by HouTex
Starting in early 2016 Costco will no longer accept Amex credit cards at their stores. Apparently they had a multi-year contract which is ending in March of next year. Something didn't work out and Amex and Costco are no longer together. For me it mean I will be getting rid of the TrueEarnings Amex card since Costco was pretty much the only place I used it at.

Source:
http://blogs.wsj.com/moneybeat.....-shoppers/
1. Are you a Costco member?
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2. Do you use Amex at Costco?
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  • 213323
    mdshopper1
    master
    1 2
    12 10 2
    Posted by mdshopper1 on February 16, 2015 [reply] 0 0
    sams club business customer here!
  • 213334
    YanBz
    admin
    Posted by YanBz on February 17, 2015 [reply] 0 0
    How do you like Sam's Club? What kind of things do you usually buy?
  • 213347
    laaya
    professor
    1 1 2
    11 8 2
    Posted by laaya on February 17, 2015 [reply] 0 0
    When it comes to quality, quantity with right price and an amazing customer service, costco will be the best.
    Also you will get 90 days return on most items, 2 years warranty on most electronic, laptops, best price on Auto what else. They don't even charge taxes when shipping to non costco locations.
  • 213350
    HouTex
    admin
    Posted by HouTex on February 17, 2015 [reply] 0 0
    We mainly shop at Sam's for meat, produce, and bulk-packed water and cleaning supplies. They have better quality (choice and prime) beef much cheaper than grocery stores, and outstanding quality cheese and seafood. In our store, everything is very fresh and has long expiration dates. Also they have a good selection of wine and lots of party- or family-size prepared foods, if you're interested in those. We have also bought electronics at a good price and with a good warranty, as well as furniture items. They previously accepted only cash, check, and Discover card, but now also take debit cards and Mastercard. They have a 100% guarantee on merchandise and membership, too. If you join and don't like it, they will give you the membership fee back any time before it expires. Full refunds are given with receipt, or full value on a shopping card without receipt.
      213352
    • mdshopper1
      master
      1 2
      12 10 2
      Posted by mdshopper1 on February 17, 2015 [reply] 0 0
      the only drawback to ours is they dont carry beer/wine/alcohol! Sad
    • 213382
    • YanBz
      admin
      Posted by YanBz on February 17, 2015 [reply] 0 0
      Our Costco will give you a refund even w/o a receipt. They can pull your purchase history from your membership card.
  • 213351
    mdshopper1
    master
    1 2
    12 10 2
    Posted by mdshopper1 on February 17, 2015
    [reply] 1 0
    i love sams club.....i can spend hours in there. i NEVER leave without spending at least $300. i cannot just go in for a few things. LOL
    they do have credit services there for personal and business accounts.
    i receive a full color catalog of all of the upcoming coupon specials for the month....it definitely helps me plan my trip.
    their meats are EXCELLENT, especially the steaks.
    rotisserie chickens make a great quick meal.
    breads, cakes, sweets are all fresh.
    they have a vending machine that works with your card. scan it and out pops a free sample of whatever product they are featuring that week.
    no receipt necessary for returns....i have returned items 6 months later that failed for whatever reason. they can easily look it up at customer service.
    if anything has been recalled i get an email and a phone call and can take it back for a full refund without having the receipt.
    and of course.....the free food sample buffets on the weekends and during the week. LOL
      213383
    • YanBz
      admin
      Posted by YanBz on February 17, 2015 [reply] 0 0
      Wow! A vending machine with samples of products, I love that!

      Our Costco organizes sampling events on weekends. They have a bunch of stands around the store where you can try select products, probably around 8 or 10 stands all together. Some of these products are cooked in front of you from the ingredients they sell.
    • 213385
    • mdshopper1
      master
      1 2
      12 10 2
      Posted by mdshopper1 on February 17, 2015 [reply] 0 0
      yes, it is a nice way to try products.
      last week it was the mini-moos coffee creamers in a two pack.
  • 213369
    clover
    professor
    1 6 7
    12 11 2
    Posted by clover on February 17, 2015 [reply] 0 0
    You know, I went into Sam's Club a couple of years ago for their free one day and the only thing I could find was a Salt & Pepper Grinder. I like BJ'S and the fact that I can use coupons. Walmart sells the larger quantities anymore so you really don't need Sam's.

    But back to Costco not accepting American Express....not a shocker.
      213371
    • mdshopper1
      master
      1 2
      12 10 2
      Posted by mdshopper1 on February 17, 2015 [reply] 0 0
      LOL i WISH i had that problem when i go to sams club! we have a lot of visitors from overseas and two of the first places they want to see and go to......HOME DEPOT/LOWES and SAMS CLUB. Amused
  • 213377
    lootango
    professor
    11 9 1
    Posted by lootango on February 17, 2015 [reply] 0 0
    I've been with Costco for about a year now... after being a Sam's Club member for a while. The selection and quality is better at Costco in my opinion... at least in my area. Honestly, I'm sort of surprised their long-standing relationship is coming to an end; but hopeful in that I may now use another option at checkout. Mr Green
      213384
    • YanBz
      admin
      Posted by YanBz on February 17, 2015 [reply] 0 0
      We are long time Costco members, for about 15 years now. We tried Sam's Club a few times (my wife has a free membership through her school) but we prefer Costco even though we have to pay for the membership there. The cash back we get over the year cover it and more.
  • 213520
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on February 19, 2015
    [reply] 1 0
    That is interesting to know. I wonder what credit cards will be excepted at Costco. I think Discover use to be used there years ago.
  • 213523
    HouTex
    admin
    Posted by HouTex on February 19, 2015 [reply] 0 0
    Costco and American Express had created a co-branded card through an agreement that lasted 16 years and was up for renewal. Read about it here - http://www.fool.com/investing/.....split.aspx
    When this agreement ends March 31, 2016 the Costco/Amex TrueEarnings card will no longer be issued or accepted. Like Sam's Club, they also accept debit cards from other banks. Costco is currently looking for a new partner like Visa or Mastercard to create a new co-branded card. Years ago, Sam's Club accepted only cash, personal check, or Discover, and also created their own Discover card.
  • 214141
    anand
    professor
    3 9
    10 9 2
    Posted by anand on March 2, 2015
    [reply] 2 0
    Good news Smile

    Costco is replacing American Express with Visa and Citi
    http://finance.yahoo.com/news/.....50261.html
  • 214192
    djhciskoski
    professor
    1 2 2
    11 11 2
    Posted by djhciskoski on March 3, 2015 [reply] 0 0
    I was just at Costco yesterday. When might they get around to letting the customers know that AMEX is no longer accepted and some new card will need to be used? It has been in the news, and obviously this discussion, but no mention of it at the store. Will we all walk in one day and need to fill out new applications to a card we do not have and hope to get accepted? Any Visa bank, I have a Visa, but it is State Farm's bank, will this work?
    Under the terms of the agreements, Citi, the world's largest issuer of consumer credit cards, would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the United States and Puerto Rico beginning April 1, 2016.
    Not quite sure I am understanding - any help?
  • 214194
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on March 3, 2015
    [reply] 1 0
    I was recently told by a merchant that America Express has increased their merchant fees and soon many places will no longer accept AMEX, so it sounds like AMEX is getting into the travel & entertainment marketing rather than retail.
      214355
    • mdshopper1
      master
      1 2
      12 10 2
      Posted by mdshopper1 on March 5, 2015
      [reply] 2 0
      i can tell you as a business owner that although we accept american express we prefer not to. we will give our customers a slight break on pricing if they use CASH or a check.....and we encourage the use of visa, mc, or discover more. the fees are more AND the processing times are longer.
  • 214351
    laaya
    professor
    1 1 2
    11 8 2
    Posted by laaya on March 5, 2015
    [reply] 2 0
    It's good for VISA. Their share price went up after that news. Smile

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