American Express platnum costco cash rebate card

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razdigital
 
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American Express platnum costco cash rebate card

Postby razdigital » Thu Feb 26, 2009 10:49 pm

From the sticky it seems that this card has been retired to the pastures. Anyone have the card converted to something or has amex left you alone thus far. Any future plans to convert it and what card?

My parents have this as their oldest card, if it gets closed its going to shoot down the credit score a bit.
If mod desires please move to AMEX forum. I will hold no grudge.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Feb 27, 2009 1:14 am

Hi and welcome to the forum. As far as I know there are no plans for American Express to end the Costco Cash Rebate card. Right now Amex has an exclusive partnership with Costco, where Costco only accepts American Express cards for payments at their stores. This is a very lucrative partnership for Amex from all the business that generates for them. As part of this deal, Amex is the exclusive issuer also of the Costco credit cards. With that being said, even if the Costco credit cards perform bad, Amex would never get rid of them since they are part of that lucrative exclusive agreement.

The Amex Costco Cash Rebate card that has gone to the backburner is mostly the Business version of the card. Because of the economy small business credit cards are very high risk and a loser for the industry. This is why Amex has stopped pushing the Amex Costco Cash Rebate Business card. It's still available and will be because of their partnership, but it's not something they're exactly encouraging people to get.

If your parents have the regular Costco Cash Rebate card (non-business version) I would say they are probably safer than if they had a regular credit card. That exclusive contract with Costco really ensures Amex will offer that card "no matter what" because they would not want to lose Costco as a partner.

I'm also going to go out on a limb here and say that Costco members are probably lower risk than the rest of the population. If they care about saving money they probably care about paying their bills on time and in full too. Except for the business version of the Costco credit card, I bet the regular version is still a very profitable enterprise for Amex.

But you said their card is platinum? I didn't know the Costco credit cards had a distinction level- Gold, Platinum, etc.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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Cucumber
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Postby Cucumber » Sun Mar 01, 2009 3:40 am

The Costco credit card is still really popular *I think* so I don't know why Amex would ever get rid of it even if this partnership agreement didn't require it.

Why get rid of a card that increases your cardmember base and makes you a lot of $$$$$
OBAMA
Stop talking crap about him!

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fffresh
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Postby fffresh » Mon Mar 02, 2009 4:07 pm

The exclusive partnership agreements, such as this one and the Delta partnership, are perhaps the most lucrative areas of business for American Express. The Delta partnership was recently renewed for a multi-year deal valued at $15 billion if I recall correctly. While I do not know the details of the Costco partnership, one can safely say Amex is paying several billion dollars for it.

indianamom
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I canceled my Costco membership.

Postby indianamom » Thu Mar 19, 2009 6:12 pm

I canceled my Costco membership ages ago. With the kids all grown up and out of the house it didn't make any sense. You can find better deals at grocery stores by doing the generics and sale items. Not only do you not have to pay a warehouse club membership fee but you also don't have to buy in bulk.

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fffresh
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Postby fffresh » Fri Mar 20, 2009 2:44 pm

Costco is still a good value if you purchase large amounts of office supplies, wine, household items of some types. Generally speaking, however, you are correct in that the membership fee is not worth it for many individuals.

1bootcamp
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Walmart credit card status?

Postby 1bootcamp » Fri Apr 03, 2009 7:34 pm

Costco and Walmart are rocking right now because everyone is shopping at the cheap places. You know I saw yesterday that Wal-Mart wants to target the richer customers and change their image to something more like Target. With that coming about you think they will do a Walmart credit card with Visa or Mastercard? If they wanted to go high-class they should go with an American Express but I don't think that will fly as long as this Costco deal is in place.

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Postby ntvinh986 » Mon Oct 19, 2009 4:55 am

razdigital wrote:From the sticky it seems that this card has been retired to the pastures. Anyone have the card converted to something or has amex left you alone thus far. Any future plans to convert it and what card?

My parents have this as their oldest card, if it gets closed its going to shoot down the credit score a bit.
If mod desires please move to AMEX forum. I will hold no grudge.


Thanks you for the post.

1bootcamp
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Postby 1bootcamp » Sat Oct 24, 2009 4:02 am

Thanks for the post? cant these bs spammers be at least original with their fake posts



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