Citi Costco Card Backdating?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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darkguy2
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Citi Costco Card Backdating?

Postby darkguy2 » Tue Oct 20, 2015 4:03 pm

I got a letter in the mail yesterday from Costco talking about their upcoming transition to Visa. It seems that one of the big things they are trying to do is make it as seemless as possible. This includes the possibility of not having to take a hard pull to get one if you already have the Amex. If they are going this far then what is stopping them from also backdating the cards to the same year as the Amex one? It would certainly eliminate one of the few worries I have about the card.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)


Vermonster
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Re: Citi Costco Card Backdating?

Postby Vermonster » Tue Oct 20, 2015 4:51 pm

I don't believe they can get away with Backdating a new Citi card from an old Amex. There has been enough of an outcry after Amex was doing it to their own cards I doubt anyone would try it again. Citi can just be doing soft pulls on people that prove they have a closed Amex TE card. I'm sure Costco has that info and is more than happy to hand it over.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: Citi Costco Card Backdating?

Postby CarefulBuilder14 » Tue Oct 20, 2015 5:10 pm

I know Amex has been pushing hard to get TE customers to app for BCE. Has there been any official word about whether Amex will PC the TE customers to retain them, or sell the portfolio to Citi?

I'll be going from using EDP (on which a downgrade isn't totally out of the question) to CSP, so it doesn't affect me. I've never had a TE.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

Tubpbs
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Re: Citi Costco Card Backdating?

Postby Tubpbs » Tue Oct 20, 2015 6:16 pm

CarefulBuilder14 wrote:I know Amex has been pushing hard to get TE customers to app for BCE. Has there been any official word about whether Amex will PC the TE customers to retain them, or sell the portfolio to Citi?

I'll be going from using EDP (on which a downgrade isn't totally out of the question) to CSP, so it doesn't affect me. I've never had a TE.



What made you decide to switch from EDP to CSP?

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CarefulBuilder14
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Re: Citi Costco Card Backdating?

Postby CarefulBuilder14 » Tue Oct 20, 2015 9:31 pm

Tubpbs wrote:
CarefulBuilder14 wrote:I know Amex has been pushing hard to get TE customers to app for BCE. Has there been any official word about whether Amex will PC the TE customers to retain them, or sell the portfolio to Citi?

I'll be going from using EDP (on which a downgrade isn't totally out of the question) to CSP, so it doesn't affect me. I've never had a TE.



What made you decide to switch from EDP to CSP?

Around March or April 2016 (I forget exactly when) Costco locations in the USA are going to stop accepting Amex and start accepting Visa.

Amex EDP has a complicated rewards structure, and if I'm not using it as often and earning as much in rewards (since I won't be able to use it at Costco) I might decide to convert to a similar card without an annual fee.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

Tubpbs
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Re: Citi Costco Card Backdating?

Postby Tubpbs » Tue Oct 20, 2015 10:06 pm

CarefulBuilder14 wrote:
Tubpbs wrote:
CarefulBuilder14 wrote:I know Amex has been pushing hard to get TE customers to app for BCE. Has there been any official word about whether Amex will PC the TE customers to retain them, or sell the portfolio to Citi?

I'll be going from using EDP (on which a downgrade isn't totally out of the question) to CSP, so it doesn't affect me. I've never had a TE.



What made you decide to switch from EDP to CSP?

Around March or April 2016 (I forget exactly when) Costco locations in the USA are going to stop accepting Amex and start accepting Visa.

Amex EDP has a complicated rewards structure, and if I'm not using it as often and earning as much in rewards (since I won't be able to use it at Costco) I might decide to convert to a similar card without an annual fee.


That's interesting. I read an article the other day that said that the Costco Amex cards make up about 10% of all cards issued. It's very interesting that it's causing you to make a major spending shift.

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Vattené
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Re: Citi Costco Card Backdating?

Postby Vattené » Wed Oct 21, 2015 8:51 am

CarefulBuilder14 wrote:Around March or April 2016 (I forget exactly when) Costco locations in the USA are going to stop accepting Amex and start accepting Visa.

Amex EDP has a complicated rewards structure, and if I'm not using it as often and earning as much in rewards (since I won't be able to use it at Costco) I might decide to convert to a similar card without an annual fee.


Would Sam's Club be an option for you, and if so would you consider switching? I've never lived near a Costco so I don't know how comparable they are...or if there are even any areas where they compete directly.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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CarefulBuilder14
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Re: Citi Costco Card Backdating?

Postby CarefulBuilder14 » Wed Oct 21, 2015 9:12 am

Vattené wrote:
CarefulBuilder14 wrote:Around March or April 2016 (I forget exactly when) Costco locations in the USA are going to stop accepting Amex and start accepting Visa.

Amex EDP has a complicated rewards structure, and if I'm not using it as often and earning as much in rewards (since I won't be able to use it at Costco) I might decide to convert to a similar card without an annual fee.


Would Sam's Club be an option for you, and if so would you consider switching? I've never lived near a Costco so I don't know how comparable they are...or if there are even any areas where they compete directly.

At present, Sam's Club isn't close enough to be an option. I did go into one years ago with a relative, and it was pretty similar to Costco. Costco is reasonably convenient for me right now, and BJ's isn't too far, either. BJ's is allegedly a bit more down-market, though I've not been into one. The one near me doesn't look like it gets much business.

Costco and Sam's definitely compete in many markets. Members of my extended family in two such markets have loved Costco for ages - long enough that one accidentally calls it "Price Club" now and then. I don't know if they ever tried Sam's Club.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

takeshi
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Re: Citi Costco Card Backdating?

Postby takeshi » Wed Oct 21, 2015 9:24 am

darkguy2 wrote:If they are going this far then what is stopping them from also backdating the cards to the same year as the Amex one?

We have no idea what the specifics are. I wouldn't recommend assuming backdating.

General consumers don't really know about backdating so I wouldn't assume that communication indicating that they are going to make it "seamless" equates to backdating. At best I would take seamless to mean no application and maybe no hard pull. However, the internal communication from Costco recently posted on the other site is still quite vague on these specifics.

CarefulBuilder14 wrote:Has there been any official word about whether Amex will PC the TE customers to retain them, or sell the portfolio to Citi?

Not that I've seen, There is, of course, plenty of speculation presented as fact.

kdm31091
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Re: Citi Costco Card Backdating?

Postby kdm31091 » Wed Oct 21, 2015 4:55 pm

As always, all TE cardholders can do is wait and see what happens. I would think backdating is extremely unlikely.



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