Author Topic: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings" (Read 11427 times)

begood

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Hi! Have any of your frugal folk switched from the Costco American Express Platinum Cash Rebate card to the Costco American Express TrueEarnings card?

I have had the Cash Rebate card since 2001. When I upgraded my membership today to Executive (if you don't match the extra fee in rebates, they pay you the difference) to take advantage of the 2% back on Costco charges, they suggested I switch to the TrueEarnings card. Still no annual fee, and 3% on gas, 2% on restaurants, and 1% on everything else.

I've never tried switching cards before and wondered if it was more complicated than it sounds. Before I get on the phone with AmEx I thought I'd better know what I'm getting into! :)

Thanks!

tyd450

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #1 on: April 16, 2014, 01:53:55 PM »
I have the card but I don't use it on Costco purchases outside of gas. This is basically my gas card because it gives you 3% cash back at any gas station including costco's.

I would rather use my Fidelity Amex that gives me 2% cash back on everything. You already get 2% cash back just for being an Executive member. So 2% fidelity amex + 2% executive member = 4%.

The costco amex only gives an additional 1% on costco warehouse purchases... 1% + 2% executive = 3%.

It is a little confusing but the bottom line is that if you are an executive member, you get 2% no matter what card you use.
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MrFrugalChicago

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #2 on: April 17, 2014, 11:27:54 AM »

I would rather use my Fidelity Amex that gives me 2% cash back on everything. You already get 2% cash back just for being an Executive member. So 2% fidelity amex + 2% executive member = 4%.

The costco amex only gives an additional 1% on costco warehouse purchases... 1% + 2% executive = 3%.


Costco, at least here, only accepts Costco CC or Cash or Debit.. no other CC. So your choices are:

Costco Amex = 2% executive + 1% amex = 3% cashback
Debit = 2% executive

begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #3 on: April 17, 2014, 11:44:06 AM »
Thanks for the replies! I'll explore a little further - I had not considered switching AMEX providers.

tyd450

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #4 on: April 18, 2014, 09:18:19 AM »

I would rather use my Fidelity Amex that gives me 2% cash back on everything. You already get 2% cash back just for being an Executive member. So 2% fidelity amex + 2% executive member = 4%.

The costco amex only gives an additional 1% on costco warehouse purchases... 1% + 2% executive = 3%.


Costco, at least here, only accepts Costco CC or Cash or Debit.. no other CC. So your choices are:

Costco Amex = 2% executive + 1% amex = 3% cashback
Debit = 2% executive

Costco accepts any american express credit card and I believe any debit card. I am in Chicago so maybe it is different in other regions.
"There are thousands and thousands of people out there leading lives of quiet, screaming desperation, where they work long, hard hours at jobs they hate to enable them to buy things they dont need to impress people they dont like" - Nigel Marsh

madage

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #5 on: April 19, 2014, 08:06:23 PM »

Costco accepts any american express credit card and I believe any debit card. I am in Chicago so maybe it is different in other regions.

I agree with tyd450. Costco accepts ALL American Express cards. They even accept those $500 variable-load American Express gift cards you can buy at the supermarket with your 5%+ back on groceries card...

begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #6 on: April 20, 2014, 11:48:15 AM »
I am looking into that Fidelity 2% rewards AmEX, which would be part of opening a whole new Fidelity chapter in our lives.

Thank you!

ichangedmyname

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #7 on: April 20, 2014, 12:36:06 PM »
That Fidelity card sounds great. I'm gonna research it too. Thanks!
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Accidental Miser

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #8 on: April 20, 2014, 12:44:57 PM »
I had the costco amex. Switched to the Fidelity card. Very good choice for us.

Nords

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #9 on: April 20, 2014, 01:17:11 PM »
Before we get too excited about FIA Card Services, read this thread on how they screwed up my credit-card theft report:
/ask-a-mustachian/new-credit-card-fidelity-amex/msg168463/?topicseen#msg168463

I'll summarize it as "Worst customer service ever."

I'm going to keep using my Costco Amex, but it'll be a very cold day in Hawaii before my Fidelity Amex sees sunlight again.
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begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #10 on: April 21, 2014, 07:04:17 AM »
Before we get too excited about FIA Card Services, read this thread on how they screwed up my credit-card theft report:
/ask-a-mustachian/new-credit-card-fidelity-amex/msg168463/?topicseen#msg168463

I'll summarize it as "Worst customer service ever."

I'm going to keep using my Costco Amex, but it'll be a very cold day in Hawaii before my Fidelity Amex sees sunlight again.

Thanks for sharing your experience, Nords. I'm going to continue to look at our options. Right now I seem to be leaning toward the Costco True Earnings Amex, but I would like, if possible, to move the account so I don't lose 13 years of history with Amex, rather than close the Cash Rebate Amex account and open a new one. I'm going back to Costco today to see if we can do it from there.

tyd450

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #11 on: April 21, 2014, 08:50:17 AM »
Before we get too excited about FIA Card Services, read this thread on how they screwed up my credit-card theft report:
/ask-a-mustachian/new-credit-card-fidelity-amex/msg168463/?topicseen#msg168463

I'll summarize it as "Worst customer service ever."

I'm going to keep using my Costco Amex, but it'll be a very cold day in Hawaii before my Fidelity Amex sees sunlight again.

Thanks for sharing your experience, Nords. I'm going to continue to look at our options. Right now I seem to be leaning toward the Costco True Earnings Amex, but I would like, if possible, to move the account so I don't lose 13 years of history with Amex, rather than close the Cash Rebate Amex account and open a new one. I'm going back to Costco today to see if we can do it from there.

Janie- Try giving Amex a call. I don't think the people at Costco have access to any Amex systems so I really doubt they will be able to transfer over your other account.

I had a really really old Amex blue card that I never used. I applied for the costco Amex online, and they actually automatically closed out that old amex and transferred it over to the costco one. So even though I just got the Costco amex, it still says "member since 2007" on the card and keeps my credit history intact. I didn't necessarily want to close the old one and it pissed me off at first but when I called in they let me know it was all just transferred over to the new card so I didn't care.

"There are thousands and thousands of people out there leading lives of quiet, screaming desperation, where they work long, hard hours at jobs they hate to enable them to buy things they dont need to impress people they dont like" - Nigel Marsh

begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #12 on: April 21, 2014, 09:03:46 AM »

Quote
Janie- Try giving Amex a call. I don't think the people at Costco have access to any Amex systems so I really doubt they will be able to transfer over your other account.

I had a really really old Amex blue card that I never used. I applied for the costco Amex online, and they actually automatically closed out that old amex and transferred it over to the costco one. So even though I just got the Costco amex, it still says "member since 2007" on the card and keeps my credit history intact. I didn't necessarily want to close the old one and it pissed me off at first but when I called in they let me know it was all just transferred over to the new card so I didn't care.

I started by calling Amex and they are the ones who told me to go back to Costco in person and try having them call Amex from the customer service counter at Costco. Two different Amex people were like, "Huh?" when I explained what I was trying to do... but maybe I will call again and see if I have any luck with a different CSR.

Will

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #13 on: April 21, 2014, 09:39:12 AM »
I have an AmEx Blue Cash that I have had for a while. I also got the Costco AmEx TrueEarnings card. The Costco one had a much lower limit. I went on to the AmEx website and was able to "transfer" my credit line from the Blue to the Costco card keeping both open and available.
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brooklynguy

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #14 on: April 21, 2014, 11:40:27 AM »
Here's a trick I use to pay at Costco using any credit card: Costco's online store accepts all credit cards, and also sells Costco gift cards. So I just regularly buy gift cards online using the credit card of my choice and use the gift cards as my form of payment at the retail location.

begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #15 on: April 21, 2014, 01:24:17 PM »
Here's a trick I use to pay at Costco using any credit card: Costco's online store accepts all credit cards, and also sells Costco gift cards. So I just regularly buy gift cards online using the credit card of my choice and use the gift cards as my form of payment at the retail location.

That's creative, brooklynguy! :)

I ended up going back to Costco today and getting a TrueEarnings Amex account on the spot. They'll mail our cards next week. They are still running a promo offer where if you spend $250 in the first 90 days and you are an Executive Member (which we are), then you get an additional $55 back in the form of a statement credit.

I may not get to keep my "member since 01" status, but I've decided not to worry too much about that. I'll make sure all my charges and returns clear on the cash rebate card and then close that account.

Thanks for the info and replies, y'all! Much appreciated. :)

Will

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #16 on: April 21, 2014, 11:10:00 PM »

I'll make sure all my charges and returns clear on the cash rebate card and then close that account.

Thanks for the info and replies, y'all! Much appreciated. :)

Why?
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begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #17 on: April 22, 2014, 05:07:08 AM »

I'll make sure all my charges and returns clear on the cash rebate card and then close that account.

Thanks for the info and replies, y'all! Much appreciated. :)

Why?

Why what? Close the account? I don't like to have too many credit cards accounts open at the same time. I have my Amazon rewards Visa, a Target Red Card, and the Costco Amex. I don't want to have two Costco Amex accounts.

Nords

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #18 on: April 22, 2014, 12:50:32 PM »

I'll make sure all my charges and returns clear on the cash rebate card and then close that account.

Thanks for the info and replies, y'all! Much appreciated. :)

Why?

Why what? Close the account? I don't like to have too many credit cards accounts open at the same time. I have my Amazon rewards Visa, a Target Red Card, and the Costco Amex. I don't want to have two Costco Amex accounts.
This might be alluding to the theory that closing a credit-card account will lower your total amount of credit available to you, which will raise the percentage of your credit utilization, which could hypothetically lower your credit score.
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begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #19 on: April 22, 2014, 01:14:36 PM »

I'll make sure all my charges and returns clear on the cash rebate card and then close that account.

Thanks for the info and replies, y'all! Much appreciated. :)

Why?

Why what? Close the account? I don't like to have too many credit cards accounts open at the same time. I have my Amazon rewards Visa, a Target Red Card, and the Costco Amex. I don't want to have two Costco Amex accounts.
This might be alluding to the theory that closing a credit-card account will lower your total amount of credit available to you, which will raise the percentage of your credit utilization, which could hypothetically lower your credit score.

Ah, thanks for the explanation, Nords. I am not too worried about that. We're deadbeats anyway - pay off the bills every month - which I gather doesn't do much for your credit rating either. I try to keep it simple, so the fewer bills the better, as far as I'm concerned.

tyd450

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #20 on: April 22, 2014, 02:36:42 PM »
when you call them and tell them you want to close your old Amex make sure you tell them you want to have the available credit on that card rolled over into the new Costco amex. This would increase your credit line on the costco amex and also keep your credit history length in tact I believe.
"There are thousands and thousands of people out there leading lives of quiet, screaming desperation, where they work long, hard hours at jobs they hate to enable them to buy things they dont need to impress people they dont like" - Nigel Marsh

tyd450

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #21 on: April 22, 2014, 02:39:09 PM »
I know you said that doesn't really matter to you guys but you have to make the call in order to cancel the card in the first place so you might as well ask about it :-)
"There are thousands and thousands of people out there leading lives of quiet, screaming desperation, where they work long, hard hours at jobs they hate to enable them to buy things they dont need to impress people they dont like" - Nigel Marsh

begood

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Re: Costco: Switching from AMEX Platinum "Cash Rebate" to "TrueEarnings"
« Reply #22 on: April 23, 2014, 05:01:54 AM »
when you call them and tell them you want to close your old Amex make sure you tell them you want to have the available credit on that card rolled over into the new Costco amex. This would increase your credit line on the costco amex and also keep your credit history length in tact I believe.

I would never have thought of that, tyd450, so thank you for the tip! :)