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AMEX loses Costco exclusivity; news shakes up credit card industry
Posted on 2/12/15 at 9:57 pm
Posted on 2/12/15 at 9:57 pm
8
Posted on 2/12/15 at 10:43 pm to euphemus
This sucks. I put everything on my amex and we spend a decent bit at Costco.
Posted on 2/12/15 at 10:51 pm to euphemus
time to buy AMEX
Posted on 2/12/15 at 11:04 pm to euphemus
Wasn't there a time in the past where the only credit card Sams took was Discover?
Posted on 2/12/15 at 11:06 pm to Golfer
quote:
. I put everything on my amex and we spend a decent bit at Costco.
Looks like you have a year to figure out a new plan. I was not a fan of Amex, so I will be happy to sign up for a new card when they start accepting new ones.
Posted on 2/12/15 at 11:07 pm to notiger1997
I don't have a Costco Amex. But just used my Delta Amex there. Oh well.
Posted on 2/12/15 at 11:09 pm to Golfer
I used my Starwood Amex there.
Guess I'll just flip it around. Use whatever Mastercard at Costco and Amex at other grocery stores I go to.
Guess I'll just flip it around. Use whatever Mastercard at Costco and Amex at other grocery stores I go to.
Posted on 2/13/15 at 7:04 am to Teddy Ruxpin
I am not likely to renew my Costco membership if they no longer accept Amex
Posted on 2/13/15 at 7:25 am to BACONisMEATcandy
quote:
I am not likely to renew my Costco membership if they no longer accept Amex
I love Costco too much to do that
Looks like its time to look into new cards anyway. Been wanting to get the Venture Rewards card for a little while now.
Posted on 2/13/15 at 7:31 am to YankeeDoodle
What's going to happen to my Costco Amex card then?
Posted on 2/13/15 at 7:37 am to euphemus
I know a great deal about the cc industry. 9 years ago I questioned why the merchant industry would accept Amex. Most cards used at stores cost the merchant 2% or lower on average.
On Amex, the merchant pays 3% or over in most merchant types.
I guess it was accepted because they were really the dominant business card. Obviously, the other players have biz cards now as well.
Amex has a business model that is being dwindled by the other cards slowly.
I wouldn't buy. Just my 2 cents
On Amex, the merchant pays 3% or over in most merchant types.
I guess it was accepted because they were really the dominant business card. Obviously, the other players have biz cards now as well.
Amex has a business model that is being dwindled by the other cards slowly.
I wouldn't buy. Just my 2 cents
Posted on 2/13/15 at 8:43 am to GeeOH
You're forgetting that Amex panders to the extremely wealthy. These folks are a bigger piece of the pie and I'm not sure you're factoring that in.
Disclosure I am not wealthy I just use my Amex because Delta has me by the balls. However Amex's customer is top notch and is why I am so loyal to them
Disclosure I am not wealthy I just use my Amex because Delta has me by the balls. However Amex's customer is top notch and is why I am so loyal to them
Posted on 2/13/15 at 9:00 am to BACONisMEATcandy
quote:Because you don't want to lose out on a slew of corporate expense accounts because you didn't want to pay the extra 1%.
I questioned why the merchant industry would accept Amex.
quote:Losing Costco is a big blow for them. I'm curious to know how all that went down.
Amex has a business model that is being dwindled by the other cards slowly.
quote:I have been very pleased as well.
However Amex's customer is top notch and is why I am so loyal to them
Posted on 2/13/15 at 9:16 am to LSUAfro
I understand your points, but as a company like Costco figures they would rather save 1.5% on those transactions, they look for ways to get that done. Amex already has new programs to lower costs to the merchant. This will cause a lowering of earnings in the next few years, imo
Trust me, corporate expense accounts will adjust accordingly if shopping at Costco is that important and other players close the gap on Amex's business model.
No way I buy unless its for a short term rebound type thing.
Trust me, corporate expense accounts will adjust accordingly if shopping at Costco is that important and other players close the gap on Amex's business model.
No way I buy unless its for a short term rebound type thing.
Posted on 2/13/15 at 9:22 am to euphemus
If Sam's starts taking Amex, I'll have to give a Sam's membership a close look.
Posted on 2/13/15 at 9:59 am to BACONisMEATcandy
quote:
Disclosure I am not wealthy I just use my Amex because Delta has me by the balls
Same...
quote:
However Amex's customer is top notch and is why I am so loyal to the
Agreed, but I'm finding that their competitors have upped their game in recent years. I'm not as "afraid" to use another card, if you will.
Posted on 2/13/15 at 10:33 am to Golfer
quote:
I'm not as "afraid" to use another card, if you will.
I'm not afraid to use my other card (CapOne GM Card) by any means. I just hate using it because I want to hit both thresholds each year on my Amex.
Posted on 2/13/15 at 10:43 am to euphemus
Well, looks like Costco just lost my business. Amex or bust in the business world. Costco will be back in the fold after they take this hit.
Posted on 2/13/15 at 10:48 am to euphemus
I don't think Costco is going to stop accepting AMEX, I think they are just not exclusively accepting AMEX. Sam's did the same thing with Discover a few years ago - now they accept Discover and MC.
I have the AMEX Gold, have had it since 2004 when I was a year out of college. The benefits have dwindled such that I have gone from using AMEX for everything to just using it for Costco. I have the Jennifer Garner/Samuel L Jackson Capital One card that gives me 1.5% cash back on everything. That's my every day card.
If Costco begins accepting MC, I may not use my AMEX at all. That's the danger in this for AMEX. That being said, no one has better customer service than AMEX if you ever have a problem.
I have the AMEX Gold, have had it since 2004 when I was a year out of college. The benefits have dwindled such that I have gone from using AMEX for everything to just using it for Costco. I have the Jennifer Garner/Samuel L Jackson Capital One card that gives me 1.5% cash back on everything. That's my every day card.
If Costco begins accepting MC, I may not use my AMEX at all. That's the danger in this for AMEX. That being said, no one has better customer service than AMEX if you ever have a problem.
Posted on 2/13/15 at 4:09 pm to LSUFanHouston
quote:Still that way - Discover / Debit / Cash or charge to Sams account
Wasn't there a time in the past where the only credit card Sams took was Discover?
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