Posted on 02/12/2015 9:11:14 AM PST by C19fan
American Express Co. said its merchant agreement with Costco Wholesale Corp. will end next year, amid reports that the bulk retailer is negotiating with other credit-card companies.
American Express has been the only credit card accepted at Costco’s U.S. stores.
“Taking a very disciplined approach, we began discussions on a possible renewal with Costco well in advance of the contract expiration. However, we were unable to reach terms that would have made economic sense for our company and shareholders,” Kenneth I. Chenault , chairman and chief executive of American Express, said in a news release.
(Excerpt) Read more at finance.yahoo.com ...
Stupid on Amex’s part. I’ll also dump the card when it comes time to renew.
I just use my debit card there (they accept all debit cards)
I hate AMEX. Have for forty plus years when they screwed up my account. Refused to sign up with AMEX at Costco, but my wife did, and DANG if they didn’t screwup that account within the first month. We got out of it. Will never deal with AMEX ever.
I know I will be more interested in purchasing some items, BIG ticket items at Costco IF they do accept other credit cards such as VISA.
The only reason I use the AMEX at Costco is you get some extra points besides the 1% for being an Costco Exec member. The card pays 3% for gas purchases. Once I get home I will just pay the card off for what I purchased.
I’ve been a costco member since 1988. I’ve had the costco Amex for a very long time. I hate Amex but love it as a costco card. I also get $450-$500 back every year on gas purchases (use a lot of gas). But I’d really prefer it was a card everybody takes.
That being said, I’ve noticed a lot of places that didn’t take Amex now do. I think they’ve lowered their rates.
Does Sam’s Club still have a similar agreement with Discover?
Ditto that. Makes for a nice cashback every couple of months.
“I know I will be more interested in purchasing some items, BIG ticket items at Costco IF they do accept other credit cards such as VISA.”
Eggs Ackley! There’s a store here in town that doesn’t accept MasterCard or Visa credit or debit cards. So they get no business from me!
They used too although I googled and saw they now partnered with MasterCard but will accept Discover.
“Stupid on Amex’s part. I’ll also dump the card when it comes time to renew.”
Me too! We only have the AMEX card because of Costco. Last year Home Depot gave us a 5% discount on some decking for signing up for their own credit card. Part of the deal was a continuing 5% off on all purchases when we used their card. That “program” just ended so I called, cancelled and cut up their card. Now they are offering me a discount to sign up again. Screw them! The other outfit that dicks with you constantly is AT&T. Sure wish I could find a decent ISP, because they suck as an ethical business.
Many times items are at Costco at great savings that won’t be there again, ever. Even next day. They sell out due the quality, and the price so fast, and the need to purchase them is when one sees them.
We’re fortunate that we can simply write a check for some of those items, but other times we have to pass IF we are low in that bank account that particular day, and would like to use a credit card such as VISA, but Costco doesn’t accept them.
Due some other inconveniences we have been considering NOT re joining Costco this coming May, but IF they dump the AMEX exclusive, and accept VISA we will more than likely continue buying from that store.
I tried using a Visa credit card when at a Sam’s club with a friend. They said we don’t take Visa, period.
I Will dump Costco and keep my amex, I have use the amex card all over the world since 1974 ,great for expense reports pulse my point on amazon.com almost all utilities can be pay with amex,time Warner etc.
AmEx is sooooo 1970’s. It is a goner in jut a few years as Visa has stepped up and taken over. No merchant needs the high expenses that AmEx charges. Their cards are not worth paying for when you can get Visa cards for free or cheap.
Yep I enjoy my 400.00-600.00 a year rebates on my Costco AmEX. We buy all our gas there and shop fairly often. It is usually my “go to” card.
My check from Costco is usually right around 100.00 bucks which pays for my membership and the AmEX is extra . . . I still like Costco better than Sam’s. Recently, maybe 3 months ago, on a dip, I bought some Costco stock, wish I’d have bought a lot in 2008/2009.
Second choice is my Disney Visa.
New is the Sam’s Mastercard . . . use to be Sam’s Discover.
All paid off monthly.
Nope, it was replaced with Sam’s Mastercard maybe around 6 months ago. Supposedly 5% cash back on gasoline purchases.
If they don’t take my card, I won’t buy their stuff.
We’ve had the Costco AMEX card for many years and have been very satisfied with it.
One thing I have appreciated about American Express is how much attention they pay to security. One time an Amex security representative called me at home (Maryland) and asked if I was in London trying to buy a one-way Airline ticket from London to Pakistan. Of course they already were near certain of the answer and the call was just a formality in their process. I laughed and told them I wasn’t in London and was not buying a ticket to Pakistan. They cancelled my card and issued a new one with a new number. They also made sure to provide me with all the sites I had been using the old card for “automated direct payment” so I could change to my new account number.
I’m fairly certain that that card information was stolen several day prior to the London-Pakistan attempt when I stopped at a gas station in Ohio which required customers to go into the mart to pay with credit card (the clerk had a Muslim name and was likely Pakistani). That’s why I absolutely LOVE using Apple Pay where the merchant is NOT given the card information of the card (debit or credit) you are using for the Apple Pay transaction.
When/where was this? The ones near me certainly do take Visa.
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