The US warehouse chain Costco will stop the American Express (American Express) card and officially change to accept Citigroup (Citigroup) ) issued Visa cards. For the 81.3 million members who use their credit cards to shop at Costco, there are a few things to know beforehand.
Until the 19th, when buying things at Costco, except for cash and debit cards, the credit card only accepts American Express, which makes many people willing to use the co-branded card of Costco and American Express, which is both a credit card and a membership card. , a card dual-use, relatively convenient. Then from Monday, everything will change.
Here are 6 things Costco members need to know.
1. When to switch to a Citi credit card
Sunday is the last day customers can use the Costco American Express co-branded card. Starting Monday, Costco will no longer accept the card, and customers will want to make sure they’re not automatically paying with American Express.
If you set up automatic repayment for your American Express card before, you need to reset the automatic repayment setting after you receive the new Citi card. However, Citi’s official website states that the repayment date of the new card will be similar to the original American Express card.
2. How can I get a new Costco credit card? Must reapply?
If you already have a Costco American Express co-branded card, don’t worry about getting a new one. Citi will mail all members with a Costco American Express card a new Citi Visa card, officially called the “Costco Anywhere Visa Card by Citi.”
Costco will also not perform credit checks on customers. Also, customers do not have to reapply for a new card. All Cash Back rewards within the Costco American Express card will be transferred to the new Citi Visa card, as will balances and balances owed to the new card.
Citigroup started mailing out the new cards late last month, and the process will continue.
If you are not currently a Costco American Express co-branded cardmember, you will need to apply for a new card.
3. Is there an annual fee for a new Visa card?
The new card has no annual fee, but like the American Express card, there is a $55 or $110 membership fee for Costco itself.
4. Can other credit cards and Mastercard is used at Costco?
At Costco, only Visa cards can be used, meaning all other non-Visa credit cards will no longer be accepted.
That said, you don’t necessarily need to use Costco’s Citi Visa card, other Visa cards can be used at Costco as well. Of course, cash, check debit card, Electronic Benefits Transfer (EBT) and Costco Cash Card payments will still be accepted.
5. Is the new Costco Visa card also a membership card?
Costco’s Visa credit card doubles as a loyalty card. If you don’t have a Costco Visa card, you can still use your Costco membership card.
6. What are the benefits of the new Visa card?
Costco said the switch to Visa will provide customers with more benefits than the previous American Express card.
Get 4% cashback on gas, 4% cashback on annual gas purchases of $7,000 or less, and 1% cashback for more than $7,000, not only at Costco but also at other gas stations. Previously, American Express offered 3% cashback on the gas of $4,000 or less per year.
3% cashback on restaurant and travel purchases, up from 2%.
2% cashback from Costco stores and online at Costco.com, up from 1%.
Switching to a Visa card is not without its inconveniences, for example, the new card will not offer roadside assistance, and customers will need to go to a Costco counter to redeem their cashback rewards. In addition, there is a fee for using Costco’s new Visa card outside the United States.
