Costco AMEX split, comes Citi Visa. What's Next

Now Costco AMEX split and Costco Citi Visa new exclusive partnership is official.   AMEX exclusive partnership with Costco will end in April 2016.  Costco may promote a new co-branded Costco-Citi Visa credit card in early January of 2016.

Would I cancel my AMEX-Costco credit card?

  • Based on Isa's latest AMEX Premier Gold card open date, AMEX did not use her oldest AMEX card open date as her new card open date.  That is bad news.  This may be a new AMEX card policy change.  Due to this, we will ask to downgrade our AMEX-Costco credit card to another AMEX no-fee card around April 2016.  This should keep the old card open date and not incur a credit score pull.
  • AMEX-Costco credit card is never required for a Costco member.  We can have a separate Costco membership ID card without being bonded to any credit card.  I plan to separate mine to free up one American Express card slot (a person can hold a maximum of 4 AMEX cards at any time).
  • If AMEX-Costco credit card is your only AMEX credit card, do not cancel it.  Open up another AMEX credit card around December 2015, such as AMEX Blue Cash, AMEX Hilton card (my review).  AMEX Premier Gold card (my review) does not apply because the card does not have any pre-set credit limit.  AMEX credit cards share the same earliest card opening date among your AMEX credit cards.

Can I transfer AMEX-Costco credit limit to my another AMEX credit card?

Unlike Chase, AMEX card credit limit transfer is not immediate upon request.  Twice I cancelled my AMEX cards in the past, both requests were not approved.  This time, I contacted AMEX customer care via online chat,

Crystal: Hi, welcome to American Express Chat. My name is Crystal. How can I help you today?

you: My AMEX Costco has credit limit of $10,000. Can I request transfer of $3000 credit limit to my AMEX Blue Cash card?
Crystal: I will be glad to access your account to check that for you!
Crystal: Your card will be eligible for limit reallocation if your from card is 13 months old and to card is 60 days old.

A couple months before canceling the AMEX-Costco card, I will use AMEX online chat to transfer 95% (maximum allowable) credit limit to my AMEX Blue Cash card.

Should I apply for this new Costco-Citi Visa credit card?

This time, I will not rush to apply one.  If you value cash-rebate, go for it.  We have been using non-Costco-branded AMEX credit card to pay for Costco expenses, to earn reward miles/points instead.  Similarly, we should be able to use non-Costco-branded Citi Visa card, such as Citi Hilton Visa, Citi Hilton Reserve, to pay after April 2016.

Don't lose your good credit line from AMEX Costco card; transfer beforehand.

No comments:

Post a Comment