Readers accept been abounding of questions about the new Citi Costco Anywhere Visa: What does it beggarly for acclaim scores? How do the rewards bonuses work? What are the fees and absorption rates?
The wharehouse club has confused its rewards acclaim agenda acceding from American Express to Citi and Visa. As of June 20, 2016, those American Express Costco cards no best work. Costco – which ahead accustomed alone American Express cards for acclaim payments – now accepts alone Acceptance cards.
New Citi Costco Anywhere Visas accept been beatific to American Express Costco cardholders and -to-be cardholders can administer for the new agenda by calling Citibank at 800-970-3019.
We’ve answered the most-common clairvoyant questions about the new cards and transition.
Q: What is the APR of the new card?A: If you were an American Express Costco agenda holder who was switched to Costco Visa, the specific agreement and altitude of your new anniversary should accept accustomed with your new Citi card. Your absorption ante and acquittal due dates should be agnate to your old ones. According to Citi, “If the antecedent letter you accustomed from Citi listed your accepted acquirement APR as 15.49 percent, and your accepted APR for new purchases on your Costco agenda from American Express is beneath than this, again you’ll accumulate your accepted APR for new purchases fabricated with your Costco Anywhere Acceptance Agenda by Citi.”
If you administer and are accustomed for the Citi Costco Anywhere Acceptance as a new anniversary holder, your card’s APR will be 0 percent for seven months and 15.49 percent thereafter, according to Costco’s website.
Q: Will the automatic payments and billing I set up on my American Express Costco agenda alteration over to my new Acceptance agenda account?A: No. You’ll charge to allotment your new agenda advice with merchants that automatically billed your old Costco agenda anniversary and with any online acquittal accounts area you adored your old card’s information. An automatic Costco associates fee acquittal adjustment will additionally accept to be re-established beneath your new Costco Acceptance card.
And, if you had automatic anniversary payments fabricated to your American Express Costco agenda account, you’ll charge to assurance up for Citi’s AutoPay casework afterwards your new Costco Acceptance arrives and you’ve annals for online anniversary access.
Q: What happens to the antithesis I had on my American Express Costco card? A: Any antithesis on your American Express Costco agenda was automatically transferred to your new Citi Costco Anywhere Agenda on June 20, 2016.
Q: Will my card’s acquittal due date be the aforementioned afterwards June 20, 2016? A: According to Citi, it will be the same, or aing to, your antecedent acquittal due date. You will accept the advantage of allotment your own due date via Citi Online or calling the chump annual cardinal listed on the aback of your new Costco Acceptance card.
Q: Do all gas base purchases acquire a 4 percent banknote back? A: No. Aback the agenda was announced, one of the featured allowances is that it receives 4 percent banknote aback on “eligible gas.” Aback you apprehend the capacity of the affairs terms, though, it says this: “You will alone acquire 1 percent banknote back, not 4 percent, for gas purchased at superstores, supermarkets, accessibility aliment and barn clubs added than Costco or for ammunition acclimated for nonautomobile purposes.”
That has set off some anxiety bells, accustomed that 80 percent of all ammunition in the U.S. is awash at accessibility stores, according to the Association for Accessibility & Petroleum Retailing, a barter group.
However, you shouldn’t worry. Here’s why: Agenda companies apperceive what blazon of merchant you are charging at alone via the merchant class cipher (MCC) that the agenda networks accredit to alone businesses. Acceptance has abstracted codes for assorted aliment stores/convenience aliment (5499), annual stations (5541) and automatic ammunition dispensers (5542). Supermarkets and barn clubs additionally accept abstracted codes. Citi does not ascendancy how merchants are coded.
Citi accepted that the Costco Anywhere Acceptance Agenda will accord 4 percent at merchants classified as gas stations. In practice, best places area you pump gas are coded as gas stations, not as accessibility aliment – alike if they are affiliated with a accessibility abundance that offers the accepted arrangement of gum, activity tickets, old-looking hot dogs and algid beer.
So blow easy. Your gas purchases apparently authorize for the 4 percent banknote aback (and the purchases of hot dogs and algid beer at those places apparently do, too).
Q: Are there limitations on restaurants?A: Yes. The affairs agreement state, “You will alone acquire 1 percent, not 3 percent, for purchases fabricated at bakeries and assertive restaurants/cafes central department, grocery or barn clubs.”
Again, it will depend on which merchant class codes authorize for the 3 percent and how a accurate y is coded. There are abstracted MCCs for bakeries, bars/lounges and restaurants. The acumen some purchases at cafes and restaurants central administration aliment and grocery aliment ability not authorize is because those locations are generally coded as administration and grocery stores, not as abstracted restaurants.
Q: Will I lose the rewards I’ve becoming on my American Express Costco agenda afterwards the switch? A: No. Banknote aback rewards becoming afore June 20, 2016, that were not ahead paid out will be automatically transferred to your new agenda soon, if they haven’t been already. However, if you becoming Associates Rewards credibility on your old American Express card, any that were not adored afore June 20, 2016, won’t be transferred to your new Citi Acceptance card.
Q: Are there adopted transaction fees on this new card? A: Yes. Costco says there will be a 3 percent fee on affairs fabricated in a bill added than U.S. dollars, which is a archetypal bulk for cards with adopted transaction fees. If you’re traveling abroad, you’d be able-bodied brash to use a no-foreign transaction fee acclaim card.
Incidentally, if arcade at barn clubs abstracts into your vacation plans, Costco says there is no adopted transaction fee for accuse at adopted Costco stores, although not every adopted Costco accepts Acceptance cards.
Q: I afresh accustomed my American Express Costco annual with the abounding controlling anniversary fee of $110. Why did was I answerable the abounding fee if I won’t be able to use the agenda activity forward? A: Remember that although the American Express agenda went abroad in mid-June, your Costco associates is a fee answerable annually that allows you to buy things at Costco for a accomplished year.
The agenda has no anniversary fee. However, the Costco associates is an anniversary fee that is answerable to the affiliated acclaim card, if you accept one.
The date of your Costco associates face-lifting will break the same. You will not be answerable aback the new Citi Acceptance is issued. Rather, you will be answerable in a year.
Q: Did annihilation about Costco’s Controlling Associates affairs change on June 20? A: Costco says this agenda about-face has no aftereffect on its Controlling Associates program.
Executive Membership, which costs $110, earns you 2 percent aback on all purchases at Costco behindhand of how you pay. An accustomed associates is $55, so if you absorb at atomic $2,750 annually at Costco, the Controlling Associates will pay for itself.
Today, post-network switch, you can acquire alike greater rewards by accumulation a rewards-earning Acceptance agenda with an Controlling Membership.
Q: Aback will accustomed users accept their new Citi Visas? A: Accustomed user cards were beatific out with primary cardholder cards, a activity that started at the end of May. However, agenda that any accustomed user spending banned set for added Costco American Express cardholders will accept to be re-set for their new Citi Visas by the primary cardholder starting June 20, 2016.
Q: I don’t appetite addition Acceptance Card. I already accept one. Can I use my non-Citi Acceptance agenda at Costco?A: Yes. As of June 20, 2016, Costco accepts any Acceptance acclaim agenda in its aliment – not aloof the Citi Costco Anywhere Visa.
Q: Will the acclaim history associated with the old agenda alteration over? A: Ordinarily, if you aing an anniversary and accessible a new one, you would acquaintance a slight, acting abridgement in your acclaim score. Typically, that’s not a big accord – unless you’re in the average of affairs a abode or car, area accepting a college annual can advice defended a bigger absorption rate.
This case, though, appears to be different, according to CreditCards.com’s acclaim expert, Barry Paperno. He says, “From what I’ve read, there will be actually no scoring appulse from this change, back about the aforementioned barter band will abide for the anniversary with the alone change actuality the agenda aggregation name. … The above American Express anniversary will not arise as closed, and there will be no appulse on age of accounts, appliance or any added scoring factors. All in all, it will be as if that American Express barter band never existed and the Citi one has been there back the alpha of the account.”
Additional advice is accessible on the Costco, Citi and American Express websites.
See related: What to do aback your retail abundance agenda switches banks
10 Things You Most Likely Didn’t Know About Costco Anywhere Visa Cards By Citi | Costco Anywhere Visa Cards By Citi – costco anywhere visa cards by citi
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