Money Matters
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

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PSA: Costco and Amex and CitiBank

I wanted clarification on this new relationship Costco is starting with Citibank when they end their agreement with Amex.

So, I called the local CostCo. Here's what I learned:

1. The new Citibank cards come out next spring, so between now and then, you can just use your Amex as normal.

2. The Amex card accounts will automatically be transferred to Citibank and the old Amex accounts will be shut down.

3. They don't yet have all the details in the store, but the Citibank relationship is supposed to be better than the Amex one is/was.

4. Any rewards accrued during the transition will automatically role to the new Citibank CC.

5. Citibank is not running new credit checks on the customers who are rolling over from Amex.

6. More info will be mailed about this during the next year.

Re: PSA: Costco and Amex and CitiBank

  • Thanks - it sounds like the new relationship means they'll be taking visas going forward.  I have about 6 visas and only a couple of AmEx's.  Unless the citibank rewards can beat PenFed's gas card, we might switch over to that once the transition takes place.  You can get up to 5% back on gas with that card, but it's a visa so it's never been super useful for us.


    Wedding Countdown Ticker
  • Thanks for the post!  That is very different than what I was expecting.  I thought my Amex account would stay open...with Amex...and I would then have to apply for the new Citibank/Costco card.

    What Costco told you sounds MUCH better and more convenient.

  • Thanks for the post!  That is very different than what I was expecting.  I thought my Amex account would stay open...with Amex...and I would then have to apply for the new Citibank/Costco card.

    What Costco told you sounds MUCH better and more convenient.

    I'm bearing in mind that this was told to me by a store employee (not that she's was wrong), but I'm still going to verify with Amex that my old card is closed (once it's got a $0 balance).
  • True, true!  I realize it is not gospel yet, but gives me hope it will be a better situation than what I was thinking.  I guess we'll find out for sure next year.
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