Remember last year, when we talked about Costco switching from American Express to Visa?
They originally thought it would be April 1st of this year that the switch happened, but considering that March is nearly over — and I haven’t heard a peep — I was starting to wonder.
Well, Costco and CitiBank Visa have finally set a hard date for the switch — June 20.
Beginning from that date, customers will no longer be able to use their American Express cards at Costco and will instead only accept their co-branded Visa card, as well as other cards without the Costco branding.
Your American Express card will be automatically cancelled on June 20th.
Those of us with an American Express Costco card will not need to apply for the new CitiBank Costco card. Starting in May, Citi will mail it to the basic cardmember or authorized officer’s mailing address provided to Citi. If you’ve recently moved, make sure your mailing address is up-to-date with Costco (I’ll be doing that!).
The cash-back bonuses are slightly different than with the current AmEx Card, which I understand was one of the factors in Costco’s decision to switch co-branded cards.
- 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurant and eligible travel purchases worldwide
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
Any cash back rewards you’ve already earned from your American Express Costco card will be transferred automatically to your new card on June 20, 2016, so you won’t lose any of the rewards you’ve already earned.