Humanity has risen!
SasqWatch
http://business.financialpost.com/2014/09/26/costco-american-express-card/
It really is the end of an era, considering the partnership between Costco and American Express lasted more than 15 years. Costco is getting their just dessert because they keep pressing rates downward for all their suppliers, including Amex. So only they were making money out of this arrangement, while most people who have the TrueEarnings Amex card either in Canada or the US use it only at Costco and not anywhere else. Costco loves to promote a reputation of a humane big box store with a sense of social responsibility, and it is true they treat their employees exceptionally well, but it only means they squeeze their suppliers even more mercilessly. In that sense they're ultimately no different than the Wal-Marts and Targets of this world.
It is Canada for now, but make no mistake, they're saying Amex will keep being accepted in the US too, but it's only because the Amex Canada contract expires at the end of 2014, while the American one expires at the end of 2015. They will switch to a Costco Capital One MasterCard as well.
I was there this afternoon and they were pressuring everyone with an Amex to sign up for their MasterCard, I used another MasterCard to pay and it worked.
Otherwise in general there are not many reasons to use an Amex credit card considering its low acceptance rate, except that they have better services, so if you want to use the extended warranty Amex is more trusworthy. But it does cost more to retailers to use it.
All the more so in the US, which has the highest credit card merchant fees in the world.
Costco customers, who will no longer be able to use their American Express card in 2015 in the big box store, are being switched to Amex’s SimplyCash card.
Amex Bank of Canada sent out a notice this week along with a message from chief executive Howard Grosfield about the change.
It was revealed this month that American Express was out at Costco, replaced by the Capital One Platinum MasterCard. Costco also plans to accept other MasterCard credit cards at its locations in Canada.
On the issue of accumulated rebates earned under old American Express cards, the company said any cash that you qualify for up until Sept. 25 will be included in a final cash rebate to be mailed out in the next two to three weeks.
Related
Costco to stop accepting American Express cards in Canada, switches to Capital One and Mastercard
Why Target will pull out all the stops to save face in Canada
Existing American Express customers will be receiving the no annual fee SimplyCash card in the mail in the coming weeks.
The card is designed to simplify the cash back process, paying 1.25% on all transactions as opposed to paying a higher premiums for services like gas or dining out.
American Express is going to offer its existing customers being switched over a teaser for the first six months, allowing 5% cash back on all eligible purchases at gas stations, grocery stores and restaurants. It is subject to a maximum $250 in cash back.
It really is the end of an era, considering the partnership between Costco and American Express lasted more than 15 years. Costco is getting their just dessert because they keep pressing rates downward for all their suppliers, including Amex. So only they were making money out of this arrangement, while most people who have the TrueEarnings Amex card either in Canada or the US use it only at Costco and not anywhere else. Costco loves to promote a reputation of a humane big box store with a sense of social responsibility, and it is true they treat their employees exceptionally well, but it only means they squeeze their suppliers even more mercilessly. In that sense they're ultimately no different than the Wal-Marts and Targets of this world.
It is Canada for now, but make no mistake, they're saying Amex will keep being accepted in the US too, but it's only because the Amex Canada contract expires at the end of 2014, while the American one expires at the end of 2015. They will switch to a Costco Capital One MasterCard as well.
I was there this afternoon and they were pressuring everyone with an Amex to sign up for their MasterCard, I used another MasterCard to pay and it worked.
Otherwise in general there are not many reasons to use an Amex credit card considering its low acceptance rate, except that they have better services, so if you want to use the extended warranty Amex is more trusworthy. But it does cost more to retailers to use it.
All the more so in the US, which has the highest credit card merchant fees in the world.