What to do with old unused Costco Amex?

[Matt S NYC]

Once upon a time (~5 years ago) I lived in a place with a Costco. I applied for the Costco Amex and the card was very useful. Now I live in NYC and I almost never use the card for spend or Costco access. Given that it is one of my older cards (I do have two cards that are a couple of years older and a couple of cards that I am AU on that are much older), is it going to kill my credit score to cancel it? Alternatively, is there a card any of you would recommend attempting to product change to that perhaps does not have an AF? Thanks.

 

[midnightinharlem]

Live chat with Amex and figure out what cards you can PC to. Otherwise, load up on AUs and take advantage of Amex Offers and SBS. Don't close the card unless you're at the 4 credit (not charge) limit.

 

[damanjeff6]

AMEX cards are all backdated right? why not just close it and load up on other AMEX cards

 

[LiarsDice]

If you're not shopping at costco you're effectively paying $110 AF per year for this card. I don't see the value in this, regardless of Amex offers or increasing the average age of your cards.

I have this card but costco purchases basically make it free, although I almost never use it. I use my Fidelity Amex for costco purchases to capitalize on the 2% cc cb, as opposed to the 1% with amex costco.

If you can't convert it into another Amex and keep age of the account I'd close it.

 

[Matt S NYC]

If you're not shopping at costco you're effectively paying $110 AF per year for this card. I don't see the value in this, regardless of Amex offers or increasing the average age of your cards.

I have this card but costco purchases basically make it free, although I almost never use it. I use my Fidelity Amex for costco purchases to capitalize on the 2% cc cb, as opposed to the 1% with amex costco.

I have the one that only costs $55/year but only gives 1% CB at Costco. I think there is another card that costs double but gives 2% at Costco. My card is basically free if you think of the AF as the cost of Costco membership, but I don't even need that anymore.

 

[LiarsDice]

I have the one that only costs $55/year but only gives 1% CB at Costco. I think there is another card that costs double but gives 2% at Costco. My card is basically free if you think of the AF as the cost of Costco membership, but I don't even need that anymore.

Interesting. I didn't know they used to give the card out for non executive membership. I guess it doesn't really matter though since the executive cb is doubled to 2% thus it negates the double yearly fee (55 to 110).

But yeah, I'd call and ask what my options were, if any, in regards to converting into a different card while still keeping the account age. It's not a true Amex so I'm not sure this is even possible. If you do call in, would love to see their response.

 

[LiarsDice]

I'm having the same problem with the card. I have it in my wallet, but barely use it. Heck I'm finding myself going to costco less and less. Might just cancel it soon.

Heh, been going to costco more and more (and utilizing a small freezer in our garage). Wife and I made it a point of emphasis to reduce our monthly food costs (including eating out) so it comes in handy. It's disturbing how much a family of 3 can spend on monthly food costs if you're not careful.

I have more than 1k in costco GCs that were obtained in Q4 with Discover 5% cb so I have even more incentive to shop there.

Also worth noting they'll refund your membership fees for the last year (difference in cb earned and your fee) So you might as well wait until your renewal date and get the refund. They may or may not close your membership, YMMV.

 

[LiarsDice]

My problem is my work schedule makes it so hard for me to make time to actually cook at home. years ago it was a whole different story.

Definitely hear you. We cook in batches then freeze some. Or try to keep the meals relatively simple. Figure it takes us half an hour at minimum to go get food, so if we can keep it near that per day then we're happy. Food is also much healthier. It's not fun though. Involves some planning as well. There's a reason they call it fast food!

 

[Matt S NYC]

Once I get my $50 in CB that I earned last year (I believe this comes in Feb) I will try to PC and tell you all what happens.

 

[LiarsDice]

I just recently closed my Costco card and changed it over to an Amex Everyday Card. I just couldn't justify the card or the Costco Membership anymore honestly. Did it through Live Chat!

Did you get the sign up bonus + 1yr Amazon Prime code?

 

[Imagvir]

Btw there are reports that amex isn't always backdating these days

 

[fordman85]

Where did you see/hear about Amex not back dating? That would be a small blow.....