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Costco has changed their credit card policy

My wife and I both like to shop at Costco.  Not long ago I noticed that everything I had on was purchased at Costco. Yep, literally everything: my shoes, socks, pants, belt, t-shirt and long sleeved dress shirt had all come from Costco.  So, why am I telling you this? Millions of you probably like to shop there, and they recently made a big decision about credit cards.Costco has changed their credit card policy

Costco made a big switch, replacing the American Express Costco card with Costco Visa Anywhere card. This move is expected to save Costco several hundred million dollars in credit card fees. 

American Express had been the warehouse club’s card partner for 16 years, and while this move is a big benefit to Costco, so far some customers aren’t impressed by its replacement. 

According to Business Insider, new Visa card issuer Citi Bank hasn’t sent out all the new cards yet, leaving Costco customers stuck in a kind of limbo. What’s more, even some customers who did get their new Costco Visas haven’t been able to activate them. 

So the next time you are in Costco, be aware your American Express will not be accepted there, and since I don’t think it is wise to have more than one credit card, consider not switching to the Visa and just paying cash.  This will likely help you to spend less while you are shopping and keep all of your accounts simplified.  We have used the same credit card for more than 15 years, paid it off every month, and see no reason to have more than one card as the rewards accumulate faster with only one card.  

And don’t forget that understanding how you view money and its purpose is as important as budgeting. I invite you to take the free MoneyLife Indicator assessment at Crown.org to learn more about yourself. The questions and answers in this tool will help you uncover hidden challenges that may be keeping you in financial bondage. You can change your life, and Crown can help. Find the free MoneyLife assessment at Crown.org.  

 

Chuck Bentley is the CEO of Crown, the largest Christian financial ministry in the world, founded by the late, Larry Burkett. He is an author, host of My MoneyLife - a daily radio feature, and a frequent speaker on the topic of Biblical financial principles. Follow him on Twitter @chuckbentley and visit Crown.org for more help.

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