Topic: Costco ditches American Express

[ToddF]

http://www.dispatch.com/content/stories/business/2015/02/13/costco-will-stop-accepting-american-express.html

The current agreement is set to end on March 31, 2016, American Express said.

Costco already has replaced American Express with Capital One Financial Corp. as its credit-card issuer in Canada, as of this year.The current agreement is set to end on March 31, 2016, American Express said.

Costco already has replaced American Express with Capital One Financial Corp. as its credit-card issuer in Canada, as of this year.

Sounds kind of dumb on Amex's part.  I would have to think the middle to high middle income shoppers would be a perfect customer base for a credit card.  Oh well.  I've lived most of my life without an Amex card, I supposed I can manage again without.  Just not going to be thrilled if Costco wants to ask me "what's in my wallet."

[Libertas]

Yeah, this sucks!  I don't want to switch to Crapital Wun!  They hire asswipes like Alek Baldwin!

To Hell with them, I guess I am done in 13 months!   

[ChrstnHsbndFthr]

I can tell you that the ONLY major credit card I do not accept is American Express. They are crooks from the start as far as I am concerned. I read the contract and it was the equivalent of you, the retailer are GUILTY and it is YOUR job to prove you are innocent, no matter what our clients took and we guaranteed.  The presumption of guilt left me with a one word answer.


NO.

[Libertas]

And here I thought they only charged higher fees than VISA & Mastercard and that's why many retailers don't accept them?

Ya learn something new every day!

[Pandora]

And here I thought they only charged higher fees than VISA & Mastercard and that's why many retailers don't accept them?

That's what I've been told by various retailers.

Amex has recently changed its Terms and Conditions.  There didn't used to be a late fee if the total balance payment was a few/couple days late.  Not anymore.  The late penalty is now 24.79 % of the balance.

Something else:  I was under the impression, from years ago maybe, that if your payment envelope was postmarked before the due date (for any bill), that the payment wasn't considered late.  Also, not anymore.

[Libertas]

And here I thought they only charged higher fees than VISA & Mastercard and that's why many retailers don't accept them?

That's what I've been told by various retailers.

Amex has recently changed its Terms and Conditions.  There didn't used to be a late fee if the total balance payment was a few/couple days late.  Not anymore.  The late penalty is now 24.79 % of the balance.

Something else:  I was under the impression, from years ago maybe, that if your payment envelope was postmarked before the due date (for any bill), that the payment wasn't considered late.  Also, not anymore.

Anybody tries to ding me with a late fee I call, and they back down or I skip.  It usually works.  They bank on most people taking it.

[ToddF]

I don't think I've ever paid a late fee, either.  2 out of 3 (Target and State Farm) valued my continued business more than they valued a one time $39.99 charge.  TCF didn't.  TCF never got their late fee (at the time I had a near dead account with little in it...they started nailing me with a monthly fee and after month two, drew it under zero, triggering an overdraft fee...I told them to bleep off and that I wouldn't deposit funds to cover all those charges), and now would never even be in the running for my must more sizable bank account, post mortgage, pre retirement.

[Libertas]

Yes, bleep The Crazy Fvckers...they are vultures feasting off fees like no other...

And in this ZIRP/NIRP world, they will rely on it like never before.