Citi Reveals Details for New Costco Cards
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Citi has announced details of its new Costco co-branded credit cards. The cards are scheduled to be mailed in May, and will be automatically activated on June 20th. At that time, all existing American Express Costco cards will officially be canceled.
The company had already revealed last month that it would be buying the card portfolio from American Express in June, but they still hadn’t said when they would be sending out the new cards, complete with new card numbers.
Citi has also announced the details of the new rewards program for the cards, which has better benefits than the American Express program. Current cardholders will have all their existing rewards transferred to their Citi accounts, and can begin to accrue points under the new system once their cards become active.
The new Citi Costco cards will offer 4% cash back on up to $7,000 in fuel charges per year, compared to the 3% cash back at gas stations on $4,000 in purchases each year that American Express offered. Citi cardholders will earn 3% cash back for restaurant purchases, compared to just 2% cash back for American Express.
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Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.