Will the Costco customers have to apply for the Citibank Costco VISA card ?
No, all the members have been receiving introductory mail’s about the new card program.
For new card will Citibank run a credit check before issuing new card ?
No, it is likely customer’s credit check will not be hit. Following credit reporting guidelines set by the Consumer Data Industry Association, Citibank is buying the credit card portfolio from American express so Citibank will issue new cards to the Costco customers.
The new card will have the same number or new ?
When credit card portfolios are sold from one bank to another, lenders usually opt to issue new cards while continuing to report activity as the same account, .
No, Citibank has their own account number system based on which all customers will get new card number. You will have to update your card number everywhere if you have recurring autopay setup.
What happens to current TrueEarnings® Card from Costco and American Express?
As mentioned few financial blogs (NerdWallet), American Express is not converting customers to Blue Cash card automatically. They are promoting & marketing the new card to convert existing customers to the new program. Customers will have to apply for the new card & there are chances there will be a hard hit on credit, this information is not confirmed.
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How long will this transition take ?
In 2015 announcement mentioned March 31st, as of today April 7th Costco has pushed the deadline to mid-2016 probably till end ofJune 2016. So it is unclear as to when would the whole conversion finish.
What happens to my credit & balance of the TrueEarnings® American Express Card?
You will be allowed to carry your balance to new Citibank card, you will not be asked to pay the balance. All the information will be transferred to the new card program automatically.
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