Costco true earnings card
May 18, 2012, 9:47 pm
#16
Join Date: Nov 2000
Location: Upcountry Maui, HI
Posts: 13,324
so next time i get my hand on a better amex card (i think costco only allows amex), i can submit my costco exec membership card and another amex. Right? This way, I'll get 2% for costco cash back and hopefully a nice newer card that gives me 5%
I can potentially do 7% here!!!
I can potentially do 7% here!!!
-David
May 19, 2012, 12:37 pm
#17
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A couple points of clarification:
The Costco branded AMEX does yield 3 or 4 percent cash back at most gas stations including Costco. Fuel does not count towards the Executive rebate.
Also its a reasonable card at 1% cash back as there is no annual fee- so if you have a paid rewards card there is a 'breakeven' point to where it makes sense to have a free vs. paid card.
Will need to look into this Office Depot thing a bit more
A couple points of clarification:
The Costco branded AMEX does yield 3 or 4 percent cash back at most gas stations including Costco. Fuel does not count towards the Executive rebate.
Also its a reasonable card at 1% cash back as there is no annual fee- so if you have a paid rewards card there is a 'breakeven' point to where it makes sense to have a free vs. paid card.
Will need to look into this Office Depot thing a bit more
May 19, 2012, 3:16 pm
#18
Join Date: Feb 2009
Location: SFO
Programs: Grounded
Posts: 669
That 2% is the annual rebate for your total costco spend, just for the Costco Exec membership. It has nothing to do with the Costco/True Earnings Amex card or spend on that card. You get that rebate from costco, if you are an exec member.
"Is exec membership worth it" is not that difficult to calculate. Your break even point is the difference between normal membership and exec membership pricing. I think the current difference is $55, isn't it? So that's your break even point. You take the annual rebate check from costco and if that's $55 or more, you have already broken even. They can do this calculation for you at any Costco membership desk.
You can add the value you get from your no-fee Costco/Amex card rebate to your costco exec rebate check and include that in the "is exec membership worth it" calculation. The rebate from the Amex/Costco card is a separate rebate, calculated separately on eligible spend on the Amex card: 4% for gas with an annual cap, if you have exec version; 2% for dining/travel; 1% elsewhere. You can also get some OPEN savings from the exec version of the card, but I don't think I would include them in this calculation since you can get them on any of the Amex/OPEN cards. (ie, SPG Biz Amex, and so on.)
As mentioned above, gas stations (any charge at a gas station works, costco gas stations excluded of course) are the winning category for this card*, plus it's a no-fee Amex/OPEN card, so it doesn't cost anything to get it/keep it.
-David
"Is exec membership worth it" is not that difficult to calculate. Your break even point is the difference between normal membership and exec membership pricing. I think the current difference is $55, isn't it? So that's your break even point. You take the annual rebate check from costco and if that's $55 or more, you have already broken even. They can do this calculation for you at any Costco membership desk.
You can add the value you get from your no-fee Costco/Amex card rebate to your costco exec rebate check and include that in the "is exec membership worth it" calculation. The rebate from the Amex/Costco card is a separate rebate, calculated separately on eligible spend on the Amex card: 4% for gas with an annual cap, if you have exec version; 2% for dining/travel; 1% elsewhere. You can also get some OPEN savings from the exec version of the card, but I don't think I would include them in this calculation since you can get them on any of the Amex/OPEN cards. (ie, SPG Biz Amex, and so on.)
As mentioned above, gas stations (any charge at a gas station works, costco gas stations excluded of course) are the winning category for this card*, plus it's a no-fee Amex/OPEN card, so it doesn't cost anything to get it/keep it.
-David
Costco will "guarantee your satisfaction" on the Executive membership. Basically that means if you don't get a minimum of $55 back (the buy-up from Gold to Exec) off your exec membership, they will refund you the difference. You will have to bug customer service on this.
The consumer TrueEarnings only gets 3% off gas. Business trueearnings gets 4%. It's also the *only* card that has a gas bonus at costco, as every other amex excludes warehouse clubs from bonuses. No 2% MR with your PRG unfortunately.
Personally, I carry the trueearnings card as my membership card and use it to buy gas, and SPG for actual in-warehouse purchases.
May 20, 2012, 3:49 am
#20
Join Date: Nov 2000
Location: Upcountry Maui, HI
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The Costco branded AMEX does yield 3 or 4 percent cash back at most gas stations including Costco.
The Costco branded AMEX does yield 3 or 4 percent cash back at most gas stations including Costco.
They are finally building a costco gas station here on Maui. It can't get here soon enough.
-David
Last edited by LIH Prem; May 20, 2012 at 3:57 am
May 22, 2012, 1:57 am
#21
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I agree- that one has been needed for quite some time ^^
Feb 25, 2013, 5:14 pm
#23
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Does anyone know if you need to pay at the pump in order to get the 3% or 4% rebate? There are standalone gas stations near me, but I prefer to pay inside since I can use other coupons to further reduce the cost of the gas.
Feb 26, 2013, 4:29 am
#24
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I think you have a running total at the bottom of each monthly statement that shows your rebate. One should be able to determine if it works definitively a month later.