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Lunch » Tags » Personal Finance » Reviews » American Express Costco Credit Card - TrueEarnings Card » User review

Maybe the best credit card I've ever had

  • Jan 25, 2010
  • by
Rating:
+5



There is a lot to like about this credit card: 

  1. 3% cash back for gasoline purchases (up to $3,000 per  year, then 1%);
  2. 3% cash back for restaurants;
  3. 2% cash back on travel
  4. 1% cash back just about everywhere else including at Costco. 

These cash back amounts are more valuable than just about any card I've ever seen (not to mention that a lot of cash back cards only give you cash back if you carry a balance/make interest payments, which pretty much defeats the purpose of the cash back bonus).

But the cash back bonus isn't the only positive.  This card also offers:

  1. No annual fee (for Costco members)
  2. 0% interest for first 6 months, then 11.99%
  3. $25 credit when you make your first purchase

For Costco fans, like myself, this credit card also acts as your Costco membership card which allows you to cut space in your wallet by not carrying your membership card (a minor, yet satisfying plus of this card). 

I used to love seeing my membership awards balance climb when I used my credit cards to make purchases, knowing that I'd be able to eventually get a free flight or two with the miles I was accruing.  Its much nicer getting a check (or even cash) from Costco when my rebate is ready.  Now I can buy those same plane tickets, plus pay for my hotel room, with straight cash money.  

I highly recomend this Amex Credit Card for any Costco members out there.

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February 03, 2010
Great Review...I had no idea that the cash back awards were so high for gas and restaurants. I might have to pick one of these up.
 
January 26, 2010
This is one of the best credit cards out there. The only drawback is not enough businesses accept American Express cards. I still love it!
 
January 26, 2010
great review. I'm curious how this compares to frequent flyer credit cards where you earn typically 1 mile per dollar spent. I remember someone saying that most frequent flyer miles would be worth a penny, or a 1% cash return on money spent on a credit card. If that's the case, this Costco card is WAY better than any mileage reward card.
January 26, 2010
I think that's about right about 1 penny or 1%. If I'm doing a comparison of credit card offers, I normally model out a rewards mile from a credit card worth 1.5% (or 1.5 cents), but even at 1.5%, this card is the best deal, IMO. I eat most of my meals out (at least lunch) so that 3% back on restaurants is very tough to beat.
 
January 25, 2010
I'm using a Schwab credit card which is 2% cash back on any purchase. The 3% for gasoline and restaurants, the $25, and the ability to use the card at Costco is probably enough to make it worth applying for another card.
 
January 25, 2010
Ditto to what you said!  As a huge Costco fan, I signed up for this when it first came out a few months ago.  As incentive to sign up (as if the cash back wasn't already incentive enough), they also gave me a handy Costco shopping basket/tote type thing.  Can't wait for my rebate.  Thanks for sharing, Brew! :)
 
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Quick Tip by . February 03, 2010
I pretty much only use this for gas purchases, but still worth it. 4% back on top of the already cheap gas at Costco!
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Wiki

The TrueEarnings Card from Costco and American Express is an American Express card for Costco members that offers many incentives.  Features of this card include the following:
  • 3% cash back on gas purchases up to $3,000 annually (then 1% cash back)
  • 3% cash backs for restaurants, 2% cash back for travel
  • 1% cash back virtually everywhere else, including Costco
  • No annual fee
  • $25 credit with your first purchase made with the card
  • 0% intro APR for 6 months, then prime + 11.99%
For more information, click here to visit the American Express site.
view wiki

Tags

Credit, Personal Finance, Credit Cards, Costco, American Express, Interest Rate, Businesss, Credit Card, True Earnings, Cash Back, Cash Rebate, Trueearnings

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