KampingKris
Folsom, CA USA
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Has anyone else noticed the special alert on the AM statement? They are changing the card to be used for "business" purposes ONLY! No personal expenses or family expenses are allowed. So, if one travels - as we do - and uses it for diesel - and the travel is obviously not work related - what does it mean?
How the heck can they enforce that? And they are changing how they compute daily interest although I haven't quite figured out how that affects the monthly statement yet.
* This post was
edited 11/05/09 09:54am by KampingKris *
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maximus
Marion, Il. USA
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I can't answer your question but just yesterday I cancelled my $50 per year Costco membership which also cancelled my AmEx card. So I guess it is directly tied to the Costco membership.
Nothing against Costco but there aren't any within 100 miles of me and it wasn't much better than Sam's Club.
don
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Wrace
Seattle WA
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KampingKris wrote:Has anyone else noticed the special alert on the AM statement? They are changing the card to be used for "business" purposes ONLY! No personal expenses or family expenses are allowed. So, if one travels - as we do - and uses it for diesel - and the travel is obviously not work related - what does it mean?
How the heck can they enforce that? And they are changing how they compute daily interest although I haven't quite figured out how that affects the monthly statement yet.
Is this on the current costco AMEX business card? The one that pays 4% on fuel? I don't know how they would enforce it but I'd not be surprised if they try to crack down in some fashion. Maybe business tax returns as proof?
Our costco opens an hour early for business members and it seems like everybody and their brother are 'Business owners' these days...
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Bearnkat
Fort Worth, Texas
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Humm.....we'll have to take a look at that, we must have missed the warning on the top of the statement. I can't see how they would be able to enfore it. We use our Costco AmEx all the time for the rebates we receive.
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KampingKris
Folsom, CA USA
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Yep, it's the current card that pays 4 percent for fuel...
The new language is on page 7 of the new statement... which I just got...
I guess the worse they could do is cancel the card...if they think you're not using it for business purposes... But if I bought a WII at Costco would they know?
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jcapps
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KampingKris wrote:Yep, it's the current card that pays 4 percent for fuel...
The new language is on page 7 of the new statement... which I just got...
I guess the worse they could do is cancel the card...if they think you're not using it for business purposes... But if I bought a WII at Costco would they know? They could never tell the difference
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robatthelake
Vancouver Island
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I Haven't been able to find a Costco that has diesel! Where are they located?
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coolbreeze01
Redding, Ca
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KampingKris wrote:Has anyone else noticed the special alert on the AM statement? They are changing the card to be used for "business" purposes ONLY! No personal expenses or family expenses are allowed. So, if one travels - as we do - and uses it for diesel - and the travel is obviously not work related - what does it mean?
How the heck can they enforce that? And they are changing how they compute daily interest although I haven't quite figured out how that affects the monthly statement yet.
Which monthly statement? Have you checked into it?
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KampingKris
Folsom, CA USA
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The change was on Nov. 1 statement. I got a notice by email and it was on my monthly statement which is emailed to my bank for epayments.
I opened the account statement and went to page 7 as directed by the email. It states the following:
We are replacing the first paragraph of the Using the Card section with the following:
"You agree that you will use the Card only for commercial or business purposes on behalf of the Company. You agree that this Card
Account shall not be used for personal, family or household purposes. Charges are for business purposes only and are to be reported to
the Company for expense report processing in accordance with Company policy. Each use of the Card Account constitutes a loan for
business or commercial purposes to the person named on the Card and the Company by us. You are accountable for any
reimbursements and agree to remit such funds to us promptly. This Agreement has no effect on, and shall not be affected by, the
Company's policies regarding the reporting and reimbursement of expenses.
It was on the statement dated Nov. 1.
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rvdogmom40
Western Washington State
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I love Costco and go there almost weekly. We have been members since 1984 and have a business card (we have a small apt. business). Several years ago we were invited to get the Am Ex. card which would be a credit card and our official Costco card. It sounded like an okay deal.
After reading this posting about the new rules, I called AmEx and asked if the info I read here was true. Answer, "yes". I asked if they would be canceling our AmEx card and Costco card, answer, "yes". The number of business/Costco cards might be a small percentage of AmEx business so they probably are hoping to same $$ on rebates.
It never occurred to me that we could not use the card for personal purchases; we have done so exclusively since we got the card. All of our business expenses are charged to a different card used exclusively for the business. Life is full of surprises!
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