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Capital One Platinum MC for COSTCO members
October 4, 2014
4:56 am
Loonie
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I thought we should start a new thread for this one, to follow the previous (discontinued) Amex Costco card.
http://www.capitalone.ca/credi.....ds/costco/

•Get 3% on restaurant purchases, 2% on gas purchases and up to 1% on all other purchases
•No limit on how much you can earn at these rates
•No annual fee

*****
Things to be aware of with this new card, as mentioned on the old Amex thread:

$29 fee if you exceed your credit limit with them. However, there is no way to know before you apply what your credit limit will be.

There is no limit to the amount of cashback that you can earn in any calendar year (but again, this is subject to credit limits.)

Rebates are ONLY issued in January, based on purchases of the previous calendar year. Therefore, the best time to apply for this card is likely January, so that whenever you discontinue it, you will get all your cashback. If your Costco membership expires at a different time of year, then you will be SOL for a few months but you can always use a different MC for that interim period. SO, it's best to resist all efforts to get you to sign up before January!

The cashback comes in the form of a COUPON which can ONLY be redeemed at COSTCO. So, it is not, strictly speaking, cashback; rather, it's a store credit. Make sure you don't cancel your Costco membership before you get your coupon in January!

October 4, 2014
5:15 am
Loonie
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There are a couple of questions that I would like to know the answer to. If anyone finds out, please post.

Will gas purchases at Costco count for the 2% rebate as "gas purchases"? On djino's massive thread about an MBNA MasterCard, there is a list of gas retailers whose purchases do count, but Costco is not on it, probably because it didn't accept MC. The coding which decides whether a particular retailer fits into a particular category is an international one, and it is set up, as far as I can tell, by MC and Visa. I don't know how Amex's works. A full list does not seem to be accessible. I think, but am not sure, that Costco US still only takes Amex? If so, that would make it less likely that the gas bar here would be included. However, it would seem very strange to me if Costco Canada set up a card which offers special perks to gas purchases which don't apply to Costco gas. But, then again, this whole change from Amex to Capital One has been badly handled by Costco.

October 4, 2014
7:36 pm
kanaka
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Loonie.

Amex Cash Back voucher is received on the January Statement. I was told at a store if you could not fully spend it they "cash" the balance.

Amex only is accepted in the USA. But it does not have to be a co branded card.

October 4, 2014
10:12 pm
Loonie
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Thanks for the clarification about Amex-only in US. I guess this change of provider will cause a lot of cross-border shoppers to re-think their plans.

Another question that I have is whether the Costco snack bars will take the new MasterCard, and, if they did, would count as "restaurant". I doubt it somehow, on both counts. (I have never tried to pay at snack bar with CC, as I don't have Amex, but the pizza slices are a really good deal when they're fresh!sf-smile)

October 5, 2014
6:28 am
Rick
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Went shopping at Costco yesterday. They are currently taking both AMEX and ANY brand of Mastercard until Dec 31.

October 5, 2014
6:37 am
Loonie
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Thanks, Rick!sf-cool

Did you happen to buy gas on a MC?

October 5, 2014
9:16 am
kanaka
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Loonie said

Thanks for the clarification about Amex-only in US. I guess this change of provider will cause a lot of cross-border shoppers to re-think their plans.

Another question that I have is whether the Costco snack bars will take the new MasterCard, and, if they did, would count as "restaurant". I doubt it somehow, on both counts. (I have never tried to pay at snack bar with CC, as I don't have Amex, but the pizza slices are a really good deal when they're fresh!sf-smile)

The decision to cross border shop has nothing to do with what credit card you "have" to use at Costco on the USA. Some Costco prices are same or less in Canada for same items. We only shop deal good deals, eggs, cheese, led lighting, and meat. Other places to shop are Trader Joes, outlet stores, Marshals, Ross, Macys, Oreillys (car stuff), and Home Depot (some same items are 60% less). And keep in mind even though there is exchange on our money....tax is about 4% less and if you use cash or a no transaction fee credit card you save another 2.5%.....and I do know if you collect Air Miles on a MasterCard you receive them from USA purchases in the equivalent Canadian dollar so I imagine most other payback credit cards would too. BUT you have to be much more aware of your pricing in the USA before you purchase!!!

As far a using a credit card at the snack bar in Costco I have never seen one used in USA or Canada. Only cash in Canada but I have seen Americans "still" using cheques at the snack bar.

October 5, 2014
9:18 am
kanaka
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Loonie said

Thanks, Rick!sf-cool

Did you happen to buy gas on a MC?

Pumps are marked to accept both MasterCard and Amex.

October 5, 2014
2:41 pm
Loonie
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thanks for all the info.
Cheques are in the same category as cash at Costco Canada but can only be used if you have a Business membership.
I can't imagine writing a cheque for $5!

October 5, 2014
2:45 pm
Loonie
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A friend of mine was at Costco today and picked up the literature about the new Capital One card.

RIGHT NOW, AT LEAST, YOU WILL GET DOUBLE CASH BACK FOR 3 MONTHS. I expect this will continue for some time as an introductory offer.

October 5, 2014
4:01 pm
Rick
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kanaka said

Loonie said

Thanks, Rick!sf-cool

Did you happen to buy gas on a MC?

Pumps are marked to accept both MasterCard and Amex.

Our Costco doesn't sell gas...buy ours in the states anyway. Works out to $1.02 /liter with exchange factored in.

October 5, 2014
9:42 pm
Loonie
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You guys who live on the border sure have an advantage!
I wouldn't be worth my while to drive there.sf-cry

October 7, 2014
6:13 pm
kanaka
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Went to Costco today. Was handed a brochure of what is on sale as happens often. Noticed there was a few Capital One applications in the rack by the greeter. I went on the back route to see if they had any tie wraps (zap straps)...none. Did our shopping and used our BMO MasterCard and my wife was offered a Capital One application from the cashier. There was no big deal happening although there was a huge sign about Capital One up high above the freezer section. Had lunch and my wife said there was a booth set up by were they sell cell phones with tables and chairs and said there were a lot of people signing up. No freebies being offered.

I ignored most of the free offerings today "except" the dark chocolate bark with pumpkin seeds is pretty good!!

October 7, 2014
8:19 pm
Loonie
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That chocolate bark is very popular in this household. In fact there is some on my coffee table in front of me right now! They had one with, I think, dried blueberries a while ago. We were told the pumpkin seed one would be "seasonal", not sure how long it will be here. Kind of expensive though.

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