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Costco American Express: The True Earnings Card vs Platinum Cash Rebate

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  • Dec 8th, 2011 8:33 am
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Member
Jan 17, 2010
396 posts
41 upvotes

Costco American Express: The True Earnings Card vs Platinum Cash Rebate

I always used my Platinum Card as my primary card and alwasy found that its the best in terms of getting cash back... i have no balance so that extra 0.5 does not apply to it. I was wondering if anyone has moved to the TrueEarnings card from the platinum? i think it looks like a good card but it tops out at 1 %. Any one have any insight on the True Earnings card?


The TrueEarnings™ Card from Costco and American Express
Here's how your annual rebate1 works:


Earn up to 1% cash back on everyday purchases – including at Costco®*
• 0.25% up to $1,000
• 0.50% on the next $2,000
• 1% on any amount over $3,000

Earn 2% cash back on eligible gas purchases
• 2% up to $3,000 annually
• 1% on any amount over $3,000

Earn 3% cash back on eligible restaurant purchases

And since the TrueEarnings™ Card can be used everywhere American Express Cards are accepted, your cash rebate can really add up. So use your Card for all of your everyday purchases, including gas, groceries and meals at restaurants.

VS

The Costco Platinum Cash Rebate card by American Express is a cash back rewards card that earns up to 2% in annual rebates with no annual fee and some insurance benefits.

Earn an Annual Cash Rebate1 of 0.25% on the first $2,000, 0.50% on the next $3,000 and 1.50% on any amount over $5,000 to an annual maximum rebate amount of $500. Bonus Rebate: 0.5% on all net eligible new purchases when you carry a balance. The annual maximum Bonus Rebate amount is $125.


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16 replies
Member
Mar 18, 2002
457 posts
73 upvotes
Toronto, ON
should be fairly easy to calculate your rebates based on your monthly spending. I have switched few years ago to the Gold 2% card, and used Amex exclusively. However, since they introduced annual fee, I have cancelled and got the True earnings since the Platinum was no longer available. Now Amex is only used at Costco+thier gas bar.
There are better cards right now, with more features etc. that give me metter bang for buck.
Jr. Member
Mar 23, 2010
104 posts
6 upvotes
Alberta, Canada
When is says 0.25% for $1000 (True Earnings Card)... Is that per year? So, if you spend less than $1000/year on the AMEX, you'll only get 0.25% at the end of the year? Or is the cash back every month (and thus calculated monthly)?
Deal Fanatic
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Nov 23, 2005
7737 posts
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ah2k wrote:
Jun 8th, 2011 11:40 pm
When is says 0.25% for $1000 (True Earnings Card)... Is that per year? So, if you spend less than $1000/year on the AMEX, you'll only get 0.25% at the end of the year? Or is the cash back every month (and thus calculated monthly)?

yearly
Banned
May 5, 2003
4879 posts
26 upvotes
Toronto, Ontario
FigNewton wrote:
Jun 5th, 2011 4:15 pm
I always used my Platinum Card as my primary card and alwasy found that its the best in terms of getting cash back... i have no balance so that extra 0.5 does not apply to it. I was wondering if anyone has moved to the TrueEarnings card from the platinum? i think it looks like a good card but it tops out at 1 %. Any one have any insight on the True Earnings card?


The TrueEarnings™ Card from Costco and American Express
Here's how your annual rebate1 works:


Earn up to 1% cash back on everyday purchases – including at Costco®*
• 0.25% up to $1,000
• 0.50% on the next $2,000
• 1% on any amount over $3,000

Earn 2% cash back on eligible gas purchases
• 2% up to $3,000 annually
• 1% on any amount over $3,000

Earn 3% cash back on eligible restaurant purchases

And since the TrueEarnings™ Card can be used everywhere American Express Cards are accepted, your cash rebate can really add up. So use your Card for all of your everyday purchases, including gas, groceries and meals at restaurants.

VS

The Costco Platinum Cash Rebate card by American Express is a cash back rewards card that earns up to 2% in annual rebates with no annual fee and some insurance benefits.

Earn an Annual Cash Rebate1 of 0.25% on the first $2,000, 0.50% on the next $3,000 and 1.50% on any amount over $5,000 to an annual maximum rebate amount of $500. Bonus Rebate: 0.5% on all net eligible new purchases when you carry a balance. The annual maximum Bonus Rebate amount is $125.


.

I am in a similar situation...

Should I stay with my Platinum card or switch to True Earnings?

Is there now a fee for the platinum card??
Newbie
Feb 26, 2011
93 posts
11 upvotes
Shaf wrote:
Aug 22nd, 2011 9:39 am
I am in a similar situation...

Should I stay with my Platinum card or switch to True Earnings?

Is there now a fee for the platinum card??
depends on how much you spend on the card. For me I spend about $17K a year on the card which if I stay with the Platinum I will get a $200 rebate, but if I went to the True Earning I would only get $152.50. There is no fee for the platinum card
Deal Addict
Mar 21, 2010
3320 posts
348 upvotes
Toronto
For the True Earnings card, is the 2/3% for gas/restaurants tiered as well, or e.g. if I spent only $1,000 during the year and it was all for restaurants, I would get $30 back?

I'm interested in getting an Amex card to complement the SmartCash, so assuming the above are not tiered, this combo would be 3% on groceries (up to $600/mo), 3% on restaurants, 2% on gas, 1% on everything else. That seems better than the flat 1.25% Blue Sky (as well as the Platinum Cash Rebate which has no special bonuses).
Deal Addict
Dec 28, 2006
4995 posts
260 upvotes
Kanata
You got 3% on gas with MBNA SC card as well, there is no other benefit for the Ture Earning card other than 3% for the restaurants (non-tired). You can still use Blue Sky card for all the 1% purchases, though it takes a while for you to accumulate enough points to redeem.
Manatus wrote:
Aug 22nd, 2011 7:43 pm
For the True Earnings card, is the 2/3% for gas/restaurants tiered as well, or e.g. if I spent only $1,000 during the year and it was all for restaurants, I would get $30 back?

I'm interested in getting an Amex card to complement the SmartCash, so assuming the above are not tiered, this combo would be 3% on groceries (up to $600/mo), 3% on restaurants, 2% on gas, 1% on everything else. That seems better than the flat 1.25% Blue Sky (as well as the Platinum Cash Rebate which has no special bonuses).
Deal Addict
Mar 21, 2010
3320 posts
348 upvotes
Toronto
rivet wrote:
Aug 22nd, 2011 8:03 pm
You got 3% on gas with MBNA SC card as well, there is no other benefit for the Ture Earning card other than 3% for the restaurants (non-tired). You can still use Blue Sky card for all the 1% purchases, though it takes a while for you to accumulate enough points to redeem.

Yeah, but you only get 3% on gas plus groceries up to $600/mo - and we spend way more than that, so it seems most efficient to spend all of that on one or the other, and have a "second best" card to pick up the other one, if you get what I mean. Though we do have the "upgraded" PC mastercard for 2% on groceries, so I don't know. The restaurant part would be useful because we eat out a lot, but I'm not sure if everything counts (e.g. food courts), and how many of those places actually accept Amex.

I'm tempted by the Blue Sky because we like to take short (read: cheap) vacations, e.g. those $100 one-night Niagara packages, so it wouldn't take a super long time of waiting to spend rewards.
Newbie
Aug 22, 2011
4 posts
2 upvotes
VANCOUVER
Can you have both True Earning Card AND Platinum Cash Rebate?
I have Platinum Cash Rebate card, and am wondering if I can apply for True Earning card as well.
Or you can only have one card associated with one Costco membership number??
It'll be great if I can use True Earning for restaurant, and Platinum cash card for everything else.
Deal Addict
Dec 28, 2006
4995 posts
260 upvotes
Kanata
I am also thinking about switch because of 3% on restaurant, but I didn't do so as there is no coming back. The platinum cash rebate card is probably the only "free" credit card that do more than 1%. However, because of the tiered rebate, I feel that most low spending user won't be able to get to the 1.5% tier while high spending users may be better off with a card with annual fee (like aspire one or TD first class infinite). Though there are users in between may still benefit from using the Costco platinum card as the main card.
Deal Addict
Dec 28, 2006
4995 posts
260 upvotes
Kanata
I think you should get another smartcash (or ask your spouse to do so) if you spend way more than $600/month on gas and groceries. Anyway, in your case, you may consider getting the true earning card. There is a new cash back master card from Capital one out that gives 1.2% return without annual fee, I would choose that as opposed to Amex bluesky because of wider acceptance rate.

Manatus wrote:
Aug 22nd, 2011 8:12 pm
Yeah, but you only get 3% on gas plus groceries up to $600/mo - and we spend way more than that, so it seems most efficient to spend all of that on one or the other, and have a "second best" card to pick up the other one, if you get what I mean. Though we do have the "upgraded" PC mastercard for 2% on groceries, so I don't know. The restaurant part would be useful because we eat out a lot, but I'm not sure if everything counts (e.g. food courts), and how many of those places actually accept Amex.

I'm tempted by the Blue Sky because we like to take short (read: cheap) vacations, e.g. those $100 one-night Niagara packages, so it wouldn't take a super long time of waiting to spend rewards.
Newbie
Aug 22, 2011
4 posts
2 upvotes
VANCOUVER
rivet wrote:
Aug 24th, 2011 1:33 pm
I am also thinking about switch because of 3% on restaurant, but I didn't do so as there is no coming back. The platinum cash rebate card is probably the only "free" credit card that do more than 1%. However, because of the tiered rebate, I feel that most low spending user won't be able to get to the 1.5% tier while high spending users may be better off with a card with annual fee (like aspire one or TD first class infinite). Though there are users in between may still benefit from using the Costco platinum card as the main card.


What do you mean by "no coming back"? Platinum cash rebate card is no longer accepting new users?
Does anyone know if it's possible to keep platinum cash rebate and apply for True Earning card as well?
Deal Addict
Dec 28, 2006
4995 posts
260 upvotes
Kanata
Platinum cash rebate is no longer offered for new user any more. Ture earning card is meant to replace the platinum cash rebate card. I believe you can only have one of them, but you should double check with amex (call them). You can convert your platinum cash rebate card to the new True earning card, however, once you do so, you are no longer able to covert back to or apply to the Platinum cash rebate card in the future, that is what I mean there is no coming back.
skimouse wrote:
Aug 24th, 2011 4:24 pm
What do you mean by "no coming back"? Platinum cash rebate card is no longer accepting new users?
Does anyone know if it's possible to keep platinum cash rebate and apply for True Earning card as well?
Deal Fanatic
User avatar
Jun 3, 2006
5682 posts
1527 upvotes
Toronto
Is gas purchase at a Costco gas bar considered towards the 2% or 1%?

If it's 2% I might consider supplementing my Smart Cash with this, considering Costco doesn't take anything other than Amex.
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