Another credit card
We finally got around to joining Costco. It was an easy choice, we were members before, shopped there often enough that it made a difference and the only thing holding us back was the distance – Costco is about 40 minutes away. Of course if we only have to go once every six weeks it isn’t that big of a deal.
At our first visit, we were asked if we wanted to apply for an American Express no fee card. That is the only card that Costco accepts so it makes sense to get one considering there is no annual fee plus you earn up to 3% back. My husband applied for the card and put me as an authorized user, he was instantly approved. The credit limit is $4700, the interest rate escapes me right now but I know it is under 18% (I can’t recall if it is 12, 13, or 17). We’ve received the cards already, activated them and promptly hid them in the house (after copying the cards).
The Capital One card that we use earns us airline miles, but earning cash back would be better. I am going to reread all of the requirements and restrictions of the card before we even start using it. We’ve been doing great using the credit card and paying it off when we come home, or the next day, so that would be the only way we opt to start using a different card.
I ordered our free credit reports so once those get here I’m going to research what canceling a credit card would do to our score. We may have to just shred it or put it away and leave it open.
Technorati Tags: Costco, American Express, credit cards, memberships