Costco American Express Business Card for Cash Back on Gas

September 16, 2008

I recently bought a new LCD TV from Costco. I signed up for a Costco membership to take advantage of the awesome deals on TV’s and for an added warranty. At Costco the price of my TV was $100 cheaper than at Sears. Additionally, Costco tacks on a second year to the warranty and if purchased with an American Express card, a third year is added to the warranty. Since I was signing up for a Costco membership I had to sign up for an American Express credit card. My options for buying at Costco were limited to cash, check or AMEX card. For this reason I decided to open an account for an American Express card.

True Earnings Card from Costco and American Express

The True Earnings card from Costco and American Express provides unlimited cash back for all purchases:

  • 3% for gasoline
  • 3% for restaurants
  • 2% for travel
  • 1% everything else

The True Earnings card also acts as your membership card and it’s always nice to save on wallet space. If you are a Costco member there is no annual fee. The cash back savings accumulate and are issued in the February billing statement. The True Earnings card has an introductory 0% APR for three months on purchases. Balance transfers have an APR of 1.99% for the first 6 months when you transfer a balance during the first 30 days of owning the card.

True Earnings Business Card from Costco and American Express

The True Earnings Business card from Costco and American Express provides the same rewards as the regular True Earnings card, but adds a few more:

  • 5% for gasoline
  • 5 – 10% for select supplies and services
  • 3 – 5% for select travel and entertainment
  • 5 – 25% for select business building tools

A full list of select savings unique to the business card can be found at this link.

My Decisions

Both True Earnings cards are great all around cash back rewards cards. I decided to sign up for the True Earnings Business card to take advantage of the added year of warranty, 3 months of 0% APR and 5% cash back on gasoline. A TV is such a large purchase that it’s nice to get the second and third years tacked on to the warranty. Similarly, with my down payment due on October 3rd and with all of the other purchases that are necessary for my condo, the 0% APR for three months is very nice. Also, I will use this card for all gas and restaurant purchases to maximize my rewards. The only other major purchases that I make with credit cards are groceries, so I will search around and see if I can find a good cash back card for groceries.

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