This is the second credit card that American Express has discontinued in 2014. The first being the American Express ChoicePlus Card.
Rumour has it that American Express and Costco had a disagreement. This is quite unfortunate because the American Express TrueEarnings Card was a gem. Below were the highlights of the credit card:
- No annual fee
- Earn 3% cash back on eligible restaurant purchases (some restaurants may not be ineligible)
- Earn 2% cash back on Costco and retail stand-alone gas stations purchases (to a maximum of $3,000 worth of gas purchases annually)
- Earn 1% cash back on any gas purchases over $3,000
- Earn 0.25% cash back on your first $1,000 and up to $2,000 in other purchases
- Earn 0.5% cash back on your next $2,000 and up to $3,000 in other purchases
- Earn 1% cash back on any amount over $3,000 of other purchases
I was hoping to see more no annual fee cash back credit cards in Canada, so this is going in the reverse direction.
Well, when one door closes, another one opens. This is an opportunity for other institutions to grab some market share on the no annual fee cash back credit cards market.