A Great Credit Card: The True Earnings Business Card from Costco and American Express

I applied for the TrueEarnings Business Card from Costco and American Express when I last wrote about credit cards.  Although extra work and responsibility has prevented me from writing here in a LONG time, it has given me the time to reflect on some things.  One of those things is what I think about this particular credit card.  I think it's a great one.  Here's why.

  1. I love Costco and many things associated with being a Costco member.  One problem.  I don't have an American Express card, and now this is it!

  2. This card is my Costco card and my American Express card.  That means one less thing in my wallet, and with all those club cards and such things, my wallet REALLY appreciates less cards.

  3. This card gives me 1% off at Costco.  Most credit cards (including my Chase and Citi cards – useful at Sam's Club – do not offer their rebates when used at membership warehouses.

  4. This card (unlike the non-business, personal version of the same card) gives me 5% cash back for gasoline purchases.  My Citi Dividend Platinum Select Cash card also gives my 5% back; however, 5% off Costco gas is quite the deal!  (Purchases must be less than 75 gallons and not at a warehouse club other than Costco, superstore, or grocery store).

  5. This card gives me 3% back at restaurants.  My Citi Professional Cash card gives me the same 3% at restaurants, but unlike this card does not give me 3% back for fast food restaurants.  Score some extra money for using this AmEx card.

  6. This card gives me 2% back for "traveling" (airlines, lodging, car rental, cruise line, travel agency, and tour operators).   I currently have no card that gives me bonuses for traveling so… yippie!  Since this is a Business card, you have access to OPEN by American Express which automatically gives you 3% to 25% off purchases at certain locations (see www.opensavings.com).   Notable, is the automatic 3% off Delta and JetBlue which is in addition to your 2% rebate.

  7. There is no annual fee (not counting the $50 Costco membership which is obviously required).

  8. Since I always pay off my card I'm not worried about the APR/APY, but it did come with a 3 month 0% introductory APY.

On the flip side, the reward is given annually (not the best I know) and only for use at Costco (which isn't a problem for me).  Additionally, since this is a business card it isn't hurting or helping your credit score.

How do you get a business card?  Simply put your own name as your business and your Social Security Number as your Tax ID number.  As a sole-proprietor you can own your own "business" in such a way that all your debts and profits for both your person and your business are one – under your name and SSN. 


What Isn't

This blog is NOT financial advice.  I am not a financial guru.  I do not speak at seminars.  I do not write books (yet).  I am not a Certified Financial Planner (CFP) nor am I a Certified Public Accountant (CPA).  I do not even have a business degree! 

What Is

This blog is about MY money, usually focusing on how I spend less of it, how I invest it, and sometimes how I make more of it.  This is that neighborly talk you have about money.  Sometimes the advice is sound.  Sometimes the advice is stupid.  You judge that for yourself.  What works for me may not work for you.  This is an open discussion about my financial life and what I would do in certain situations.  Agree or disagree, leave comments and I will respond to them or write further entries regarding them.

About Me

My name is Jason.  I am 24 years old.  I graduated with a Bachelor of Science in Computer Science, but I have an interest in money and things related to it.  I am currently employed full time and single (from a financial standpoint).  I want to know how to earn more of it, save more of it, protect it, invest it, avoid taxes, etc.