When I applied for the Costco card the bank called and told me “從你國家來的人有風險” (people from your country are risky). Wish I had a recording of that one.
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Well here’s a new one from Cathay: They literally just dumped me:
a) my card expired - they didn’t remind me/I didn’t notice!
b) didn’t contact me to say that the card/account were expired!
c) told me I had to apply for a new one!
I almost flipped out… was a customer for quite a long time with them at least since 2014. And with Costco for quite a significant time longer (way back to 1999). I’ve already called to complain about being treated in this way: not a single reminder, all my old account data is scrapped, too. Meanwhile my wife’s card is fine! I told the guy on the phone: you want me to write a whole new form… well, how can you make me feel better for dumping me? I already wrote to Costco… while the fire is fresh. Let’s see what happens.
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2 banks tried dumping me already a few years ago. But they had sent me a sms to say they were not renewing me. I called and it seems they didn’t want me as a foreigner anymore so I gave them crap about being a long term client with no payment issues and they relented. I did threaten to call the FSC , Taiwan’s banking regulator.before that they were adamant that I had to reapply. I said why would a bank that is kicking me out want me to reapply… so it can just be rejected?
One particular nasty bank (separate from the two above) did the same as you, didn’t tell me and was hoping to let it quietly expire. I told them I’d call the fsc and all of a sudden it was renewed.
It’s ridiculous. If I was a risk due to non payment I get it. But a long term client there is no excuse. I assume the regulator would agree too.
As to your situation, one question. Were you using the card? I know most banks will not renew it if it’s not in use.
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Used often and paid off often. I personally spent close to 90K in the last twelve months, the wife spends double that. The guy I called was pleasant enough. But useless. Sunday evening, what can you expect when no one is working? I will give someone a headache this afternoon, though.
Thanks for the tip about the FSC: I was told to reapply, and I asked why. I haven’t threatened them with the FSC, but I will make it clear that I understand the rules. They’re technically in breach of at least two rules of the banking code: Article 7 and 11. I can’t prove financial harm. But failure to administer due care; failure to notify.
I have already notified Costco of the problem, because unlike most customers, when you use a co-brand card, you’re no longer the customer - Costco is. Cathay is merely the service provider… if they do a shit job, then Costco will deal with them by not renewing their contract or finding a different CCS vendor (there’s no shortage).
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Absolutely. And if local Costco management don’t take care of it then write to the US corporate office. It’s not the first time they’ve had to step in and deal with Cathay’s shenanigans.
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That’s a good method. Actually that’s how I got the Costco card many moons ago. Complaining to Costco.
Likely they will cite some BS about your ‘risk profile’ but if you get an honest person on the phone they will likely admit it is due to your foreignness. Which they will try to walk back once you get upset.
Yep, the exact words the woman on the phone used were “從你國家來的人有風險” (people from your country are risky). US corporate office was not pleased they were saying that about US citizens.
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Well, they’re still not deciding yet. I called again today to ask. But was told 2~3 working days. If they disagree to provide me with a renewal, I will ask for a formal statement of the reasons. Then I will inquire how to file a complaint. If that doesn’t work, then I’ll proceed to Costco, FCS and Costco HQ.
By the end of all that, whether I get a renewal or not, I will not want a card from them. In fact, I am now more inclined to accept just using Cash but taking part in the cashback scheme on CostcoExecutive. And getting a real credit card from a real bank.
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The rude bank that made me go up the chain finally relented but I told the manager that while I insisted they reissue the card just because, I would never use it again, save for one transaction a year to keep it active. All the risk and none of the swipe fees. And gave another bank the swipe fees. I put a bag of chips on the crappy card once a year at 711 and pay it off immediately.
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We’re nearing an understanding and resolution. But they’re definitely not good at communicating. So I’m very, very glad that I called Costco. Who’ve been tremendously supportive.
I looked through my phone to see if I could figure out whether Cathay called. In June, they did call… once. Once only. They asked to speak to the card account holder (not me), but she was too busy, (I was, too). They never followed up with a notice or letter or call after that… unlike other banks.
So because of the new ARC#s… I think it was just assumed I didn’t want the card. So they expired it. But then they also forgot to tell me that they expired the contract.
The service center guy told me to apply for a new one. Explained that the contract had ended… and didn’t focus on the subtleties of what happened. Or bother to explain them to me!
The result of this is that I will no longer accept being a Fu-Ka… even though they issue me with one. I will have my own card in my own name as well, whether from them or another bank, I don’t know…
I will also insist on doing this for everything, either in my own name or shared. This is a valuable exercise in understanding that the ‘convenience above all’ philosophy… oh, it’s just easier/cheaper/blahblah… nothing is free from complication. Being a Fu-Ka in the credit card business or life has many disadvantages.
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This might be sweet revenge indeed. Esp. if it’s ice cream!
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Not succeeded yet.
What did they say now?
They have separated contracts for the additional cards?
Until now, I was under the impression that you were the account holder.
They rejected renewing your card even thought the responsible for the account was a Taiwanese?! That’s even more wack!
“We’re working on it! It’ll take 3~5 working days!” Well, this is the 3rd time I heard that. And today is already day #4 … the other two times passed ‘without incident’.
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2 phone calls now confirming a card is coming. But not here yet.
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Celebrations. It arrived in good order not in working days but more like a month late! But I’m very appreciative. I will continue to use the card regularly. Sigh! Costco suggested it was a foul-up because they couldn’t find my number. Not sure why that happened, or if it was anything I could’ve done to avoid it.
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OK. Here is something strange: I had trouble with another government department today who couldn’t recognize my Chinese Name and English Name as being one and the same person. They also had trouble knowing that my ID#s had changed. So they figured it was 2 people! I may have to figure a way to head this problem off from happening again…
That’s even weirder.
I know that the Costco Cathay credit card gives rebates and stuff, but I just want to suggest a workaround for those like me who mostly care about NOT having to carry cash.
Costco also accepts Cathay Visa debit cards, which only require opening a normal TWD bank account and (special cases apart) are fine for foreigners. I did the whole process today and it was overall smooth, apart from the usual panic when the clerks saw a Gold Card for the first time.