Credit Card Review: The Costco TrueEarnings American Express Credit Card From Amex UK

May 11, 2019

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Update 28 May 2019:
As of 28 May, The Costco TrueEarnings American Express Credit Card from Amex UK is no longer available to new cardholders.

Costco is a discount warehouse ‘club’ that’s a phenomenon in the United States. In fact, Costco is one of the world’s largest retailers. It offers its members warehouse prices on a number of products, ranging from home goods to electronics and even car hires.

It’s not as well known in the UK as, say Tesco or Sainsbury’s, but it still has 29 locations across the country. And with that presence in the UK, American Express offers a cobranded Costco credit card, The Costco TrueEarnings American Express Credit Card.

Who Is This Card For?

As you might have guessed, this card is marketed toward regular Costco shoppers. Whether you’re likely to shop at Costco in the UK may depend largely on two factors:

  • The proximity of your nearest Costco warehouse (remembering there are only 29 outlets versus more than 500 in the United States); and
  • Whether you drive a car, as it specialises in bulk-packaged goods that can be difficult to transport without a vehicle.

If you are a Costco shopper, you’ll already have satisfied one of the key requirements for applying for this card — you must already be a Costco member. If you’re not a member, you can purchase a membership online.

Welcome Bonus and Annual Fee

There’s no welcome bonus for this card, but equally no annual fee.

Representative example: 22.9% APR variable with a purchase rate of 22.9% per annum and an assumed credit limit of £1,200.


The value in this card is in its cashback earning structure. You’ll receive:

  • 3% cashback on most dining (with no limits)
  • 2% cashback on most travel bookings (with no limits)
  • 1% cashback at Costco and elsewhere (to a maximum of £300 each year)
  • An additional 1% cashback at Costco for Costco Executive members
(Photo by Scott Olson/Getty Images)
(Photo by Scott Olson / Getty Images.)


The method of redeeming this cashback is clunky, and far from ideal. Most cashback cards would simply apply the cashback you have earned to your statement each month, reducing the balance payable.

Instead, this card will send you a paper voucher once a year for the full value of all cashback you have earned for the period. This means you will need to wait all year in order to utilise your rewards.


The physical American Express card doubles as your Costco membership card, so you don’t need to carry both when shopping. You can also provide trusted friends or family with free supplementary cards to earn cashback faster — as long as they’re also Costco members.

But perhaps the best perk of this card is that there is no interest payable on purchases for the first six months you hold the card.

Which Cards Compete With This Card?

There are other simple cashback cards with no annual fee like the Platinum Cashback Everyday Credit Card from American Express UK. That card provides a lower cashback amount but the cashback is also applied monthly to your statement balance rather than waiting until the end of a card membership year.

Bottom Line

If you have a big family and already shop at Costco, this could be a smart cashback option for you.

The process for awarding cashback — manually and only once a year — is frustrating and outdated. But this is still a decent value proposition for shoppers preferring (some cash) to points and miles.

Update 28 May 2019: As of 28 May, The Costco TrueEarnings American Express Credit Card from Amex UK is no longer available to new cardholders.

Featured image by Shutterstock

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