What To Do When You Can’t Pay Your Costco Bill
As a wholesale retailer, Costco offers great prices on a wide variety of bulk items to its club members. Through a partnership with American Express, the Costco credit card is made available to both personal and business members. This card carries a number of conveniences for the customer, functioning as both a credit card usable at any place of business and a Costco membership card. Fairly generous cash back rewards on almost any purchase also apply. American Express is the only credit card accepted at Costco stores, so the Costco card is particularly useful for businesses that make most of their purchases using company credit cards.
Occasionally, though, life happens and a Costco credit card payment is missed. Do Costco and American Express extend an understanding attitude in this situation, or do hefty fines immediately go into effect? It’s important for the customer to know what penalties he or she faces in the event of missed payments to this discount retail store.
How to Pay the Bill
You can pay your Costco credit card bill in a variety of ways:
Pay by phone
Over the phone toll-free 24/7 at 1-800-472-9297
Pay by mail
Pay by mail at the following address:
P.O. Box 360001
Fort Lauderdale, FL 33336-0001
An overnight payment can be mailed to this address for immediate processing:
US Payment Florida
2965 West Corporate Lakes Blvd.
Weston, FL 33331-3626
Questions About Your Billing Statement or Account?
Customers can learn more about transaction fees, annual fees and penalty fees from the credit card FAQs section. To view the FAQS, click the link on the left side of the credit application. The FAQs are displayed as a pop-up on your screen. Customer service is available at 1-800-223-2670 for more information.
How the Penalty Fees Work:
Penalties are similar to those of other American Express credit cards:
- A missed payment or a returned check results in a penalty APR of 27.24% for at least 6 months. 6 months of on-time payments restores the standard variable 15.24% APR. There is a 6 month introductory 0% APR, but a late or returned payment during this time also incurs the penalty APR.
The penalty for a late or returned payment is $35.00
I Can’t Make a Payment
There are numerous reports of miscommunication and misunderstanding on the American Express end resulting in Costco credit card account closures; credit line reductions; and inability to participate in certain advertised promotions. Although customers who consistently make on-time payments report no problems, those who have dealt with customer service about payment issues seem to have experiences some degree of inflexibility and lack of concern for the customer. Because this credit card is handled almost entirely by American Express, the customer does not have the option to deal with problems in person at a Costco store.
Will They Work With Me To Pay My Bill?
We are interested in posting stories from real people about Costco and American Express customer service in this area. If you have had a good or bad experience with payment assistance, please let us know so we can pass on the information to others!