How to Cancel an American Express Costco Card

••• Jupiterimages/Comstock/Getty Images

Although canceling your TrueEarnings Card from Costco and American Express might seem like a simple task, it is imperative that certain precautions be taken to ensure that there is no resulting damage on your credit report.

Your TrueEarnings Card is a two-memberships-in-one card comprising an American Express credit card and your Costco membership. When you cancel your TrueEarnings Card, make sure you have your Costco membership card handy. If you have misplaced your Costco membership card, it is likely that you can get it replaced at your local Costco membership counter. Your Costco membership card is the only way you can enter and shop at Costco retail outlets.

Pay off your balance in full. The first step to closing down your American Express card is to ensure that you have paid off your balance in full. According to Fox Business, a credit card issuer could raise your interest on your outstanding balance if it finds out that you are intending to close your account. Therefore, there is no advantage to advising American Express of your intent to close the account until you have paid off your balance.

Notify American Express by telephone. After you have paid off your balance in full, call the number on the back of your American Express card and advise the representative that you intend to close your account.

According to MSN Money, it is likely that the representative will likely try to talk you out of closing down your account, possibly by offering lower fees or rates. If you are sure you want to close your account, you will have to remain vigilant on the phone as American Express makes the pitch to remain your credit card provider.

Send a follow-up letter. It is also a good idea to ask the representative where you can direct a follow-up letter to assure the account is closed. The letter should include your name, address and account number. The letter should provide that American Express should state on your credit report that the account was closed at the customer's request.


  • According to MSN Money, it is important to order a copy of your credit report after you close a credit card account, such as the TrueEarnings Card from American Express. When you receive a copy of your credit report, ensure that it does not say the account was closed at the creditor's request because such a notation could affect your credit negatively.