Review: Is the Costco Anywhere Visa credit card right for you?
The
If you're someone who drives long distances or commutes to work, this card could be an excellent choice for your wallet for that reason alone. You'll earn 4% cash back on eligible gas purchases worldwide on up to $7,000 in spending per year (then 1%).
You'll also earn 3% cash back on all restaurants and eligible travel, 2% back on Costco purchases, and 1% back on everything else. Note that the card has no annual fee, but you'll need an active Costco membership to qualify for the card.
While the ongoing rewards you earn with this card can be quite lucrative, the fact that there's no sign-up bonus is a downside, as is the limitation on how you can use your rewards — you'll only receive your rewards once per year, in the form of a certificate you can redeem for cash back or merchandise at Costco.
Because of this, most people should also consider one of the best cash-back credit cards before they decide on the
Bottom line: If you're a Costco member and you spend a lot of money on gas, this card can a great option. Just remember that your rewards will only become available to you once per year, and that you'll have to visit a brick-and-mortar Costco store to get your cash back or to cash in your rewards for merchandise.
Costco Anywhere Visa vs other Citi cards
Annual fee $0 (but requires Costco membership) | Annual fee | Annual fee |
Rewards rate 4% cash back on eligible gas worldwide* 3% cash back on restaurant and eligible travel purchases worldwide 2% cash back on all other purchases from Costco and costco.com 1% cash back on all other purchases | Rewards rate 1% cash back when you buy, plus 1% cash back when you pay your bill | Rewards rate 2x points at supermarkets and gas stations for the first $6,000 spent per year, then 1x 1x on everything else All points earnings are rounded up to the nearest 10 points |
Welcome bonus N/A | Welcome bonus N/A | Welcome bonus 15,000 Citi ThankYou points after you spend $1,000 on purchases in the first three months from account opening |
Foreign transaction fee No | Foreign transaction fee Yes | Foreign transaction fee Yes |
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Costco Anywhere Visa vs other cash-back cards
Annual fee $0 (but requires Costco membership) | Annual fee | Annual fee |
Rewards rate 4% cash back on eligible gas worldwide* 3% cash back on restaurant and eligible travel purchases worldwide 2% cash back on all other purchases from Costco and costco.com 1% cash back on all other purchases
| Rewards rate 5% cash back on travel through Ultimate Rewards 5% on up to $1,500 in purchases each quarter in rotating bonus categories 3% back on dining and drugstore purchases 1% back on everything else | Rewards rate 6% cash back at US supermarkets** 6% cash back on select US streaming services 3% cash back on transit 3% cash back at US gas stations 1% cash back on everything else |
Welcome bonus N/A | Welcome bonus | Welcome bonus |
Foreign transaction fee No | Foreign transaction fee Yes | Foreign transaction fee Yes |
*on up to $7,000 spent per year, then 1% back
**on up to $6,000 spent per year, then 1% back
How to redeem cash back from the Costco Anywhere Visa
The biggest downside of the
According to the terms and conditions on this credit card, "cash back will be provided as an annual credit card reward certificate once your February billing statement closes, and is redeemable for cash or merchandise at US Costco Warehouses."
In other words, your rewards are good for more Costco purchases or cash back — but you have to visit a Costco location in order to redeem rewards for cash back instead of merchandise. And you'll only receive your rewards once per year, and during the middle of winter at that. This makes the
Costco Anywhere Visa card benefits and features
The
You'll get purchase protection against damage or theft, for example, provided you report the incident within 120 days of purchase (90 days for New York residents). You'll also receive extended warranties on qualifying products that already come with a manufacturer's warranty.
Additionally, the card gets you access to presale tickets and exclusive experiences through the Citi Entertainment program.
Citi Costco Anywhere Visa card fees and costs
In addition to having no annual fee, the
However, you should note that you do have to belong to Costco in order to qualify for this credit card. Costco memberships start at $60, which is worth considering if you don't have a membership already and don't plan on shopping at the store very often.
In terms of additional costs, this card comes with an APR of
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