Costco Anywhere Visa Card Review: A Citi Card Designed to Keep Customer Loyalty

Costco Anywhere Visa Card Review: A Citi Card Designed to Keep Customer Loyalty
Ruth Awad
on March 20, 2020
Read in 1 min

The Costco Anywhere Visa credit card is a great choice for Costco members who plan on a maintaining their membership long-term.

Costco membership must be active to redeem rewards, but the rewards rate is among the best on the market.

For Costco members, the card’s benefits and savings are hard to beat:

  • 4% cash back on eligible gas for the first $7,000 per year and 1% after that.
  • 3% cash back on restaurants and qualifying travel purchases.
  • 2% cash back on all other purchases from Costco and Costco.com.
  • 1% cash back on all other purchases.

Cash back rewards are issued once a year in February.

If your Costco membership lapses before that date, you lose your rewards, which is why this card is most beneficial for existing members who plan to stick around.

Costco Card APR, Introductory Rates, and Annual Fees

As of 2018, the Costco Anywhere card has an APR of 16.74 (V) percent, a less competitive rate than other cards that also require applicants to have excellent credit to qualify.

The Costco card doesn’t have an annual fee, but you must be a Costco member in order to use this card.

A basic membership costs $60 annually.

The card also doesn’t offer an introductory zero percent APR, which means your balance immediately begins accruing interest if you don’t pay it in full each month.

Here are other key details about the card:

  • Purchase Intro APR: Not Offered
  • Balance Transfer Fee: 3% (min $5)
  • Regular APR: 16.74% (V)
  • Annual Fee: None
  • Max Late Fee: $37
  • Max Overlimit Fee: None
  • Max Penalty APR: 29.99% (V)
  • Grace Period: 23 Days
  • Cash Advance Rate: 26.74% (V)
  • Cash Advance Fee: 5% (minimum $10)
  • Foreign Transaction Fee: None
  • Smart Chip: Yes

Costco Anywhere Visa Credit Card Vs. Other Retail Rewards Credit Cards

Though the Costco Anywhere card’s rewards are nearly unmatched, redemption is inflexible.

Members must maintain yearly loyalty to redeem their cash rewards.

The cash rewards are delivered as a certificate each year, which cardholders must take to Costco to cash out or put toward merchandise.

The certificate must also be redeemed before the year’s end or the rewards will expire.

That said, this credit card may be best for you if:

  • You want a great rate on cash back rewards on both necessary and leisure purchases, like gas and entertainment.
  • You are already a loyal Costco member.
  • You plan to maintain your membership long-term.
  • You don’t mind stringent rewards redemption rules.

This credit card may not be for you if:

  • You aren’t a Costco member and don’t plan to become one.
  • You don’t want to maintain your Costco membership.
  • You want a retail rewards credit card with a 0% intro APR.
  • You want a credit card that offers a sign-up bonus.
  • You don’t have excellent credit.

Verdict: The Costco Anywhere Visa offers one of the highest cash back rates available, but customer loyalty is key to redeeming these cash rewards.

It’s perfect for existing Costco loyalists with excellent credit who won’t carry monthly balances.

Ruth Awad Finance Journalist
​Ruth Awad is a writer, editor, and ​risk management expert. She frequently writes about small businesses, insurance, and finance. Her articles have appeared in ​AllBusiness, Manta, Lioness Magazine, and other sites. She is based in Columbus, Ohio.​
1 Comment
MM
2 years ago
Avoid using Costco Citi card for travel insurance. They denied our legitimate claim by artificially making up three different reasons. Unprofessional telephone support.

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