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Few retailers inspire such strong customer loyalty as Costco (one couple even got married there). But is it smart for Costco members to sign up for the Costco Anywhere Visa® Card by Citi to maximize their savings? After all, store credit cards are not always the best option for consumers as they sometimes have less than stellar terms and rewards.
4% cash back on eligible gas and EV charging purchases for the first $7,000 per year (then 1%); 3% cash back on restaurants and eligible travel purchases; 2% cash back on all other purchases from Costco and Costco.com; 1% cash back on all other purchases
No current offer
$0, Costco membership required
N/A for purchases and balance transfers
Balance transfer fee
5% of each balance transfer; $5 minimum
Foreign transaction fee
See rates and fees. Terms apply.
While experts usually don't recommend signing up for a store credit card, the Costco Anywhere Visa Card is an exception, thanks in part to its tiered rewards program that benefits gas guzzlers, foodies and frequent travelers.
Here are the rewards you earn with the Costco Anywhere Visa:
- 4% cash back on eligible gas and EV charging purchases worldwide for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurants and eligible travel purchases worldwide
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
Unfortunately, the card doesn't currently offer a welcome bonus, so you can't earn increased rewards during your first few months of account opening.
Though this card is co-branded with Costco, purchases at the store don't earn the highest amount of cashback. You earn 2% cash back on purchases from Costco and Costco.com.
While this may seem rather low, if you frequently shop at Costco for groceries, it can still help you maximize your savings. Many credit cards that offer bonus rewards for grocery shopping exclude warehouses like Costco, so while you can earn 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%) with the Blue Cash Preferred® Card from American Express, that doesn't apply to Costco purchases. Terms Apply. Also, keep in mind that Costco warehouses only accept credit cards issued by Visa so you wouldn't be able to swipe an American Express, Mastercard or Discover card anyway.
The Costco Anywhere Visa Card is still a decent option for Costco purchases with 2% cash back. However, there are other cards that offer similar (or better) returns at Costco. For example, the Wells Fargo Active Cash® Card is a no annual fee Visa card that offers 2% cash rewards on all eligible purchases, including ones made at the wholesale club.
And if you're a Bank of America Preferred Rewards member, you can earn up to 2.62% cash back on all purchases made with the Bank of America® Unlimited Cash Rewards Card. You can become a Preferred Rewards program member by having at least $20,000 in a Bank of America deposit and/or Merrill investment account, though you'll need to have at least $100,000 invested to unlock the maximum 2.62% return.
Unlimited 2% cash rewards on purchases
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate
20.24%, 25.24%, or 29.99% variable APR on purchases and balance transfers
Balance transfer fee
Introductory fee of 3% for 120 days from account opening, then up to 5% ($5 minimum)
Foreign transaction fee
See rates and fees, terms apply.
The cashback you earn with the Costco Anywhere Visa Card is provided via an annual reward certificate once your February billing statement closes. To redeem the certificate for a check or merchandise, you have to head to a U.S. Costco warehouse. That may come as an unexpected surprise if you didn't read the fine print as most other credit cards allow you to redeem rewards online, typically within one billing cycle of earning them.
Learn more about how to redeem Costco credit card rewards.
While the card itself has no annual fee, cardholders must have a paid Costco membership, which starts at $60 for Gold Star and Business levels, then doubles in price to $120 for Gold Star Executive and Business Executive members.
If you're already a Costco member, this isn't really an added cost. But if you're considering this card and already have a membership with BJ's or Sam's Club, you may think twice about adding the cost of another warehouse club membership.
Learn more: What credit cards does Costco accept?
Aside from the solid 3% return on travel purchases, frequent travelers will benefit from the various perks provided by the Costco Anywhere Visa Card, which include travel and emergency assistance, worldwide travel accident insurance and worldwide car rental insurance.
Additionally, there are no foreign transaction fees, so purchases made outside the U.S. won't incur the typical 3% charge. This can add up to substantial savings if you regularly travel abroad.
For more details on the card's benefits and perks, see our full review of the Costco Anywhere Visa Card.
The Costco Anywhere Visa Card is right for you if you're a Costco member who wants to earn competitive rewards on gas, EV charging purchases, dining and travel purchases, and don't mind receiving rewards once a year.
However, if you're not loyal to Costco and want a card that doesn't require a membership but still earns high rewards, check out our list of the best credit cards for Costco. You can also browse Select's roundups of the best cards for travel, dining, grocery and gas purchases.
For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.