Citi Costco Anywhere Visa Review
Costco Anywhere Visa is a Costco store card/credit card hybrid. This card is offered by Citi, following a recent move away from American Express.
As you might expect, you must be a Costco member to use this card. While the card does not carry an annual fee, you must have a Costco membership. Currently, a basic business membership for Costco is $60 per year.
With cash back rewards of up to 4%, businesses might be able to save a fair amount of money with Costco Anywhere Visa. While the 4% category has a spending limit of $7,000, the 3% and 2% cash back categories do not have a spending limit. On the other hand, because the cash back tiers are limited to certain types of purchases, businesses that don’t spend a lot in the high-earning categories will be able to save more with a different card.
Is Costco Anywhere Visa the business credit card for you? Read on to find out!
Table of Contents
Costco Anywhere Visa At A Glance
Costco Anywhere Visa Business Card by Citi
None, though card use requires a Costco membership (at least $60/year)
Business owners must have excellent credit to be eligible. You must also have a Costco membership.
Rewards & Fees
Costco Anywhere Visa does not have an annual fee, but you do need to have a Costco membership, which starts at $60/year. Costco memberships must be renewed on an annual basis.
To make up for the cost of the membership, you need to spend between $1,500 and $6,000 on the card, depending on where you are applying your purchases. Most businesses will have no trouble reaching that number, especially businesses that spend a lot of money at Costco.
While many credit cards have spending caps on their categories, Costco Anywhere Visa does not enforce a cap on any but the 4% category. You can spend as much as you want on purchases at Costco, either in-store or on its website, at restaurants, and on travel, and you will earn the full 2% or 3% cash back. The 4% category caps off at $7,000, after which all purchases at gas stations will revert to 1%.
Your reward is distributed annually as a credit card reward certificate. You can redeem this certificate at Costco for merchandise or cash back before the end of the year.
Note that if you close your account or your Costco membership, you will lose any rewards that have accumulated but not yet distributed. So, if you are interested in switching cards, you might want to wait until after you have received and redeemed your credit card reward certificate before officially canceling the card.
Costco Anywhere Visa carries these shopping and travel benefits:
- Damage and theft purchase protection
- Extended warranty
- Trip cancellation and trip interruption protection
- Worldwide travel accident insurance
- Worldwide car rental insurance
- Travel and emergency assistance
Benefit details can be viewed via Citi’s Card Benefits page. Citi will also provide details when your credit card account is open.
Citi Costco Anywhere Visa VS Capital One Spark Cash
One of the best benefits of Costco Anywhere Visa is that the 2% and 3% rewards tiers are not restricted by spending caps. However, you are limited by the purchases that earn rewards. If you like the appeal of a high rate of cash back with no spending caps, you might want to look at Capital One Spark Cash.
Spark Cash offers 2% cash back with no spending caps, but it offers the cash back on all purchases. For business owners who make a lot of purchases outside of Costco, this card might contribute to higher savings.
Redeeming rewards is also easier — rewards can be redeemed as cash back or statement credits at any time. Head over to our full review of Spark Cash for more information.
Spark Cash From Capital One
$95 ($0 the first year)
This card’s weakest point is how rewards are redeemed — you can only receive rewards once a year, they have to be redeemed in person at Costco, and you will lose any accumulated rewards if you close your account or your Costco membership. In other words, you need to have a fairly committed relationship with Costco for this card to be worthwhile.
However, if you do a lot of shopping at Costco, and are likely to continue to do so for a long time, this card is worth considering. In addition to 2% cash back at Costco and 4% cash back at Costco gas stations, business owners can earn a fair amount of money with purchases for other common business expenses outside of Costco.
Use Costco Anywhere Visa if:
- You spend a lot of money at Costco and on gas, restaurants, and travel
- You are likely to have a long relationship with Costco and renew your membership
- You don’t mind that you only receive rewards once a year
Use a different card if:
- You don’t do a lot of shopping at Costco
- You want a signup bonus or a 0% introductory rate
- You want more flexibility about how and when you can redeem your cash back
To learn more about how we score our reviews, see our Business Credit Card Rating Criteria.