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Costco Anywhere Visa® Card by Citi
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Costco Anywhere Visa® Card by Citi is a store credit card that offers many ways to earn cash back. This card can be used anywhere Visa is accepted, not just at Costco.
The Costco Anywhere Visa Card offers 4% cash back on on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurants and most travel purchases, 2% cash back at Costco and Costco.com, 1% cash back on all other purchases. The Costco Anywhere Visa Card does not have an annual fee as long as you are a Costco member (However, Costco membership starts at $60 a year).
If you are a big spender and don’t mind an annual fee, there are other cards with higher cashback rewards, but not my much. If you're a fan of Costco - it may be the best card for you.
- Cashback Rewards
- Theft and Damage Purchase Protection
- Travel Perks
- Access to Citi Entertainment
- No Annual Fee
- No Foreign Transaction Fee
- Redemption Restrictions
- No Sign-Up Bonus or 0% APR Introductory Rate
- There are Better Cashback Cards
How long does card approval take?
Since Citi does not facilitate pre approval for the Costco Anywhere, the approval process is a little longer. You may be waiting up to 14 days to receive an approval decision by email or standard mail.
What’s the initial credit limit ?
The initial credit limit for the Costco Anywhere visa is $500, but some cardholders have been offered an initial limit as high as $10,000.
What are the top reasons not to get it?
The top reason to not get the Costco Anywhere card is if you can get better rewards on a different tier card. There are some cards out there that offer 5% on one or two categories, which provides greater flexibility.
In This Review..
Let’s take a look at the benefits of the Costco Anywhere Visa card and see if it’s the right one for your wallet or not.
The Costco Anywhere Visa Card has4% cash back on on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurants and most travel purchases, 2% cash back at Costco and Costco.com, 1% cash back on all other purchases.
You can enjoy up to 120 days of protection against theft and damage for your new purchases. If your items are damaged, this coverage may provide a refund or repairs.
The Costco Anywhere Visa Card by Citi has a rental car and travel insurance. It also includes roadside assistance and protection for flight cancellations.
The Citi Entertainment platform provides access to once in a lifetime experiences. You can get special ticket purchase access to events including concerts, dining experiences, sporting events and more.
Costco Anywhere Visa Card by Citi does not have an annual fee as long as you are a Costco member.
Costco membership starts at $60 a year. You can start earning cash back immediately.
The Costco Anywhere Visa Card does not have a foreign transaction fee.
This is unusual for a non-travel rewards card. This is a great perk because you can earn cash back on your travels.
Here are the most important cons you should consider before applying:
Costco Anywhere Visa Card by Citi cash back can only be redeemed or spent at Costco. This redemption also only happens once a year in February. With other cards you can redeem rewards almost anytime.
The Costco Anywhere Visa Card by Citi does not have a sign-up bonus or any introductory rate like many cards on the market.
There are other cashback cards in the market that offer higher cashback rewards. Some have rotating categories, but depending on your spending habits and with a little planning, you can earn more cash back on your purchases.
If you are a big spender and don’t mind an annual fee, there are other cards with higher cashback rewards, but not my much.
Simulation: How Much Rewards You Can Earn?
If you're a tend to shop online or find yourself at the retail store on a weekly basis, there is no doubt you can leverage your Costco card to get a bunch rewards, in addition to another benefits it offers. But how much exactly can you earn?
In order to understand that, we need to calculate the miles based on the card terms and spend per each category. However, everyone has its own habits, so it's important to adjust the according to your specific category breakdown.
* Assuming all supermarkets/gas purchases made via Costco
** Assuming 50% of supermarkets purchases are online
Unfortunately, Redeeming Rewards Is Challenging
The Costco Anywhere card, as previously mentioned, has limited redemption options. You cannot use your rewards at any time during the year. Citi will instead accumulate your rewards and send you a certificate in February.
You can then take this certificate to Costco and use it as store credit or cash. Your certificate will expire if you do not complete this by the end of the year.
To redeem your rewards, you must also have an active Costco membership. Some Costco locations may offer electronic reward transfer, but this is not guaranteed.
Best Ways to Maximize Miles Rewards
Here are some pointers to help you make the most of your Costco Anywhere Visa card:
- Set an alert to redeem your certificate: You'll receive your rewards certificate with your February statement, so make sure to set an alert on your phone to redeem it as soon as possible at your local Costco. It's all too easy to file the certificate away and forget about it, but if you don't cash it in by December 31, you'll forfeit your rewards.
- Check out Citi Entertainment: Before purchasing tickets to any event, make sure to look into the Citi Entertainment platform. This platform is available to all Citi credit card holders, and you can use it to gain access to presales and other benefits. You'll have access to the same features as other Citi cards.
- Make the most of your gas purchases: Whether you buy gas at Costco or elsewhere, this is the highest reward tier. So, make sure to use your card for all of your gas purchases, up to the $7,000 annual limit. This averages around $580 per month, so make sure everyone in your household uses this card to pay for gas until you reach the maximum.
How To Apply For Costco Anywhere Visa Credit Card?
Visit the Citi Costo Anywhere Visa Credit Card home page and then click “Apply Now”.
A page comes up; just fill in your personal information correctly.
Next, fill in your security number, date of birth and other information.
Also fill in your financial information, and then take your time to read through the terms and conditions.
After this, tick to agree and then click on “Agree and Submit.”
Is the Costco Anywhere Visa Card Right for You?
The Costco Anywhere Visa Card by Citi is a great card for Costco members. It has very competitive cashback rewards and benefits. Those that are big Costco shoppers will benefit the most from this card. This card is also great for those who do a lot of traveling.
The high cashback on travel rewards is better than most travel reward credit cards on the market. The biggest drawback to the Costco Anywhere Visa Card by Citi is you have to wait a year for your rewards. Those rewards also have to be spent at Costco.
If you are not a Costco member, you would want to pass on this card. There are better cash back cards but you have to jump through hoops to get the rewards. The Costco Anywhere Visa Card by Citi rewards are clear, they do not change, and are very competitive in each of the cashback categories.
Compare The Alternatives
There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the Costco Anywhere Visa Card:
The only rewards limit on the Costco Anywhere is in the top tier. You’re limited to up to $7,000 on your gas purchases per year.
The Costco Anywhere card requires excellent credit, which means that you will need to have a low income to debt ratio to qualify.
Citi does not support pre approval for the Costco Anywhere card. You’ll need to complete a full application and this will involve a hard credit pull.
Both these cards operate on cash back percentages, so you don’t need to worry about conversion rates and confusing redemption offers. This means that you’ll earn a dollar amount as a percentage of your purchases.