Costco Anywhere Visa® Card by Citi Review
A remarkable 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year, then 1% thereafter
In 2015, Costco announced that it would end its 16-year partnership with American Express and make the switch to Visa with Citigroup being the official issuer.
That change has officially taken effect, and most customers couldn’t be more excited. The reason being that the rewards you can earn with the new Costco Anywhere Visa® Card by Citi, a Credit Cards House advertiser, are much better than they ever were with American Express.
What You Get
The Costco Anywhere Visa® Card by Citi is exclusive for Costco members. With the card you will earn 4% cash back on up to $7,000 per year at qualifying gas stations and EV charging stations. In addition, you will also receive 3% cash back at restaurants and on eligible travel purchases. For all purchases made at Costco stores and on Costco.com you will receive 2% cash back. All other purchases will be eligible for 1% back.
This is a considerable upgrade from what you were able to earn with Costco’s American Express card. Before, you could only earn 3% cash back on gas station purchases on up to just $4,000 per year. For restaurants and travel you would receive 2% cash back and 1% back on any Costco purchase.
When you have a paid Costco membership, there is no foreign transaction fee and no annual fee with this card.
A benefit that a lot of Visa cardholders like having is Damage & Theft Purchase Protection. With this benefit, cardholders can rest easy knowing that items may be covered for either repairs or refund when either damaged or stolen within 120 days of being purchased.
When you carry the Costco Anywhere Visa® Card, you won’t need to carry a separate membership card because your new credit card will also serve as your membership card.
Redeeming Your Rewards
Each year in February, you will receive a paper check in the amount of the cash back you earned during the prior year. You can use the check as a method of payment at checkout at Costco. You can also take your check to the customer service desk and they can convert it to cash. You will be required to redeem your check before it expires on Dec. 31 of the year it was issued.
Costco Anywhere Visa® Business Card by Citi
For business owners, there is also a business card, called the Costco Anywhere Visa® Business Card by Citi. Unlike a lot of credit cards that have special benefits for businesses, this card is exactly the same as the personal version. You will earn the same rewards with the Costco Anywhere Visa® Card as you will with the Costco Anywhere Visa® Business Card.
The Bottom Line
When the announcement was made that Costco would no longer be working with American Express, a lot of people were worried. Now that there has been a very smooth transition to Visa and the benefits are far better than they ever were in the past, people are excited. For anyone that does a decent amount of shopping at Costco and purchases a lot of gas or EV charging, the Costco Anywhere Visa® Card by Citi is a great card to have in your wallet.
First published , last updated
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.