Costco Anywhere Visa Card Review

Spread the love

Full Costco Anywhere Visa Card Review: Although it’s a retail card, Costco members can use the Costco Anywhere Visa card anywhere Visa cards are accepted and earn rewards for everyday purchases like gas, travel, and food. However, the card is only offered to current Costco members. Canceling your Costco membership also cancels your Costco Anywhere Visa card.

If you’re not a current Costco member, do you have to pay for membership to access the Costco Anywhere Visa card? And if you’re a Costco member, do the benefits and perks offered to outweigh any other reward card?

Table of Contents

Full Costco Anywhere Visa Card Review

For a retail card, Citi’s Costco Anywhere Visa® card packs a lot of extras into its shopping cart.

The card can be used anywhere, not just at Costco, and offers impressive reward percentages across a variety of categories. The annual fee is $0.

But there are a few economic caveats: you must be a Costco member to get the card (or get any benefits from it), and an annual membership fee is required. And while the card’s reward percentages are generous in some categories, they’re not particularly high for Costco purchases, and redeeming them isn’t easy.

Key Features of Citi’s Costco Anywhere Visa® Card

Card Type: Savings.

Annual fee: $0 for the card, but you must be a Costco member. A basic Gold Star membership costs $60 per year, while the higher Executive membership costs $120 per year.

Reward:

  • 4% cash back on gas purchases (both Costco and other gas stations) up to $7,000 spend per year, then 1% refund.
  • 3% cash back on restaurants and most travel purchases.
  • 2% Cashback at Costco and Costco.com.
  • 1% cashback on all other purchases.

Signup Bonus: None.

Introductory APR Offer: None.

Other advantages: The card does not charge any foreign transaction fees. It also includes travel and emergency assistance as well as worldwide travel accident insurance.

Credit Requirements: According to the issuer, you must have excellent credit to qualify for Citi’s Costco Anywhere Visa® card. This is generally defined as a credit score of 720 or better.

Costco Anywhere Visa Card Benefits Explained

  • Great Gas Rewards: The Costco Anywhere Visa Card offers 4% cash back on eligible gas purchases, including already discounted gas at Costco. This reward percentage is generous – many other cards have a maximum gas reward of 3%. You can get a substantial refund quickly if you drive to work or school, or if you drive regularly.
  • Similar dinner and travel rewards to top travel rewards cards: This card doesn’t skimp on dinner and travel rewards. Cardholders receive 3% cash back on eligible restaurant and travel purchases worldwide and, as an added benefit, pay no international transaction fee for purchases outside the US. These awards are in the same league as premium travel award cards.
  • Rewards aren’t limited to Costco spending: Although this card goes by the Costco name, you can use it to shop and earn rewards anywhere Visa is accepted. The purchase premium rate is higher at Costco and Costco.com, with 2% cashback versus 1% everywhere else, but the 4% cash back on gas is good around the world.

Costco Anywhere Visa Card Disadvantages Explained

  • Limited Cashback Redemption Options: This card has only one way to redeem the rewards you’ve earned. Cashback is issued once a year as a single award certificate redeemable for cash or merchandise at Costco locations in the US only.
  • No annual fee associated with Costco membership: If you don’t pay your annual Costco membership fee, Citi will charge you an annual fee.
  • Gasoline Bonus Cap: This card caps how much money you can earn back on gas purchases, with a bonus rate of 4%. After $7,000 in gas purchases per year, gasoline premiums drop to the 1% premium rate.

What Do You Need To Know Before Applying For Costco Anywhere Visa Card?

Before you can apply for the Costco Anywhere Visa card, you must be a current member of the Costco department store. When you apply for the Loyalty Card, the first thing you need to do is enter your Costco membership number.

The annual fee is $60 for a Gold Star membership or $120 for an Executive membership, plus sales tax where applicable. Executive Members receive more discounts and benefits on Costco services and a 2% annual bonus up to $1,000 on eligible Costco and Costco Travel purchases. These benefits are in addition to any cash back rewards you earn when you shop with the Costco Anywhere Visa card.

With no annual fee beyond the cost of a Costco membership, the Costco Anywhere Visa card could be a great option. However, if you’re already a camp member at BJ’s or Sam’s Club, you’ll need to decide if it’s worth the additional membership fee.

1. You can earn rewards for more than just Costco purchases

Unlike other loyalty cards, the rewards program is not limited to purchases from Costco. The Costco Anywhere Visa card rewards program offers a tiered cashback incentive based on the nature of your purchases:

  • 4% cashback on the first $7,000 per year and 1% thereafter
  • 3% cash back on dining and eligible travel
  • 2% cash back on purchases at Costco and Costco.com
  • 1% cashback on all other purchases

2. Your Costco purchases aren’t making you the most money

While the Costco Anywhere Visa card is exclusive to Costco members, you won’t earn the most money back on Costco purchases. While gas, groceries, and travel earn 3% to 4% cashback, purchases at Costco and Costco.com are only eligible for 2% cash back rewards.

While that may be disappointing, most cash-back credit cards cap rewards on inventory purchases. If you’re a frequent Costco shopper, 2% cashback can help, making the Costco Anywhere Visa card a valuable card for your wallet. There is a $1000 cashback limit on the number of Executive members that can earn per year.

3. You will receive your award certificate once a year

If you have previously used other cashback credit cards, you can redeem your rewards for purchases or cashback as soon as they appear on your statement. But with the Costco Anywhere Visa card, you only get your cash back rewards once a year in February for the previous year. You can also redeem the awards in person at a Costco warehouse for merchandise or cash.

See also  Autopass Credit Card Review

4. You get more benefits than just cashback rewards

The Costco Anywhere Visa card has a solid cash back rewards program, but that’s not the only benefit you get with this loyalty card. Cardholders also have access to travel and shopping benefits when the card is used for shopping.

Costco Anywhere Visa Card travel benefits

When you pay for your rental car with the Costco Anywhere Visa card, you can save money by forgoing the rental car insurance because the card offers up to $50,000 toward repairing or replacing the car if it’s an accident damaged. , stolen or destroyed, or damaged by a natural disaster.

You, your family members, and fellow travelers are also insured for travel and emergency protection. This includes assisting with arranging emergency travel, obtaining referrals, coordinating care, and obtaining consultations if you are injured outside of the United States. Emergency and professional service fees are not covered. The card also offers worldwide travel accident insurance, covering any eligible person traveling for up to $250,000.

You can also get roadside assistance in any car, wherever you need it in the United States, Puerto Rico, and the US Virgin Islands. You only pay for the service when you use the coverage.

Another travel advantage is no foreign assignment costs, no matter where in the world you are. Other cards can charge up to 3% foreign transaction fees, which can surprise cardholders when looking at their statement after a holiday abroad.

Costco Anywhere Visa Card shopping benefits

Let’s say you use your Costco Anywhere Visa Card or Costco Rewards certificate to make a qualifying purchase. If so, Purchase Protection covers you against damage and theft for 120 days (90 days for New York residents) up to $1,000 per item or the amount charged on the card or certificate, whichever is lower. You can get up to $50,000 in insurance coverage per year and must file a police report if the item is stolen.

The same purchases are also covered by the Costco Anywhere Visa Card Extended Warranty. After the expiry of the manufacturer’s warranty and the customer’s purchased warranty, Citi offers 24-month extended warranty coverage up to $10,000 per item.

Which bank issues the Costco card?

The Costco Anywhere Visa card is issued by Citibank. The card has no annual membership fee, but you must be a current and active Costco member to apply for and keep the Costco Anywhere Visa card.

What types of payments does Costco accept?

Costco accepts cash, checks, EBT, Costco Shop Cards, and mobile payments (Apple Pay, Google Pay, Samsung Pay). Visa credit and debit cards are also accepted, along with Mastercard debit cards. Mastercard and American Express cards are not accepted at Costco, Costco.com, Costco gas stations, or Costco car washes.

How many guests can you bring to Costco?

Costco policy allows members to bring children and up to two guests with them on any warehouse visit. However, Costco members are the only ones who can make purchases. So if you bring a guest to buy goods at Costco, you have to pay for it and get a refund from the guest. This can be an advantage if you’re looking to increase your rewards with the Costco Anywhere Visa card.

This card is best for

This card is ideal for consumers who spend at least $7,000 a year on gas and regularly top up on dinner, travel, and Costco purchases. If you already have a Costco membership, signing up for this card doesn’t cost you anything extra because there’s no annual fee, and the Costco Anywhere Visa doubles as your membership card.

This card is also a good option for those who like the simplicity of rewards given out once a year and can spend that amount at Costco.

Costco Anywhere Visa Card Rewards Details

This card has four tiers of cashback rewards. Gas purchases earn 4% cashback including but not limited to gas at Costco. This bonus rate is up to $7,000 in gas purchases per year, and once you hit that cap, you only get 1% cashback. Additionally, this 4% cashback reward percentage does not apply to gas purchased at non-Costco grocery stores, superstores, convenience stores, and warehouse clubs, or to gas purchased for non-automotive purposes. These gas purchases earn the 1% cashback rate.

Receive unlimited 3% cash back on dining and travel expenses. Again, there are certain limitations. You only get 1% cash back on purchases at bakeries and certain restaurants and cafes in department stores, supermarkets, and department stores. Travel purchases made at timeshares, campgrounds, bed, and breakfasts, and on the train or commute also earn 1% back instead of 3%.

The 2% cash back you can earn at Costo Stores and Costco.com and the 1% cashback on all other purchases are also unlimited.

Reward Redemption Details

Cashback awards are issued once a year in the form of a credit card award certificate when your February bill ends. You can exchange your rewards voucher for cash or goods at Costco’s US warehouses.

How to maximize your rewards

The first and best way to maximize rewards with this card is to calculate all your gas purchases for the year up to the $7,000 spending limit to receive the full 4% cash back rewards. From there, regular spending at Costco and Costco.com will maximize how much cashback you can earn.

Average Case

First, let’s assume that a family typically spends $30 a week on gas, according to the Bureau of Labor Statistics, which reflects the average household spending for 2020. With a total annual gasoline spend of $1,570, you would make about $63 back in cash at a premium rate of 4%.

Add that you spend $412 a month on groceries, reflecting the national household average, not including purchases from Costco stores. At 2% cashback, these purchases would earn an additional $99 cash back for the year. Calculating $3,000 in eligible travel expenses for a family vacation would yield an additional $90 in cash back at a premium rate of 3%, along with $105 for dining out, for which the average family spends $2,375 spends US dollars per year. To wrap things up, $5,000 in various purchases for the year against the 1% cashback would net an additional $50 in rewards.

All told, these typical spending habits would yield $407 in rewards for $18,032 in purchases. That equates to an average revenue of about 2.3% cash for every dollar spent.

Aspiration case

More frequent donors can maximize rewards. Let’s say you max out the 4% gas cash back rewards by charging $7,000 in eligible gas purchases for the year. That’s up to $280 in cash.

Next, we add $157 to weekly groceries, which reflects the highest average household spending per income, according to the Bureau of Labor Statistics. Assuming you buy groceries at Costco, at 2% off you would earn an additional $163 in rewards. Add an average of $6,500 for travel purchases and $8,000 for miscellaneous expenses, bringing in $195 and $80, respectively.

Your total cashback for the year would be $718 on $29,669 in spend, giving a slightly higher cashback reward percentage averaging 2.4%.

How to Redeem Citi’s Costco Anywhere Visa® card Rewards

Redeeming with Citi’s Costco Anywhere Visa® card takes an unusual form: cardholders receive a cashback award certificate once a year when February billing ends. You can then redeem this certificate at any Costco store, making it especially useful for big-ticket items. However, the certificate cannot be redeemed online. Although in 2022 Costco added an option for cardholders who earned $500 or more in rewards. They could redeem their reward certificate as a direct deposit into a bank account.

See also  Is Reflex A Good Credit Card - Reflex Mastercard® Review

While the redemption process may seem clunky and clunky for those who prefer online shopping and monthly (or even instant) reward redemption, it does offer some flexibility: you don’t have to redeem your coupon for purchases; You can also convert it to cash at the customer service counter.

Standard Services

Purchase protection against damage and theft

Experience with cardholders

Citi earned an 805 rating in J.D. 2021 Credit Card Satisfaction Survey by Power. That puts it below the national average of 809 and behind competitors like Discover and American Express.

In terms of user experience, cardholders can manage their accounts online or through the Citi app. Customer service is available at 800-950-5114 or via live chat when you log into your Citi account online.

Security features

Citi offers cardholders a variety of security features and protections, including:

  • Citi Identity Theft Solutions
  • $0 liability for unauthorized transactions
  • Fraud detection and early warning of suspected fraudulent activity
  • Online and mobile security
  • Virtual Account Numbers
  • Customizable account notifications
  • Paperless billing
  • 2-Step Verification when you sign in to your Citi mobile app or online accounts

You can also set up Citi Quick Lock, which allows you to lock your card from the mobile app if it’s lost or stolen. This feature blocks new purchases and cash advances until you get your card back and unblock it.

How do I use the Costco Visa Card?

Use this card for all your gas purchases to get up to 4% cashback on your first $7,000 purchases. Note, however, that some petrol stations, e.g. B. Petrol stations connected to convenience stores or supermarkets are excluded from the bonus.

Book trips and pay for your bar and restaurant tabs with the Costco card to receive 3 percent cash back. However, use a different ticket for daily travel purchases such as tolls and public transport, as these do not count towards the bonus.

Bring this card with you when you shop at Costco to receive a 2 percent bonus on your purchases.

Redeem your rewards coupon on your next Costco shopping trip: you can use the coupon to pay for your merchandise and receive cash back on your remaining earnings.

Is there an alternative to the Costco Anywhere Visa Card?

The Costco Anywhere Visa Business Card is very similar to the Costco Anywhere Visa Card but doesn’t allow wire transfers. Depending on your business credit card needs, there may be other options that better meet your criteria. Costco only accepts Visa credit cards, as well as cash, checks, debit cards, EBT, and Costco cash cards. Visa cards worth checking out:

  1. Alliant Cashback Visa® Signature Credit Card: This card gives you up to 2.5% cash back on the first $10,000 spent per billing cycle. To apply for the card, you must first become a member of Alliant Credit Union.
  2. Fidelity® Rewards Visa Signature® Card: You must have a Fidelity account to receive rewards on this card. It earns 2% back on every purchase, including at Costco. There is no annual fee.
  3. Chase Freedom Unlimited®: This card pays 5% on trips booked through Chase Ultimate Rewards®, 3% on restaurants and drugstores, and 1.5% cash back on every other purchase and has a $0 annual fee.

How the Costco Anywhere Visa compares to other cash back cards

The Costco card’s bonus tiers are competitive across the board when compared to other cash-back cards with no annual fee. It can be difficult to find a single credit card at this level that offers gas, dining, travel, and wholesale rewards.

Fortunately, several traditional credit cards offer more flexibility and are available to a wider range of buyers. Additionally, the increased rewards in similar categories match Costco Anywhere Visa’s 2 percent cash back rate.

Costco Anywhere Visa vs. Bank of America® Custom Cash Rewards Credit Card

The biggest competitor when it comes to consistent wholesale club cashback should be the Bank of America® Customized Cash Rewards credit card. It earns 3 percent cash back in a select category that can change monthly — including travel, gas, and food — and 2 percent in wholesale clubs and grocery stores (up to $2,500 on combined purchases of 3 and 2 percent quarterly, then 1 percent). Not to mention, instead of making you wait a year for a glorified Costco gift card, Bank of America can deposit your money straight into your bank account every month.

Your selection categories have the flexibility to cover any major spend outside of the Costco card bonus categories, which may appear monthly while freeing up your 2 percent wholesale club rewards to cover other brand clubs and grocery stores as well. Granted, the Customized Cash card’s 3 percent bonuses and quarterly spending limits seem to dampen your rewards potential when you’re a big spender, but this card’s vastly improved versatility, introductory APR periods, cash welcome offer, and Bank of America Preferred Rewards cashback boosts can add up to a higher overall value for the average cardholder.

Costco Anywhere Visa vs. Wells Fargo Active Cash® card

A big part of the Costco card’s Achilles’ heel is its lackluster benefits and lower reward percentage on actual Costco purchases. Granted, many cards don’t make money back at wholesale clubs, and the typical landline card offers 1.5 percent back. But it’s common for retail cards to return up to 5 percent on their store — including the aforementioned Capital One Walmart Rewards and Amazon credit cards.

In comparison, the Wells Fargo Active Cash® card earns unlimited 2 percent cash rewards on purchases, which matches the Costco Anywhere Visa card’s in-store rewards percentage, without the redemption process being tied to a store once a year. While the Costco card rewards potential may be higher when commuting, Wells Fargo’s simple redemption process alone makes Active Cash card rewards more valuable to those not married to shopping at Costco.

The Active Cash card isn’t packed with features, but the Visa Signature benefits are a step up for travelers over the basic Visa benefits of the Costco card. This is especially true when combined with Wells Fargo Cell Phone Protection, which covers up to two claims of $600 per year (minus the $25) excess in the event of justifiable damage or theft.

As with the Customized Cash card, Wells Fargo Active Cash’s other introductory offers – a $200 cash bonus after spending $1,000 within the first three months and 15 months – come with 0 percent introductory purchase and qualifying APR periods for balance transfers from account opening (then rewards lower 16.49 percent, 21.49 percent, or 26.49 percent, variable) – help narrow the difference in reward value to make the Wells Fargo Active Cash a much more attractive proposition for bulk buyers.

If you don’t have good credit for a Costco card, the Sam’s Club® Mastercard® may be a better choice. In addition to being open to those with good or excellent credit, the Sam’s Club card offers a higher gas premium rate than the Costco card and does not exclude other private label gas stations.

Best cards to pair with the Costco Anywhere Visa

Your best options for pairing with the Costco cashback card depend on where you do the rest of your shopping. When doing your grocery shopping, there’s nothing better than American Express’ Blue Cash Preferred Card®. It earns a staggering 6 percent cash back at US grocery stores (up to $6,000 per year, then 1 percent), plus 3 percent on transit purchases not included in the Costco card’s travel category. Please note that there is an annual fee of $95.

If you shop at supermarkets like Walmart or Target, a flat-rate card might be the way to go. A top choice would be the 2% cash rewards percentage of the Wells Fargo Active Cash card or its comparable Citi® Double Cash card, as it earns up to 2% cashback unlimited (1% back at purchase, then 1% at Payment). wherever you shop if you want to stay on the Citi network.

Cardholders turning to the travel and hospitality side of their Costco cashback categories should consider the Capital One SavorOne Rewards credit card. With no annual fee, it earns unlimited 3 percent cash back on dining, entertainment, popular streaming services, and grocery stores (excluding superstores like Walmart® and Target®), plus 1 percent on all other purchases.

See also  Cerulean Card - Cerulean Mastercard® credit card Review

How to get the most out of the Citi Costco credit card

If you’re a big spender on gas, restaurants, and travel, it’s hard to beat Citi’s Costco Anywhere Visa® card, which offers a high reward percentage in all of these categories. The big downside is the way the rewards are redeemed: once a year and in the form of a certificate that you usually have to redeem in a brick-and-mortar store.

That’s going to feel a little too dated for some consumers. But if you can do the paperwork, there are many ways you can use the card to your advantage. How to get the most out of Citi’s Costco Anywhere Visa® card.

Benefit from bonus categories

If you’re buying gas, Citi’s Costco Anywhere Visa® card is good because it gives 4% cash back on gas purchases up to $7,000 in spend per year (1% thereafter). That’s an impressive rate, even compared to the best gasoline credit cards out there. Assuming you hit the annual limit, you’ll earn $280 a year on gas alone, not including the 1% rebate on all Outside category purchases.

Using the card for your dining and travel expenses is also a good choice, as you get 3% back in both categories, with no spending cap. Again, that’s hard to beat, even with the best restaurant credit cards.

Oddly enough, your returns for using the card at Costco or Costco.com aren’t as generous. You get 2% cashback on these purchases, which is certainly not bad. But other retail credit cards, like the Amazon Prime Rewards Visa Signature Card or the Capital One® Walmart Rewards™ Mastercard®, offer a whopping 5% back when you shop within the brand.

And if you usually do your grocery shopping at Costco, remember that many of the best grocery credit cards charge well over 2% back on these types of purchases — as long as you buy them at a grocery store and not a wholesale club.

Regardless of which card you use to make actual purchases at Costco, make sure you get as much money back as possible.

BestCreditCards3 Tip: Citi’s Costco Anywhere Visa® card has a $0 annual fee, but you can only get the card if you’re a member of Costco. Store memberships start at $60.

Use another card if you only earn 1% back

If you have a separate flat-rate cashback card that refunds 1.5% or 2% on all purchases, consider using it for spending outside of the bonus categories offered by Citi’s Costco Anywhere Visa® card, which does allow You only get 1% back on this cost.

You may also want to switch to this flat-rate card once you reach your annual gas spending limit with Citi’s Costco Anywhere Visa® card since that’s also when your Costco card reward rate drops to 1%.

And if you have another credit card that gets 5% back in rotating bonus tiers, that might change your calculation a bit more. For example, the Chase Freedom Flex℠ earns 5% back in rotating bonus tiers up to $1,500 per quarter (activation required; 1% back on everything else). The previous bonus categories overlapped with some of those offered by Citi’s Costco Anywhere Visa® card — but Chase has also traditionally included bonus categories that the Costco card doesn’t have: hardware stores, streaming services, grocery stores, and Amazon, for example.

Keep an eye on your bonus calendars to make sure you earn as much as possible.

Enjoy benefits and protection

For a cash-back card, Citi’s Costco Anywhere Visa® card is a really solid travel companion. There are no foreign transaction fees from the outset and as a Mastercard, you enjoy broad international acceptance.

The card also includes worldwide car rental insurance, travel, emergency, and roadside assistance.

When shopping, the card also helps you with purchase protection against damage and theft (if items purchased with the card are damaged or stolen within 120 days) and fraud protection, which makes it easier to activate or deactivate the card.

The card also features Citi Entertainment, which lets you get early tickets to concerts and sporting events, for example.

Is the Costco Anywhere Visa Worth It?

Our Verdict – Is the Costco Anywhere Visa Worth It?

The Costco Anywhere Visa card is a solid choice as long as you’re a Costco member, have great credit, and have the patience to jump through some hoops.

It’s one of the highest-earning gasoline credit cards, and it’s hard to beat the additional travel and food categories stacked on it. However, the meager benefits and cumbersome redemption process of the once-a-year cashback can make the card a tough sell unless you’re already a frequent bulk buyer. If you’re considering a Costco membership just for coverage of the card’s bonus category, the impractical redemption process might be more trouble than it’s worth.

The Costco Anywhere Visa card is a great choice for regular Costco shoppers looking to earn competitive cash back rewards on gas, travel, and dining. With no annual fee and no foreign transaction fee, it is a cost-effective alternative to more expensive tickets.

Be sure to check how rewards are redeemed. Receiving an award certificate once a year and only redeeming that certificate for cash or merchandise at Costco can be limiting for some consumers. If you prefer to have more choices in how you receive and use your rewards, you can consider different cashback reward cards.

COSTCO ANYWHERE VISA CARD REVIEW FREQUENTLY ASKED QUESTIONS

What credit is required for the Costco Anywhere visa?

We recommend excellent credit (a FICO score of 740 or higher, or a VantageScore of 781 or higher) for the best Costco Anywhere Visa Card by Citi approval opportunities.

Can the Costco Visa Anywhere card be used at other stores?

Yes, because the Costco Anywhere Visa is a co-branded card on the Visa network, it can be used outside of Costco wholesale clubs—unlike “closed-loop” retail cards, which are isolated to each store. We recommend using the Costco Anywhere Visa for most of your gas purchases because of its amazing 4 percent gas payback rate (up to $7,000 per year, then 1 percent back). The 3 percent travel and restaurant cashback bonus tiers also offer welcome rewards, since the card’s Costco purchases only earn 2 percent back. The Costco Anywhere Visa also earns 1 percent cash back on all other purchases, but another card is probably a better candidate for those times if you still have one.

What are the benefits of Costco Anywhere Visa?

One of the notable downsides of the Costco Anywhere Visa card is its near-complete lack of additional features beyond cashback capabilities. The top three additional features advertised by Citi are purchase protection against damaged or stolen items for up to 120 days after purchase (90 days for New York residents), access to Citi Entertainment experiences, and the ability to use your credit card as a Costco – Use membership card. The only other benefits your card brings are the basic features of your Visa account, which are considered cross-border industry requirements. In an emergency, you have 24/7 access to roadside assistance (pay-per-use) and customer service for questions about your card, along with other staples like $0 liability for unauthorized purchases and emergency card replacements.

Do you need a Costco membership to apply for the Costco Anywhere Visa card?

Yes, you must have a Costco membership before you can apply for the Costco Anywhere visa. Due to the particular bureaucracy involved in redeeming rewards, we do not recommend signing up just to claim the other bonus categories on this card. Costco’s annual membership starts at $60 per year (plus tax), but you can offset that with regular spending. You can recoup it with cashback by spending $125 each month in your 4 percent gas bonus tier — which is just under the average of $1,500 to $2,100 that a typical cardholder spends on gas each year (based on the above BLS data).

How do you redeem your Costco Anywhere Visa Card rewards?

The Costco Anywhere Visa redemption process is a lot less convenient than typical cashback cards’ monthly payouts directly into your account. Instead, you won’t get the money back for the entire year until the upcoming February billing closes. You will receive all of your rewards at once as an “Award Certificate” which must be redeemed before December 31st of the year or you will lose the remainder of the certificate balance. It is important to remember that if your account is closed at the time your Award Certificate is issued, you will lose a full year’s cashback value.

Additionally, you must physically visit a Costco location to use your rewards in a transaction. Luckily, the remainder you don’t spend on this trip may be able to be received as a check or wire transfer. The only way to get your rewards electronically is to make an incredible $10,000 or more in cash this year. All of these limitations mean that if you’re not a loyal Costco shopper, the Costco Anywhere visa probably isn’t the best choice. Therefore, it is important to consider the above factors before applying for it.

Does the Costco Anywhere Visa have an annual fee?

There’s no annual fee for the card, but you must be a Costco member to sign up, and membership starts at $60 per year.

Does the Costco Anywhere visa come with a Costco membership?

You apply for the credit card separately from registering for a membership. You do not automatically receive the card when you become a member, nor do you receive free membership as a benefit of the card.

What are the Benefits of the Costco Anywhere Visa?

Receive 4% cashback on gas purchases (both at Costco and other gas stations) up to $7,000 in gas spend per year (1% thereafter); 3% cash back on restaurants and most travel purchases; 2% down at Costco and Costco.com; and 1% cashback on all other purchases.

Is the Costco Anywhere Visa the Best Credit Card for Gas?

If you want rewards that are more flexible than Costco’s rewards, check out our top picks for the best gasoline credit cards