|Highlights||Credit Card Feature|
|Things We Like||Earn 4% cash back on gas purchases|
|Our Least Favorite||Only for Costco members|
|Our Verdict||Great card for earning cash back on gas, travel, restaurants and at Costco|
Most small businesses spend a lot of money on either gas, travel, buying supplies from warehouses, and restaurant dining. So it comes as great news that with Costco Anywhere Visa® Business Card by Citi, a partner card, Costco is offering a card that small business owners could really benefit from.
Cash back is by far the most flexible and useful credit card reward for most businesses, and Costco Anywhere Visa® Business Card by Citi offers plenty of it. But because this card is very specific about the kind of spending you get rewarded for, it isn't necessarily the best cash back credit card for all business owners.
In this GET.com review, we take a good hard look at all of the benefits this card offers, and compare it to other business credit cards to help you determine how much money you could save with Costco Anywhere Visa® Business Card by Citi, or not.
Things We Like About Costco Anywhere Visa® Business Card by Citi
You earn 4% cash back on gas purchases. If your business involves transportation you should take note of this. When you use this card to pay for gas you earn 4% cash back for the first $7,000 you spend on eligible gas purchases every year, and 1% for additional gas purchases after you hit that spending cap. You earn this cash back at most gas stations that accept Visa, anywhere in the world. Just note that you will only earn 1% cash back on gas purchases at warehouse clubs except at Costco, where you earn 4%. You will also earn just 1% cash back at gas stations that are part of superstores, convenience stores and supermarkets.
You earn 3% cash back on eligible travel purchases. Does your business involve a lot of business travel? This card can help you save because you earn 3% cash back for travel purchases including airline tickets, hotel accommodations, car rentals, and travel bookings made through travel agencies including Costco Travel. If you plan to treat your employees to a year-end cruise, you'll be glad to know that you also earn this cash back for cruise lines bookings.
It gives you 3% cash back on purchases made at restaurants. If dining at restaurants is a normal part of your workday, you can save a lot of money by using this card to pay. You earn 3% cash back when you make purchases at restaurants, fast food restaurants, cafes, lounges and bars. So even when you pay for business lunches or employee meals you will be earning cash back and savings money.
Earn 2% cash back on all other purchases from Costco and Costco.com. This is a Costco credit card, after all. When you shop at Costco or on Costco.com, you earn 2% cash back on your purchases. If you own a restaurant, convenience store, cleaning service or for any other reason buy a lot of supplies at Costco, that 2% can add up to a lot of savings.
You earn 1% cash back on all other purchases. Every other purchase you charge to your card account also earn cash back. You earn 1% cash back on all other purchases you make with this card. That alone can save your business a fair bit of money.
It's a Costco membership ID. No need to pull out multiple cards when you shop at Costco. Just use this card to pay and nobody will ask you for your Costco membership card.
Costco members don't pay an annual fee. This card has no annual fee for Costco members, and I guess this is a good time to mention that you will have to be a Costco member to apply for this card.
No foreign transaction fee. This benefit makes this card an amazing travel rewards card, seeing that it lets you earn 3% cash back on travel purchases and comes with good travel insurance benefits all without having to worry about paying any hefty fees. If, for whatever reason, you shop at a Costco warehouse in Mexico, Australia, Japan, Great Britain, or anywhere else where Costco has a presence, you won't pay a foreign transaction fee either.
Price protection with Citi Price Rewind. Nobody likes to pay the highest price for purchases, and this card protects you with a service called Citi Price Rewind. It works like this: After you buy something using this card, you can access your statement online and activate Citi Price Rewind for that purchase. Citi will then track prices on that identical item across all online stores. If it finds a lower price on the same thing, you get an alert and can request a refund for the price difference.
Purchase protection against damage and theft. Theft and damages are pretty common in many lines of business. This card gives you some protection by compensating you for certain items, if they get stolen or accidentally damaged. You will need to pay with this card for a purchase to be covered.
You get an extended warranty. Stuff you buy using this card may benefit from an extended warranty. Basically the way this works is that if the device that you purchased using this card breaks down after the manufacturer's warranty has expired, it may still be covered up to 1 year by the warranty you get from this credit card. That's a benefit that can save you money on repairs or buying new equipment.
Benefit from trip cancellation and interruption protection. If a trip that you pay for using this card is interrupted or cancelled due to unforeseeable circumstances, you may be able to get refunded by Citi even if you can't get refunded by the airline or travel agency. This is a nice benefit that you don't find on very many cards, and it solidifies this card's position as a travel card as well as a Costco card.
You get worldwide travel accident insurance. This travel perk is more common among credit cards, and it's one that you hopefully will never need to use. But if for any reason you are killed or permanently disabled while traveling on a common carrier, you or your dependents can get a decent reimbursement to help cover the financial loss. This applies to trips paid for using this card. Think of it as a form of life insurance that only applies to travel on common carriers (airlines, cruise lines, buses, trains, public transport).
Complimentary worldwide car rental insurance. Business travel often involves renting automobiles. If you use this card to pay for rentals, you get complimentary insurance against collisions and theft. This coverage supplements your primary auto insurance, just like the collision and theft coverage offered by rental companies. So you can save money by turning down the coverage they offer, because you already get this coverage when you pay using this card.
Our Least Favorite Things About Costco Anywhere Visa® Business Card by Citi
No introductory low interest period for purchases or balance transfers. This card has no low introductory APR period for purchases or balance transfers, so from the very start you will have to pay a 16.74% variable APR.
Only for Costco members. It makes perfect sense that this card is only for Costco members, but it would be awesome if it were available to all business owners because it's so much more than just a Costco rewards card. Still, even if you don't deal with Costco much, you could consider this card because if, for example, you spend $7,000 on gas annually, you could earn $280 cash back just on gas. Business Membership at Costco will cost you $55, just to give you an idea of how this card can help you even if you don't shop at Costco a whole lot. There's also the 3% cash back for purchases at restaurants and travel purchases, and 1% cash back on all your other purchases. Of course, if you do shop at Costco you get to enjoy the 2% cash back for Costco purchases as well. Just note that you will have to visit a Costco warehouse to redeem your cash back voucher for cash or merchandise every year, so if there isn't a Costco anywhere you can see yourself going every year, then this card might not work for you.
Your cash back expires if you don't redeem it on time. You have to redeem your cash back voucher (the one you receive in February each year) by December 31 of the same year you receive it. If you don't redeem your cash back by the end of the year, you lose it, which is a bad deal all around. Still, you do have almost a year to find your way to a Costco warehouse to redeem your cash back coupon.
How Other Cards Compare With Costco Anywhere Visa® Business Card by Citi
Costco Anywhere Visa® Business Card by Citi packs a serious cash back punch and can save your small business a lot of money on gas, travel, restaurant and of course, Costco purchases. It will work best for you if your business can benefit from a Costco membership.
Costco Anywhere Visa® Business Card by Citi is a credit card that has real savings potential for small businesses. If you own a restaurant, hotel, catering business, convenience store or any other business that necessitates bulk purchases of groceries, cleaning products or other items sold in bulk at Costco, then this card can serve your business well.
The 4% cash back you earn on gas is one of the highest cash back rates for gas purchases available on a business credit card, and definitely adds a lot of value.
One thing we did notice is that you don't get many business tools. Some other good business credit cards provide downloadable purchase records that integrate with your accounting software, free employee credit cards, apps to track spending and capture receipts, and other business perks. However, many of those perks are only useful to businesses that have a number of employees and perform many credit card transactions daily.
If you have a small business that involves driving, buying bulk supplies, staying at hotels or flying and eating at restaurants, this card can save your business money.
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