|Highlights||Credit Card Feature|
|Things We Like||4% cash back on eligible gas purchases|
|Our Least Favorite||Only for Costco members|
|Our Verdict||Great card to earn cash back on Gas, Dining, Travel and Costco|
Costco Anywhere Visa® Card by Citi, a partner card, is the all-new Costco credit card, and it looks like Costco and Citi have gone all out to improve on the old Costco card issued by American Express. This new Visa credit card from Costco and Citi delivers higher cash back on almost every level.
If you're a fan of bulk shopping at Costco to save money, then using this Costco credit card to pay when you do is almost a must because you save even more on your shopping by earning cash back. But how does Costco Anywhere Visa® Card by Citi perform outside of Costco's towering corridors, and how much can you save by using it?
We at GET.com will look at the pros and cons here, and compare the new Costco Anywhere Visa® Card by Citi to other cards that let you save on groceries, just to see how it adds up.
Things We Like About Costco Anywhere Visa® Card by Citi
The high 4% cash back on gas. Now we know how this card performs outside of Costco. You earn 4% cash back for the first $7,000 you spend on eligible gas purchases every year (1% thereafter). The great thing is that as well as Costco gas stations, you also earn this cash back at most gas stations that accept Visa worldwide. Just note that you will only earn 1% cash back on gas purchases at warehouse clubs other than Costco, as well as at convenience stores, superstores and supermarkets. Stick to gas stations and Costco and you can't go wrong.
You earn 3% cash back on purchases at restaurants. If you love eating out, this card could make a great dining companion. You earn 3% cash back when you make purchases at restaurants, cafes, fast food restaurants, bars and lounges.
3% cash back on eligible travel purchases. We all love travel, even if it's only the occasional trip to visit a friend or family member. When you purchase airfare, hotel accommodations and car rentals, or make travel bookings with Costco Travel, travel agencies, and cruise lines, you earn 3% cash back on your purchases. Since travel purchases are normally high-value, using this card to pay can save you a lot of money.
You earn 2% cash back on all other purchases from Costco and Costco.com. This is obviously the defining feature of this card. Every purchase you make at a Costco or on Costco.com earn 2% cash back.
1% cash back on all other purchases. You can earn cash back on all your other purchases by using this card to pay. So even if you only shop at Costco every now and then, using this card to pay every day earns decent cash back as well. Just note that refunds and returns do not earn any amount of cash back (this is standard with any rewards credit card).
It doubles as your Costco membership ID. Since you will probably use this card to pay for your Costco shopping just to get the 2% cash back anyway, you may as well lighten your wallet by ditching the Costco membership card and just using this all-in-one membership ID and credit card.
There's no annual fee for Costco members. You already pay something to become a Costco member, so why pay extra for a credit card. This card has no annual fee.
No foreign transaction fees. This card has no foreign transaction fees which is a great benefit because, unlike the old Amex Costco card, this card lets you earn the same high cash back on gas, restaurants, travel, Costco and other purchases worldwide, and with no foreign transaction fee you don't have to worry about paying any hefty fees.
Damage and theft purchase protection. Using this card to pay for your shopping is smart for more than 1 reason. If things you buy are damaged or stolen within 120 days of purchase (90 days for New York residents), you might be reimbursed for your loss.
Extended warranty. You probably don't enjoy having appliances or other items you buy breaking down just after the warranty expires. The good thing about using this card to pay is that doing so extends the manufacturer's warranty so your purchases are protected for a longer time period.
Citi Price Rewind. Wish you could rewind your decision to buy because you found a better deal on the same item? Citi Price Rewind is one of the most intuitive price protection services offered with a credit card. When you buy something using this card, you can choose to have Citi monitor online prices on identical items for 60 days after you make the purchase. If a lower price is found during that time, Citi Price Rewind notifies you and you can apply for a refund to cover the difference. You don't need to scour the net for lower prices and try to send them in to prove you found them. It all happens automatically once you turn on Citi Price Rewind monitoring for a purchase.
Worldwide travel accident insurance. If you pay for travel bookings with this card, you receive complimentary travel accident insurance that applies worldwide. If you or a family member traveling on an eligible booking is killed or severely disabled, you (or your dependents) can receive a lump-sum benefit.
You enjoy complimentary worldwide car rental insurance. That means you won't have to buy the insurance offered by car rental companies. As long as you pay for the rental with this card, the car will be covered against collisions or theft. This coverage supplements your primary auto insurance.
Our Least Favorite Things About Costco Anywhere Visa® Card by Citi
Your cash back expires if you don't redeem it on time. You earn cash back as Costco Cash Rewards. In February you receive a coupon with the cash back you've collected over the previous year, right on your billing statement. The catch is that you have to redeem that coupon before December 31, before it expires and you lose your cash back. That does leave you with 10 months during which you can head down to a Costco and redeem that coupon for cash or merchandise. Just make sure you don't put off redeeming for too long.
No low introductory APR period for purchases or balance transfers. The 16.74% variable APR applies to any purchases you make or balances you transfer right from day 1, so unless your current credit card has a much higher rate than that, you probably don't want to transfer your card debt over to this card or make any large purchases you can't pay off right away.
Only for Costco members. This kind of goes without saying, but it would make you think twice if you don't actually shop at Costco much and mostly want to earn the high cash back on gas, dining and travel purchases. Is it worth it to become a Costco member just to be able to apply for this card? A basic Gold Star Membership at Costco will cost you $55, which is well worth it if you buy bulk at a Costco warehouse because you save a lot per item compared to shopping at the supermarket. If you spend $7,000 on gas in a year, just the 4% cash back on eligible gas for the first $7,000 you spend on gas per year (1% thereafter) would come to $280 cash back. Then there's the cash back you earn on travel purchases and purchases at restaurants, plus the 1% cash back on all other purchases. It's obvious that if you spend a lot on these categories, getting a Costco membership just to earn this cash back will most likely be worth it for you.
How Other Cards Compare With Costco Anywhere Visa® Card by Citi
|Intro APR:||0% Intro APR for 15 months from account opening on purchases|
|Regular APR:||14.99% - 23.74% Variable|
|Regular APR:||17.99% to 23.99% Variable|
|Annual Fee:||$0 - $99|
|Credit Required:||Bad Credit|
Costco Anywhere Visa® Card by Citi is a big improvement on the old Costco card, and lets you earn great cash back rates on a large part of your spending.
Costco Anywhere Visa® Card by Citi is primarily a credit card for Costco members, but it lets you earn cash back on so much more than just your Costco purchases. The 4% cash back for the first $7,000 per year you spend on gas (1% thereafter) makes this one of the best cash back credit cards for gas that's available in the US right now.
With high cash back on dining and travel purchases worldwide, and 2% cash back on purchases from Costco and Costco.com, this is a card that will save you money. As long as you live near a Costco warehouse at which you can redeem your cash back, there's no good reason not to get this solid credit card as long as you have a Costco membership and excellent credit.
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