A Store Card With Serious Perks
Credit Needed: Excellent
Love buying in bulk? Make frequent trips to Costco? If so, it’s worth taking a look at the Costco Anywhere Visa Card by Citi. The card offers 4% cash back on eligible gas purchases worldwide, including at Costco. That benefit lasts for the first $7,000 per year. After you hit the $7,000 mark you’ll earn 1% cash back on your gas.
The cash back benefits don’t end there. You’ll also earn 3% cash back on restaurant and eligible travel purchases worldwide. What counts as an eligible travel purchase? Airfare, hotels, car rentals, purchases from Costco Travel and more. You’ll have plenty of options. That 3% rate on travel and dining is impressively high.
You’ll also get another 2% cash back on your non-gas purchases from Costco and Costco.com – plus 1% cash back on all other purchases.
These cash back rewards are enticing even if you’re not a huge Costco fan. As long as you spend heavily on gas, dining and travel you can get a lot out of the card. But making frequent Costco purchases helps you get even more out of the benefits that the Costco Anywhere Visa Card by Citi offers.
4% cash back on eligible gas purchases – You’ll get 4% cash back on eligible gas purchases worldwide, for the first $7,000 in a calendar year. After that, you’ll earn 1% cash back on gas.
3% cash back on restaurants and eligible travel – You’ll earn 3% cash back on restaurant purchases (including cafes, bars and more) and on eligible travel purchases.
2% cash back at Costco and Costco.com – Your non-gas purchases at Costco and at Costco.com will earn you 2% cash back.
1% cash back on all other purchases – Every swipe on your card will earn you cash back benefits. For categories not mentioned above you’ll earn 1% cash back.
Citi® Price Rewind – Think you might have overpaid for an item you bought with your card? If Citi® Price Rewind finds you a better deal on the same item within 60 days of your purchase Citi may refund you the difference between the better deal and the price you paid.
Who It Benefits
The more you spend on gas, dining and travel the more you stand to gain from the Costco Anywhere Visa Card by Citi. The 4% and 3% cash back rates on those three purchase categories are some of the best rates around. If you’re already a Costco member, you’ll appreciate the 2% cash back on Costco purchases.
But even those who aren’t currently Costco members can benefit from this card if they spend on gas, travel and dining. The Costco Anywhere Visa Card by Citi doubles as your Costco card. If you’re not currently a Costco member, you can pay to become one.
How it Works
Every time you swipe your Costco Anywhere Visa Card by Citi you’ll earn cash back, at a rate of 1%, 2%, 3% or 4% depending what you purchase. You can’t redeem your cash back as you go, however. Instead, your cash back will show up as an annual credit card reward certificate on your February billing statement. You can redeem your credit for cash or for merchandise at U.S. Costco branches.
Your APR on your Costco Anywhere Visa Card by Citi will be 17.24% Variable. It’s a variable rate that can change with the Prime Rate. Balance transfers will also be subject to a 17.24% Variable APR and must be completed within two months from the date your account is opened.
Cash advances are subject to a 27.24% Variable APR. And if you miss a payment, you’ll pay a variable penalty APR of up to 29.99%, based on your creditworthiness. There is no welcome bonus on the card.
What’s the Catch
The biggest catch with the Costco Anywhere Visa Card by Citi is that your rewards only hit your account once per year. That makes the rewards program less flexible and makes it harder to budget how you’ll spend your reward. If you have balances to transfer, the lack of an introductory 0% APR on balance transfers is a catch, too. And if you’re prone to missing payments the penalty APR on the card is another catch.
Just the Math Please
The Costco Anywhere Visa Card by Citi gives you 4% cash back on eligible gas purchases, up to $7,000 per year. After you hit $7,000 you’ll get 1% cash back on gas. The card offers 3% cash back on dining and eligible travel, 2% cash back at Costco and Costco.com and 1% cash back on all other purchases. Your rewards will hit your card once per year, in a February credit.
The APR on any balances you transfer within your first two months as an accountholder will be subject to a variable APR of 17.24%. There is a balance transfer fee of either $5 or 3% of each balance transferred, whichever is greater.
Rates and Fees
Annual Percentage Rate (APR) for Purchases
Your purchase APR will be a rate of 17.24% Variable.
APR for Balance Transfers
Any balances transfered within two months from the date your account is opened will be subject to an APR of 17.24% Variable.
APR for Cash Advances
The APR for cash advances is 27.24% Variable.
Penalty APR and When It Applies
Up to 29.99%, depending on your creditworthiness. The penalty APR is a variable rate and will apply if you make a late payment or make a payment that is returned.
How to Avoid Paying Interest on Purchases
Your due date is at least 23 days after the close of each billing period. If you pay your entire balance by each month’s due date, you will not accrue interest charges.
$0 – with your paid Costco membership
Balance Transfer $5 or 3% of your transferred balance(s), whichever is greater.
Cash Advance Either $10 or 5% of the amount of each transaction, whichever is greater.
Foreign Purchase Transaction None
Late Payment: Up to $39
- Returned Payment: Up to $39
How It Stacks Up
How does the Costco Anywhere Visa Card by Citi compare to other cards? The short answer is, “favorably.” These days, 2% is a solid cash back rate. That’s what you’ll get with the Citi Double Cash Card, though because that card is on the Mastercard network it’s not quite as useful as the Costco Anywhere Visa Card by Citi. The Costco Anywhere Visa Card by Citi offers 3% on dining and eligible travel and 4% on eligible gas purchases (up to the yearly maximum), which means its rates are higher than those of the Citi Double Cash card.
The Chase Freedom card offers 5% cash back, a higher rate than any of the rates on the Costco Anywhere Visa Card by Citi. However, that 5% cash back is only available on up to $1,500 in bonus categories each quarter. All other purchases earn 1% cash back, and travel is never a bonus category. So if you spend a lot on travel, you’re probably better off with the Costco Anywhere Visa Card by Citi.
The Costco Anywhere Visa Card by Citi is more than just a store credit card. It’s a great cash back card in its own right, even if you’re not someone who tends to spend heavily at Costco.
- Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
- Saving money is easier said than done, but having a high-yield savings account is a great start. To see what's available today, take a look at our overview of the top savings accounts.