Costco Anywhere Visa Card by Citi review

Who is the Costco Anywhere Visa Card for?

The Costco Anywhere Visa Card is a great card for your typical Costco member. With this card, you will receive anywhere from 1% to 4% cashback, which can be redeemed for cash or for merchandise at U.S. Costco warehouses. However, in order to use this card, you must be a Costco member. Also, if you apply for this credit card, you will probably need an excellent credit score in order to be accepted.

This card comes with a variety of benefits alongside the cash back rewards. You will receive access to Citi Entertainment and protection benefits for no annual cost.

We recommend this card for any frequent Costco shopper who is looking to maximize their rewards at their favorite warehouse store. The generous cash back rewards, paired with the ability to redeem your cash back directly for merchandise at Costco makes this card ideal for any Costco shopper trying to maximize their rewards.

No Initial Bonus

This card, unfortunately, does not have an initial bonus. While many other cards incentivize people to sign up with bonus points or cash for their first $1,000 in purchases, for example, this card relies on its strong cashback rewards in order to attract new cardholders.

Cash Back Rewards

The Costco Anywhere Visa Card gives very generous cash back rewards, considering that there is no annual fee. Many free cashback cards give around a 1.5% cash back flat rate, whereas with this card, you will receive 4% cash back on eligible gas stations worldwide, 3% on restaurant and eligible travel purchases worldwide, 2% on all Costco purchases, and 1% on all other purchases.

This card rewards you for some of the purchases you make every day. Two of the most common purchases for everyday Americans are gas and food, and you will receive extra cash back for spending money on things you would buy anyway.

The reason this card is so beneficial for Costco members is that you receive double cashback for purchases made at Costco. This is why it is crucial that you frequently use Costco if you own this card because earning 2% cash back instead of 1% will add up if you buy all of your groceries and everyday needs at Costco.

One potential problem with the cash back rewards that come with this card is the inability to redeem the points whenever you want to. You will not have flexibility when you redeem these points. Instead, points will be distributed annually when your February billing statement is released. Your reward will be given to you in the form of a credit card reward certificate unless the reward is greater than $10,000. In this scenario, you will receive a check or electronic transfer. You are able to redeem these points for cash statements or directly for more Costco purchases. 

Other Benefits

This card comes with no foreign transaction fee, saving you money when you make transactions internationally. Many credit cards charge a 3% foreign transaction fee, and even though this is not a travel rewards card, Citi still voids the foreign transaction fee, which will save you from paying interest on any abroad purchases.

Also, this card will give you access to the Citi Entertainment portal. This portal offers special access to thousands of events, sports games, restaurants, and more. Watch your favorite musician perform with VIP tickets or receive first row tickets to your favorite team’s game with exclusive deals offered in the entertainment portal.

You can also use your Costco Anywhere Visa card as your membership ID in Costco. You no longer have to carry around a membership ID card, as your credit card will take the place of this card now.

Protections

This card offers damage and theft purchase protection. You will be able to shop safer and more confidently, as this protection benefit will cover you for repairs or refunds for any items bought with this credit card. If purchases made with this credit card are damaged or stolen, Citi will cover you for the cost of these items.

Also, this card will provide you with an extended warranty feature. On any item you receive that has a warranty, Citi will extend the warranty and pay for any repairs that your purchase may need during this extended warranty period.

Cautions

If you shop at Costco sometimes but it is not your main source of everyday items, this card may not be the card for you. Since every other purchase, other than gas, restaurants, travel, and Costco purchases, only provides 1% cashback, if you do not go to Costco often, there are better cashback cards for you.

Also, this card does not have an introductory 0% APR rate. Prepare for instant interest payments on purchases and balance transfers right when you acquire this card, as this card has 15.24% APR on all purchases and balance transfers.

There is an additional balance transfer fee and cash advance fee, so beware when you are transferring money into this account or accessing cash from an ATM.

No Annual Fee

Although there is no annual fee to own the credit card, you must have a Costco membership in order to qualify for this card. A Costco membership costs $60 annually, but this is a sunk cost if you already possess this membership. It will be beneficial that this card comes at no additional cost to the membership fee, as you will have access to all of the cashback rewards without having to pay money to earn them.

Conclusion

In conclusion, the Costco Anywhere Visa Card by Citi will provide you with great cashback rewards at no added cost. This card benefits the frequent Costco shopper who is looking to earn rewards from everyday shopping. Be cautious though because the redemption opportunities are not flexible, and you can only own this card if you already pay the $60 annual Costco membership fee.

You can apply for the Costco Anywhere Visa Card by Citi online here.