Costco Anywhere Visa Card By Citi Drawbacks
- Redeeming Costco Cash Rewards. You cant redeem your rewards whenever youd like. Instead, youll receive a coupon every year with your Costco Cash Rewards.
- Penalty APR for late payments. Making a late or returned payment may result in a penalty APR being applied to your account. This APR may be as high as Up to 29.99% variable, applies to all of your balances and may last indefinitely.
- Balance transfer restrictions. If youd like to initiate any balance transfers, you need to complete them within 2 months of your account opening.
- Higher interest rate and fee for cash advances. Taking out cash advances comes with a 25.24% variable APR and a fee of $10 or 5% of the amount of each cash advance, whichever is greater.
- No purchase protection. Citi recently removed the purchase protection perk from the Costco cards.
The Convenience Of Using Your Card As Your Membership Card
Also note that, once you get the Costco Anywhere Visa® by Citi card, it also serves as your Costco membership card. This isnt some huge benefit you should factor in your decision to sign up, but it can be convenient for you.
When you shop at Costco stores as a cardholder, you could skip bringing a separate membership card with you altogether.
There Are More Benefits Than Just Cashback Rewards
The Costco Anywhere Visa® Card has a solid cash back rewards program, but those aren’t the only benefits you get with this store card. Cardholders also have access to travel and shopping benefits when the card is used to make purchases.
Costco Anywhere Visa Card travel benefits
When you pay for your rental car with the Costco Anywhere Visa® Card, you can save money by waiving the rental car company’s collision damage insurance because the card offers up to $50,000 to fix or replace the car if it’s damaged in an accident, stolen, vandalized or damaged by a natural disaster.
You, your family members, and travel companions are also covered for travel and emergency assistance coverage. This includes help to make emergency travel arrangements, getting referrals, coordinating care, and getting consultations if you are hurt outside the U.S. Emergency, and professional service costs are not covered. The card also provides worldwide travel accident insurance, covering each qualified person up to $250,000 while traveling.
You can also use the roadside assistance dispatch service in any car wherever you need it in the U.S., Puerto Rico, and the U.S. Virgin Islands. You only pay for service if you use the coverage.
Another travel perk is no foreign transaction fees, no matter where you are in the world. Other cards can charge up to 3% for foreign transaction fees, which can be a surprise for cardholders once they review their statement after a vacation abroad.
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Enrollment In Credit Card Paperless Statements And E
We send cardholders various types of legal notices, including notices of increases or decreases in credit lines, privacy notices, account updates and statements. Currently, we can provide some of these legal notices, including statements, electronically. We are working towards being able to provide all of these legal notices electronically. When we are able to provide all legal notices electronically, we will notify you by email. In the meantime, if you choose to receive legal notices electronically, you will need to monitor both your U.S. postal mailbox and your email inbox for legal notices.To receive your legal notices electronically, your computer must be capable of printing or storing email, web pages and documents in PDF format and your browser must meet minimum system requirements.
How To Earn Rewards
The earning structure is where this card really stands out. Youll earn 4% cash back on eligible gas purchases , 3% back at restaurants and on eligible travel purchases, 2% back on in-store and online Costco purchases and 1% on everything else.
If youre maximizing gas purchases alone, thats $280 in rewards each year just for that bonus category alone.
Costco offers two levels of consumer membership Gold Star and Gold Star Executive . If you shop at Costco frequently throughout the year, combining this card with an Executive membership will earn even more in rewards. Executive members earn 2% back on the first $50,000 spent each year at Costco , Costco.com, and Costco Travel. Those rewards are stackable with the Costco Anywhere Visa. That means you can earn up to 5% on Costco Travel and 4% on other Costco in-store and online purchases .
If you arent shopping at Costco enough throughout the year to justify an Executive membership, the additional 2% back likely wont make it worth it to buy the higher level. But if you are someone who already shops at Costco enough to have the Executive membership, this no-annual-fee card is an excellent addition to your wallet.
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You Must Be A Costco Member To Apply
Before you can apply for the Costco Anywhere Visa® Card, you must be a current member of Costco warehouse. When you apply for the store card, the first piece of information you must enter is your Costco membership number.
The annual cost is $60 for a Gold Star membership or $120 for a Gold Star Executive membership, plus sales tax, where applicable. Gold Star members get more discounts and perks on Costco services and a 2% annual reward up to $1,000 on eligible purchases at Costco and Costco Travel. These perks are in addition to any cashback rewards you earn by making purchases using the Costco Anywhere Visa® Card.
With no annual fee outside the cost of Costco membership, the Costco Anywhere Visa® Card could be a great option. But if you are already a warehouse member at BJ’s or Sam’s Club, you have to decide if the additional membership cost is worth it.
Discover It Cash Back Or Discover It Student Cash Back
Discover it® Cash Back* and Discover it® Student Cash Back* cardholders can take advantage of Discovers quarterly rotating 5% cash back categories upon activation. One of the current 5% cash back categories is wholesale clubs . You can earn as much as $75 cash back within that 5% category this quarter, in addition to what you earn throughout the rest of the year.
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The 15 Best Credit Cards In Canada For 2021
Whether you’re looking to earn more rewards or save with the lowest interest rates – we’ll match you with the right cards in under 2 minutes.
Every year, Ratehub.ca rounds up the best credit cards in the country to help Canadians wade through the financial weeds to find the card most suited to their spending habits and lifestyle.
Like clothing, credit cards arent one-size-fits-all. Weve said this before the best one for you depends on your financial situation and maybe one that saves you money via a low interest rate, balance transfer offer or cash back, or provides value through rewards points that can be redeemed for travel and merchandise.
Alongside a few standout new mentions, several of the best credit cards in Canada for 2020 have also made it on our list for 2021 because they continue to offer great value.
The best rewards cards for
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The best low interest cards for
The best balance transfer cards for
- Best credit card for Costco:
How Do You Redeem Your Cash Back With The Costco Anywhere Visa Card By Citi
The Costco Anywhere Visa® Card by Citi can be redeemed for cash back by following these steps:
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New Costco Anywhere Visa Card By Citi Offers Cash
Issaquah, Wash., New York, San Francisco Starting today, the Costco Anywhere Visa® Card by Citi and Costco Anywhere Visa® Business Card by Citi are available exclusively to Costco members. With generous cash-back opportunities and benefits, the new cards enable cardmembers to earn cash-back rewards on all purchases. Today also marks the first day that Costco begins accepting only Visa -branded credit cards in its warehouse and gas locations across the U.S. and in Puerto Rico.
With either the new consumer or business card, cardmembers will earn:
- 4% cash-back rewards on eligible gas worldwide for the first $7,000 and then 1% thereafter
- 3% cash-back rewards on restaurant and eligible travel purchases worldwide
- 2% cash-back rewards on all other purchases from Costco and Costco.com
- 1% cash-back rewards on all other purchases, with no limit on earnings potential
“We have a strong relationship with our members, and it’s important that we’re rewarding their loyalty to us,” said Craig Jelinek, CEO and President, Costco. “Our new co-brand credit card agreement with Citi on the Visa network enables us to offer significant value and benefits for our members across 494 locations in the U.S. and Puerto Rico.”
In addition to offering cash back and doubling as a Costco membership card, the cards also provide a broad range of built-in, comprehensive benefits including:
- Damage & Theft Protection
- Worldwide Travel Accident Insurance
- Trip Cancellation and Interruption Protection
Cibc To Acquire Canadian Costco Credit Card Portfolio
1 Min Read
CIBC declined to comment on the financial details of the acquisition.
For the quarter ended July 31, CIBCs Canadian credit card portfolios average balance was C$10.6 billion, accounting for about 4% of its total domestic personal loan book.
The bank will become the exclusive issuer of Costco Mastercard in Canada, CIBC said, adding that Mastercard will remain the exclusive payments processor for the Costco co-branded credit card portfolio.
CIBC expects the purchase to close in early calendar year 2022, after which it will begin issuing CIBC Costco Mastercard to the converted portfolio and take new applications.
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How To Make A Costco Credit Card Payment Online
Online payments are fast and easy. Heres how to make a Costco credit card payment online:
Additional Costco Credit Card Features
There are several benefits of the Costco Anywhere card, most of which apply due to its connection with Citibank.
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The best way to avoid unnecessary fees is to always be a responsible cardholder.
Pay off your balance in full, each month. If you cant pay off your balance completely, pay at least the minimum, and pay as much as you can to carry as small a balance as possible.
The purchase APR for this card is about average, likely because the card is generally issued to individuals with good-to-excellent overall credit. Youll see much higher APR fees on other store-branded credit cards, especially those issued by Synchrony Bank. If a low-APR card is important to you, there are many 0% APR credit cards with up to 18-month introductory periods.
Hot Tip: The penalty APR for this card is extremely high: a whopping 29.99%. The penalty APR can be applied to your account if you make a late payment or make a returned payment. The penalty APR applies on top late or returned payment fees.
Additional Drawbacks
Hot Tip: Amex, Discover, and Mastercard are not accepted in-store at Costco. Our latest guide details the best credit cards for shopping at Costco and Costco.com to make sure you earn rewards on all your Costco shopping, despite this obstacle.
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Perks And Benefits Of The Costco Credit Card
The Costco Anywhere Visa Card offers solid cash back options for cardholders:
- 4% on eligible gas for the first $7,000 per year, then 1%
- 3% on restaurants and eligible travel purchases worldwide
- 2% on purchases from Costco and Costco.com
- 1% on all other purchases
Unlike some retail cards, you can use the Costco Anywhere Visa wherever Visa cards are accepted, and earn rewards across categories not limited to the retailer.
The top-earning rewards category is gas, so if you dont drive frequently this may not be the best option for you. Three percent cash back at restaurants and on travel is pretty good, but if youre looking for a card purely for dining and travel rewards, you can find higher rewards percentages elsewhere.
READ MORE: Best Rewards Credit Cards, Best Travel Credit Cards
You must be a Costco member to qualify for this card. And if you already pay for Costco membership, its likely you save enough money buying in bulk at the retailer to make your membership fee worth it. If thats the case, then just the 2% rewards at Costco alone for no added price beyond your existing membership can make this card worth it.
Theres no annual fee , no foreign transaction fees, and a variable 15.24% APR.
What Could Be Improved
Rewards on Costco purchases: A minor criticism of this card’s cash back rates is that it gets you just 2% back when you shop at Costco or Costco.com. Some store credit cards offer 3% or more back at their respective brands, so Costco’s credit card comes up a bit short.
No sign-up bonus: If you’re looking for big sign-up bonuses, you won’t find one with this card.
No 0% intro APR: 0% intro APR offers can save you money on expensive purchases that you need some time to pay off. Once again, the Costco Anywhere Visa® Card by Citi doesn’t offer this kind of benefit.
One cash back distribution per year: The biggest frustration with this card is an archaic method of getting your cash back. After the close of your February billing statement, Costco will send you your cash back from the previous year. Most cardholders get a reward certificate, but Citi and Costco may decide on another method for cash back amounts of over $10,000.
The reward certificate is valid for cash back or Costco purchases, and you have until Dec. 31 of the year you get it to use it.
Getting your cash back once per year isn’t ideal. What makes it even worse is that you lose all that cash back if your card is canceled before Costco sends you the reward certificate. Compared to other cash back cards, this Costco credit card doesn’t make it very user-friendly to cash in what you’ve earned.
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Should You Get The New Branded Costco Credit Card Or A Regular Mastercard
Costco has always stuck to its gimmick of only accepting one credit card brand at a time, which might make things tough on customers who have been relying solely on their Capital One Costco Mastercard to make purchases . That said, there are a couple of different alternatives clients can turn to, such as:
- The Branded Costco Credit Card Members can sign up for their own Costco Credit Card, which allows them to shop and collect in-store reward points, as well as other benefits that will justify the yearly cost of their membership.
- Regular Mastercard Thankfully, Costco Canada will continue to accept most other types of Mastercards. If you do research, you may even find a card that offers better benefits and rates than the Capital One Costco Mastercard.
At the moment, Costco Canada doesnt accept American Express or Visa credit cards . The new Costco credit card will also be a Mastercard, so, your best bet is to get a Costco Credit Card if you like the idea of in-store benefits and a regular Mastercard if you want to explore benefits outside the store.
Additional Reading
What Credit Cards Does Costco Accept Online
When shopping online with Costco, you will have more payment options than when you are shopping in the store. Costco online accepts all Visa Cards, MasterCard, Discover Cards, Costco Shop cards, the majority of PIN-based debit or ATM cards, and Visa checkout.
One of the best cards for online shopping is the Citi Double Cash Card where you can earn up to 2% cash back on all purchases: 1% as you buy and 1% as you pay.
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Login And Online Account Management
Citi provides great instructions for activating and registering your Costco Anywhere card. Once youve registered, you can use Citis portal to log in and manage your account online.
Online, cardholders can perform the following tasks:
- View account activity
- Set up paperless statements and e-communications
- Make a payment