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Costco Wholesale is well-known for selling quality products at competitive prices. Most of the products come in bulk sizes, helping members save on the bottom line. However, you can also buy cheaper gasoline, high-end alcohol and prescription drugs at exclusive prices. You'll need to pay an annual fee of $60 or $120 for membership. However, the savings could offset the annual fee.
If you're savvy about leveraging credit card perks, you know you could earn cashback or travel miles when you pay with a Visa card at Costco. However, the branded Costco Anywhere Visa® Business Card by Citi amps up the rewards with 2% cashback for store purchases and 4% back on gas (including Costco's). This Costco Anywhere Visa® Business Card review will explore everything you need to know about the branded store club -- and whether it's worth applying for.
Citi partnered with Costco to create a business credit card that provides small business owners with special perks. While most store credit cards are limited to a particular retailer, Costco's business card is open loop, meaning it can be used anywhere credit cards are accepted.
No annual fee
It can be used for purchases outside of Costco
High cashback rewards rate for gasoline
No new cardholder bonus
No introductory APR
Requires Costco membership ($60 or $120 per year)
Cashback rewarded only once per year for Costco spending
Check out the Costco Anywhere Business Visa's benefits and drawbacks in more detail here.
Costco memberships are available at two levels. The $60-per-year Gold Star membership is the basic membership level. You'll earn 1% cashback on purchases. You could also upgrade to Executive membership. It's double the annual membership fee ($120), but it also doubles your cashback rewards to 2% (limited to $1,000 annually), making it easier to offset the cost of membership faster.
This card is for small business owners that shop at Costco. You'll need a membership to the wholesale club to apply. Qualifying as a business is more flexible. Startups, crafters with an Etsy shop, caterers and self-employed individuals may be able to apply for the card. You'll need to provide your company's legal name and tax identification number.
Keep in mind that Citi will run your personal credit. As with many other business credit cards, you're personally on the hook for your company's credit card usage. Using your personal credit may be helpful if your business doesn't have a credit track record yet. However, business spending and payment history will reflect on your personal credit file, so be mindful of your company's credit habits.
Some of the information you'll need to provide when you apply for the Costco Anywhere Business Visa includes:
Your Costco membership number
Social security number
Tax ID number
Business type (corporation, LLC, self-employed and more)
Information about your business partners, including percentage ownership
Personal financial information
If you'd like to request employee cards during the application process, you'll need:
Employee's full name
Employee date of birth
Employee Social Security number
Employee's Costco member number
You won't receive bonuses or introductory offers if you're approved, but the high rewards potential may still be worthwhile. Business owners who often drive or have a fleet of vehicles could see significant cash back on gas. The first $7,000 in fuel earns up to 4% cashback and then 1% thereafter.
Costco members already receive cash rewards on purchases. Gold Star members ($60 per year member fee) earn 1% cashback. Executive members pay $120 per year but receive 2% cashback, limited to $1,000 in cash back per year. Adding a Costco Anywhere Visa® Business Card bumps up your rewards rate. In the case of a Executive membership, you're doubling your earnings on Costco shopping to 4%, which could offset the annual membership fee of $120 per year after spending $3,000 in purchases.
However, the rewards are limited to Costco-related redemption. While you could use the card anywhere where credit cards are accepted, you'll have to spend your rewards at Costco. Patience is key -- Costco pays out the cash-rewards certificate only once per year at the end of February for the purchases you made the previous calendar year. Certificates expire on December 31, even if you don't spend the funds.
Citi's co-branded Costco Anywhere Visa® Business Card comes with some security-related features worth mentioning, including:
Damage and theft purchase protection covers eligible items that were damaged or stolen within 120 days of purchase.
Chip-enabled credit card
The digital wallet feature protects your card information when you're shopping online by concealing your card number and replacing it with a temporary one.
If you have questions about your account, would like to request a credit limit increase, or would like to request an additional employee card, you can call the Costco Anywhere Visa business line at 1-855-378-6468.
The Costco Anywhere Visa® Business Card is an open-loop store card. Some branded credit cards are strictly limited to a particular retailer. However, you can use the Costco Anywhere Visa® Business Card to pay for Costco purchases and wherever else credit cards are accepted.
Business owners who shop at Costco for savings can bump up the cashback rewards they earn once per year with the Costco Anywhere Visa® Business Card. The card is best for the loyal Costco fan -- membership to the wholesale warehouse is required before you could even apply.
Gasoline is the highest rewards category at 4% (for the first $7,000). Paired with the Costco membership rewards rate of 1% or 2% (depending on member level) and you could earn 5% to 6% cashback. However, redemption is restricted to Costco. It may not be a problem unless you don't plan on maintaining a membership in the long term.
Costco only accepts cards with the Visa® logo.
If you don't have a business tax ID, you could always apply for the Costco Anywhere Visa® Card for personal use. Like the business version, it's integrated with your Costco membership and earns you cashback rewards each time you pay with the card.