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Though it's a store card, Costco members can use the Costco Anywhere Visa card wherever Visa cards are accepted and earn rewards towards everyday purchases like gas, travel, and dining. However, the card is only offered to current Costco members. If you cancel your Costco membership, your Costco Anywhere Visa card will also be canceled.
If you aren't a current Costco member, should you pay for the membership to get access to the Costco Anywhere Visa card? And if you are a Costco member, do the benefits and perks offered outweigh other rewards cards?
Before you apply for this store card, here are five important things to know about the Costco Anywhere Visa card:
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 an Executive membership, plus sales tax, where applicable. Executive 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.
Unlike other store cards, the rewards program is not limited to Costco purchases. The Costco Anywhere Visa card's rewards program offers a tiered cashback incentive based on the type of purchases you make:
Though the Costco Anywhere Visa card is exclusive to Costco members, you won't earn the most cash back on Costco purchases. While gas, dining, and travel earn 3% to 4% cashback, Costco and Costco.com purchases are only eligible for 2% cashback rewards.
While that may be disappointing, most cash back credit cards restrict reward eligibility on warehouse purchases. If you are a frequent Costco shopper, 2% cashback can help, making the Costco Anywhere Visa card a worthwhile card to have in your wallet. There is a $1000 cashback limit to how much Executive members can earn per year.
If you've used other cashback credit cards before, you may be used to redeeming your rewards for purchases or cashback as soon as they show in your statement. But with the Costco Anywhere Visa card, you only get your cashback rewards once per year in February for the previous year. You can also only redeem the rewards for merchandise or cash in person at a Costco warehouse.
Learn more about how to redeem Costco credit card rewards.
The Costco Anywhere Visa card has a solid cash back rewards program, but it's not the only benefit 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.
Costco Anywhere Visa card shopping benefits
Suppose you use your Costco Anywhere Visa card or Costco reward certificate to make an eligible purchase. In that case, the damage and theft purchase protection covers you for 120 days (90 days for residents of New York) for up to $1,000 per item or the amount charged to the card or certificate, whichever is less. You can get up to $50,000 in coverage per year and are required to make a police report if the item is stolen.
Those same purchases are also covered by the Costco Anywhere Visa card extended warranty. After the manufacturer warranty and customer purchased warranty expires, Citi provides 24 months of extended warranty coverage, up to $10,000 per item.
The Costco Anywhere Visa card is issued by Citibank. The card has no annual membership fee, but you have to be a current and active Costco member to apply for and keep the Costco Anywhere Visa card.
Costco accepts cash, checks, EBT, Costco Shop Cards, and mobile payments (Apple Pay, Google Pay, Samsung Pay). Visa credit and debit cards are also accepted, along with Mastercard debit cards only. Mastercard and American Express credit cards are not accepted at Costco, Costco.com, Costco gas stations, or Costco car washes.
Costco's policy allows members to bring children and up to two guests each time they visit a warehouse. However, Costco members are the only ones who can make purchases. So, if you bring a guest to buy merchandise at Costco, you must pay for it and be reimbursed by the guest. This could be an advantage if you want to increase your rewards using the Costco Anywhere Visa card.
The Costco Anywhere Visa Business Card is virtually the same as the Costco Anywhere Visa card, but it doesn't allow transfers. Depending on your needs for a business credit card, there may be other options out there that better fit your criteria