The Costco Anywhere Visa® card by Citi is an excellent choice for Costco members looking to maximize their cashback rewards on everyday purchases, whether at Costco or elsewhere. This card offers a variety of benefits tailored to both frequent shoppers and travelers, providing high cashback rates on gas, dining, travel, and Costco purchases.

Not only is it a robust cashback credit card, but it also includes several travel perks and purchase protections, making it a well-rounded option for cardholders seeking value across multiple spending categories. In this comprehensive guide, we’ll delve into the card’s benefits, how the cashback rewards system works, and what you need to know before applying.

Key information about the Costco Anywhere Visa® card by Citi

The Costco Anywhere Visa® card by Citi offers exclusive cashback rewards for Costco members, with 4% cashback on eligible gas and EV charging (up to $7,000 annually), 3% cashback on dining and travel, 2% cashback on Costco purchases, and 1% cashback on all other purchases.

How does the annual fee work?

The Costco Anywhere Visa® card by Citi is unique in that it has no annual fee if you are a Costco member. However, to apply for the card, you must have an active and paid Costco membership, which starts at around $60 annually.

This Costco membership serves as your de facto annual fee for the credit card, and as long as your membership remains active, you’ll continue to enjoy the benefits of the card without any additional cost.

Since the card functions as both a membership ID and a cashback rewards credit card, the lack of a dedicated annual fee makes it an appealing option for regular Costco shoppers. Plus, given the high cashback potential, the card can easily pay for itself if you shop frequently enough to maximize the rewards.

How is the credit limit determined?

The credit limit for the Costco Anywhere Visa® card by Citi is determined based on several factors, including your creditworthiness, income, and financial history. When you apply, Citi will perform a credit check to assess your financial standing. Applicants with a higher credit score and a strong financial background are more likely to receive a higher credit limit.

Since this card is designed for Costco members, Citi aims to offer a limit that fits your spending habits, especially if you frequently make larger purchases at Costco. Over time, responsible usage—such as making timely payments and keeping your credit utilization low—can result in potential credit limit increases.

Advantages of the Costco Anywhere Visa® card by Citi

• 4% cashback on gas and EV charging: Earn 4% cashback on gas and EV charging purchases for the first $7,000 spent annually, with 1% cashback after that.
• 3% cashback on dining and travel: Get 3% cashback on purchases at restaurants and eligible travel expenses, making it a great card for dining out and booking trips.
• 2% cashback on Costco purchases: Enjoy 2% cashback on all purchases at Costco, including online purchases made on Costco.com.
• 1% cashback on all other purchases: You’ll earn 1% cashback on purchases outside of the primary categories.
• No foreign transaction fees: Use your card abroad without worrying about extra fees, ideal for international travelers.
• Purchase protection: The card provides damage and theft purchase protection on eligible purchases, ensuring your items are covered in case of damage or theft within a specific period.

4% cashback on gas and EV charging

One of the most appealing features of the Costco Anywhere Visa® card by Citi is the 4% cashback on gas and EV charging purchases. For the first $7,000 spent annually, cardholders earn 4% back on all gas purchases, making it an excellent card for those who drive frequently or own electric vehicles.

After reaching the $7,000 threshold, the cashback rate drops to 1%, but the initial 4% rate can lead to significant savings, especially for commuters or road travelers.

Disadvantages

• Costco membership requirement: You need an active Costco membership to apply for and use the card, which may not be ideal for those who don’t frequently shop at Costco.
• Annual cashback redemption: Cashback rewards are provided as an annual credit card reward certificate, which is redeemable only once a year in February. This limits the flexibility of when you can access your rewards.
• No introductory APR offer: The card does not offer a 0% introductory APR on purchases or balance transfers, which might be a disadvantage for those looking to finance larger purchases over time without interest.

Annual cashback redemption

One of the most significant drawbacks of the Costco Anywhere Visa® card by Citi is the fact that cashback rewards are only redeemable once a year. After your February billing statement closes, you’ll receive a reward certificate that can be used for cash or merchandise at U.S. Costco warehouses, including Puerto Rico.

For those who prefer to access their rewards more frequently, this might be a downside, as you’ll need to wait until February to use the cashback you’ve earned throughout the year.

Who can apply for this card?

To apply for the Costco Anywhere Visa® card by Citi, you need to meet the following criteria:

• Costco membership: You must have an active and paid Costco membership. The membership acts as the primary requirement for eligibility.
• Minimum age: Applicants must be at least 18 years old.
• Good to excellent credit: A good to excellent credit score (typically 670 or higher) is recommended to increase the likelihood of approval and to receive favorable terms.

If you meet these requirements and regularly shop at Costco, this card can offer substantial cashback rewards, especially in the gas, dining, and travel categories.

How to apply for the Costco Anywhere Visa® card by Citi

Applying Through the website

To apply for the Costco Anywhere Visa® card by Citi, visit the Citi website or the Costco website and navigate to the credit card section. Click the “Apply Now” button, which will direct you to an online application form.

You’ll need to provide personal details such as your name, address, social security number, and income information. If you’re already a Costco member, make sure your membership is active, as this is required for the application process.

Once you submit your application, Citi will conduct a credit check to assess your eligibility. You can typically expect a response in under a minute. If approved, your card will be mailed to you, and you can start earning cashback on your purchases right away.

In conclusion, the Costco Anywhere Visa® card by Citi is a powerful tool for Costco members looking to maximize their cashback rewards. With no annual fee, high rewards on gas, dining, and travel, and added purchase protections, this card is a fantastic choice for those who frequently shop at Costco and want to make the most out of their everyday spending.