Do you visit Costco when you need merchandise for your business? Are part of your company’s expenses allocated to travel, dining, or gas? If so, the Costco Anywhere Visa card may be a great tool for you. By offering quite a few perks and benefits, it can help you save money on your phone and broadband bills and provide helpful discounts. This review sheds light on everything you need to know about Costco’s versatile credit card.
What is the Costco anywhere Visa card?
The Costco anywhere Visa business card was designed primarily for small businesses. It is available only for Costco members, so you must first become a member before you can apply for the credit card. The Costco anywhere Visa comes with quite a few perks in terms of cash backs and APR. It is also a very practical card. Despite being referred to as the Costco Visa card, it is not only valid in Costco stores, but virtually everywhere. For this reason, you can earn cashback on most, if not all, of your purchases. The Costco cash back card also offers the following perks:
- 4% cash back on eligible gas worldwide up to $7,000 (1% cash back after that)
- 3% cash back on travel and restaurant purchases worldwide
- 2% cash back on all purchases at Costco stores, including Costco.com
- 1% cash back on all other purchases
- No annual fees
- No foreign transaction fees, neither for business nor for personal expenses.
Read more here about credit card schemes and how cash back credit cards work.
What are the Costco Citi card benefits?
Aside from the perks mentioned earlier, the Costco anywhere Visa card also provides you with the benefits below:
- Citi mobile app. By using the app, you can easily manage your transactions, set up alerts, and facilitate your financial management at any time.
- Citi entertainment. This allows you to gain VIP access to thousands of popular concerts, sporting events, and other exclusive events.
- City concierge. This service will give you 24/7 access to staff that can be of help in various matters. Travel plans, entertainment, and shopping are only a few of the areas where you can receive assistance.
- City quick lock. This feature makes it easy to block any new transactions such as purchases or cash advances.
- Extended warranty. Citi provides an extended manufacturer’s warranty, making your purchases even more secure.
- Account alerts. With services such as Citi alerts and Citi tools, you can manage your account and needs with ease.
- Damage and theft protection. In case of damaged or stolen purchases, you may receive a refund if the purchase was made with the Costco card.
- Fraud early warning. For Citi bank, customer safety is of the highest priority. If they notice any suspicious activity related to your card, they will be quick to contact you. Read here about how to protect yourself from credit card fraud.
- E-communications and paperless statements. You have easy access to current statements and can download them free of charge at any time. Should you be interested in past statements, you can request them for free as well.
What are the Costco Visa card cons?
At this point, it is clear that there are many pros of the Costco anywhere Visa card. However, like with any other card, there are also a few disadvantages.
- The card is only available for Costco members. This entails an annual fee of $60 plus taxes for Business and Gold Star members. An Executive Membership is currently $120 plus taxes.
- Each authorized user much have their own membership. If you want one or more employees to be able to use your card, they must become members as well. This means that the annual cost can be rather high if you want several employees to be authorized users.
How to apply for a Costco card
You can apply for a Costco anywhere Visa card by phone or online. To order by phone, call 1-888-282-1020. For applications online, please visit Citi bank’s website, www.citi.com. Only authorized officers and controlling parties of the company can apply for the card.
How to redeem Costco rewards
Costco rewards can be redeemed annually. After your billing statement closes in February, you will receive a credit card reward certificate. The certificate can be redeemed either for cash or goods at Costco stores. In order to receive your rewards, you must visit a Costco warehouse in the United States or Puerto Rico.
Costco Visa costs
There is no annual fee for the Costco anywhere Visa card. However, this is on the condition that the Costco membership is paid for. The card comes with a standard variable APR of 15.24% for purchases. This is a low rate compared to many other business credit cards, that have APRs of around 20%. In terms of cash advances, the APR is 25.24%. With some other credit cards, there are common traps that can increase the cost of your credit card bills.
The card also comes with penalties in case of a delayed or returned payment. In such a case, the APR can rise to 29.99%.