Hey Costco Fans! Have you checked out the Costco Anywhere Visa by Citi? If not, you need to ASAP. It offers great rewards, all the usual features and protections of any other Citi card, and can be used everywhere Visa is accepted. I told you it was worth a look!
Not to state the obvious, but you must have a Costco membership to own this credit card. But don’t worry. If you are not currently a Costco member, you can quickly sign-up with a link from the Costco Anywhere Visa website.
The good news is the Costco Visa works like any other Visa card. Sure, you can use it at Costco, but you can also use it anywhere Visa is accepted.
And the good news continues: The Costco Visa does not have an annual fee. However, you will still be responsible for paying your Costco membership dues. Having the Costco Visa makes this step easier because your Costco membership fee will be directly billed to your card.
The Costco Anywhere Visa is a category credit card, which means you will earn more cash back for different types of purchases. Check out the list below:
Earn 4% cash back for all gasoline purchases worldwide up to $7000 annually. Earn 1% cash back after meeting the limit
Earn 3% cash back at restaurants and on eligible travel expenses worldwide.
Earn 2% back on all Costco purchases
Earn 1% back on all other purchases
Redeeming your Costco rewards might be a little different than what you are used to. The Costco Visa rewards are paid out once annually in February. You can choose to receive cash or you can use your rewards on Costco merchandise.
Aside from the rewards, a couple of the most impressive features of this card include no annual fee, and the other is no foreign transaction fee. The Costco Anywhere Visa is living up to its name, and then some! With no additional charges on international transactions, the Costco Anywhere Visa has the potential to become your primary travel card and the one you use every day. Here are all of the details to consider:
No annual fee
No foreign transaction fee
The Costco Anywhere Visa requires excellent credit with a credit score of 750+
Purchase APR = 15.24%
Balance Transfer APR = 15.24%
Cash Advance APR = up to 25.24% variable
Penalty APR for late payments and returned payments = 29.99% variable
Balance Transfer Fee = $5 or 3% of the balance
Cash Advance Fee = $10 or 5% of the amount
Minimum Interest Charge = $.50
Making purchases with your Costco Anywhere Visa provides Purchase Protection against damage or theft, even if your card has been compromised due to SIM swapping or any other hacking method. Repairs and refunds are available within 120 days of the purchase (90 days for New York residents).
Purchases also receive an extension of the manufacturer’s warranty. The details for this perk are contingent upon the item and the place of purchase.
Costco Anywhere Visa customers also have accessibility to the Citi Flex Plan. Citi Flex offers cardholders two different options:
Citi Flex Loan: A Citi Flex Loan has a fixed APR and you get to choose the duration of the loan.
Citi Flex Pay: You can choose a single card purchase with a fixed APR and decide how much time you need to pay it down.
Both of these plans give cardholders more options and more flexibility. For both options, customers must receive approval from Citi to participate. While these plans offer great options for customers, be advised that longer periods of payment make payments lower; however, they also accrue more interest, making the purchase increase significantly over time.
Another perk cardholders receive is access to Citi Entertainment. If you want first dibs at ticket pre-sales, the Citi Entertainment feature can deliver VIP access to great sporting events and concerts.
So far, the Costco Anywhere Visa is shaping up to be a go-to everyday card and a decent travel card choice. But hang on, let’s review a few of the card’s aspects that are not quite so alluring.
The card has no annual fee; however, you must have a Costco membership, which is not free.
This card does not have the attractive “unlimited points” option. Your rewards are automatically cashed-out every year in February. This money is issued as cash or Costco store credit only.
The Anywhere Visa is not available to everyone. It is only for customers with a credit score of 750 or higher.
This card lacks the flashy sign-up bonuses other cards use to entice customers. With this card, you get great rewards but no 0% APR period or bonus points to pad your cash back pile when you sign up.
The purchase APR at 15.24% is a little higher than average, but not too punishing comparatively.
The bottom line is this: The Costco Anywhere Visa card by Citi is an excellent card for people who already have or want to get a Costco membership. The rewards are practical and generous. Even without a flashy sign-up bonus, the Anywhere Visa is a contender with 4% back on gas and 3% back at restaurants and eligible travel.
With no annual fee and no foreign transaction fee, the Anywhere Visa is a solid choice for everyday and travel. Even with no real jaw-dropping incentives, there’s a lot to love about this card. The Costco Anywhere Visa is a prime example that sometimes you don’t have to outshine the others -- all you have to do is work what you’ve got!
