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Costco Anywhere Visa® Card by Citi review: Generous rewards at the bulk retailer and beyond, with a few caveats to consider

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 Costco Anywhere Visa® Card by Citi

Review: Is the Costco Anywhere Visa the best card for you?

The Costco Anywhere Visa® Card by Citi offers generous rewards in several different spending categories, including Costco purchases. But at the end of the day, the Costco Anywhere Visa® Card by Citi really stands out in terms of the rewards it offers on gas purchases worldwide. If you’re someone who drives long distances or commutes to work, this card could be an excellent choice for your wallet for that reason alone thanks to its bonus for gas purchases.

While the ongoing rewards you earn with this card can be downright lucrative, the fact that there’s no sign-up bonus is a downside. Another potential “gotcha” of this card is that you can only cash in your rewards once per year.

Bottom line: If you’re a Costco member and you spend a lot of money on gas, this card can a great option. Just remember that your rewards will only become available to you once per year, and that you’ll have to visit a brick-and-mortar Costco store to get your cash back or to cash in your rewards for merchandise.

Table of Contents: Masthead Sticky 

Costco Anywhere Visa versus other cash-back cards

 Costco Anywhere Visa® Card by CitiChase Freedom®Blue Cash Preferred® Card from American Express
Annual fee$0 (but requires Costco membership)$0$95
Rewards rate

4% cash back on eligible gas worldwide*

3% cash back on restaurant and eligible travel purchases worldwide

2% cash back on all other purchases from Costco and costco.com

1% cash back on all other purchases

 

5% cash back on up to $1,500 spent in quarterly rotating bonus categories (then 1% back)

1% cash back on everything else

6% cash back at US supermarkets**

6% cash back on select US streaming services

3% cash back on transit

3% cash back at US gas stations

1% cash back on everything else

Welcome bonusN/A$200 back after you spend $500 in the first 3 months$250 back after you spend $1,000 in the first 3 months
 Costco Anywhere Visa® Card by CitiNot available through Business InsiderAmerican Express Blue Cash Preferred® Card from American Express

*on up to $7,000 spent per year, then 1% back

**on up to $6,000 spent per year, then 1% back

Earning and redeeming cash back

I love this card gives you 4% back on up to $7,000 in gas station spending each year. If you drive enough to max this category out each year, you’ll earn $280 in rewards in this category alone.

Obviously, racking up 3% back on dining and eligible travel purchases could also help you earn rewards quickly, and you’ll earn even more cash back if you do most of your grocery and household shopping at Costco to begin with. That’s because you earn 2% back on Costco purchases made with this card, and that’s on top of the 1% back you’ll earn on regular purchases.

An important caveat for redeeming your cash back

The biggest downside of the Costco Anywhere Visa® Card by Citi is that you don’t receive your rewards in the form of a check or statement credits. Not only that, but you also can’t cash them in throughout the year.

According to the terms and conditions on this credit card, “cash back will be provided as an annual credit card reward certificate once your February billing statement closes, and is redeemable for cash or merchandise at US Costco Warehouses.”

In other words, your rewards are good for more Costco purchases or cash back — but you have to visit a Costco location in order to redeem rewards for cash back instead of merchandise. And you’ll only receive your rewards once per year, and during the middle of winter at that. This makes the Costco Anywhere Visa® Card by Citi unlike most other cash-back cards, which let you redeem your rewards any time you want.

Costco Anywhere Visa card features 

The Costco Anywhere Visa® Card by Citi does offer a few notable benefits that can help consumers save money and protect their purchases.

You’ll get purchase protection against damage or theft, for example, provided you report the incident within 120 days of purchase (90 days for New York residents). You’ll also receive extended warranties on qualifying products that already come with a manufacturer’s warranty.

Additionally, the card gets you access to presale tickets and exclusive experiences through the Citi Entertainment program.

Citi Costco Anywhere Visa® Card by Citi

Costco Visa card costs and fees

In addition to being free of annual fees, the Costco Anywhere Visa® Card by Citi doesn’t charge any foreign transaction fees. However, you should note that you do have to belong to Costco in order to qualify for this credit card. Costco memberships start at $60, which is worth considering if you don’t have a membership already and don’t plan on shopping at the store very often.

In terms of additional costs, this card comes with an APR of 15.24% (Variable) on purchases. You’ll also pay a 3% fee (minimum $5) for balance transfers and a 5% fee (minimum $10) for cash advances. Up to a $40 fee for late payments and returned payments also applies.

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