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If you’re a Costco fanatic (and who isn’t?) you know the one “catch” to shopping in the wholesale club for the past few years has been the inability to use a non-American Express credit card at checkout. Costco’s long-time exclusive deal with American Express officially ended in March 2016 and, ahead of that change, the wholesaler announced it would begin accepting Visa credit cards in all of its stores. Along with this change came a new co-branded credit card as well, the Costco Anywhere Visa Card by Citi. (Full Disclosure: Citibank, as well as Chase, advertise on Credit.com, but that results in no preferential editorial treatment.)
The new Costco rewards credit card has a few features Costco fans will love.
First, the Costco rewards program is easy to remember and optimize. It follows a 4-3-2-1 cash back model. Cardholders earn:
The Costco Visa card is available exclusively to Costco members and there is $0 annual fee with your paid Costco membership. Basic Gold Star Costco membership costs $60 a year, while an upgrade to executive membership, with additional benefits and discounts, will set you back $120.
One downside to the Costco Anywhere Visa Card vs. other Visa rewards cards you can use at Costco is that the Anywhere Visa rewards are dispersed once a year — with your February billing statement as a rewards certificate — and can only be used at Costco. So, essentially, you accrue rewards with your purchases from January through December, then get a certificate with that total in February. The certificate is redeemable in a single transaction through December 31 of the year it was issued. If you cancel your membership, you forfeit those rewards you have yet to redeem. If you don’t use all of the Costco rewards in one purchase, you’ll be given cash for the remainder at the Costco register.
The card has a standard APR of 16.74% (as of 12/18/2019) for purchases and balance transfers. Those rates are on-par with similar rewards cards in the category. It’s a good idea to read the finer print on this (or any) card, to make sure you know all the finer details.
The Costco Anywhere Visa Card by Citi is best suited for those with excellent credit scores. You can see where your credit scores stand for free here on Credit.com.
Once Costco began accepting Visa credit cards in its stores, other Visa cards upped their warehouse club and Costco rewards opportunities in an effort to snag some of that Costco spending. Here are some of the other rewards credit cards you can use at Costco.
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