Costco Anywhere Visa Review: Bulked-Up Savings for Members
The Bottom Line
4.6
Costco loyalists can rack up some nice rewards with this card, but you'll only be able to redeem them once a year — and you'll have to go to a physical Costco store to do it.
Rates, fees and offers
Annual fee
$0
Rewards rate
1%-4%
Bonus offer
N/A
Intro APR
N/A
Ongoing APR
APR: 19.99%-27.99% Variable APR
Cash Advance APR: 29.99%, Variable
Penalty APR: Up to 29.99%, Variable
Balance transfer fee
Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum.
Foreign transaction fee
0%
More details from Citibank
- Discover one of Citi's best cash back rewards cards designed exclusively for Costco members
- 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurants and eligible travel purchases
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
Pros and Cons
Pros
No annual fee
Bonus categories
No foreign transaction fees
Cons
Must be a Costco member
Limited redemptions
Detailed Review
For a store card, the Costco Anywhere Visa® Card by Citi carries plenty of goodies in its cart.
The card can indeed be used anywhere, not just at Costco, and it offers impressive rewards rates across a wide variety of categories. Its annual fee is $0.
But there are a couple of economy-size caveats there: You have to be a Costco member to get the card (or to realize any benefit from it), and that does require a yearly membership fee. And while the card’s rewards rates are generous in some categories, they aren't particularly high for Costco purchases, and redemption isn’t straightforward.
Key features of the Costco Anywhere Visa® Card by Citi
Card type: Store.
Annual fee: $0 for the card, but you have to be a Costco member. A baseline Gold Star membership costs $65 per year, while the higher-tier Executive membership is $130 per year.
Rewards:
4% cash back on gas and EV charging purchases (both at Costco and other gas stations) on up to $7,000 of spending a year, then 1% back.
3% cash back on restaurants and most travel purchases.
2% cash back at Costco and Costco.com.
1% cash back on all other purchases.
If you have the more expensive Executive membership, you can earn up to 4% back on eligible Costco purchases (2% back with the card, plus 2% back from the membership tier). The 2% from the membership tier is capped at $1,000 in rewards annually.
Sign-up bonus: N/A.
Intro APR offer: None.
Additional benefits: The card charges no foreign transaction fees. It also includes travel and emergency assistance and worldwide travel accident insurance.
Credit score requirements: According to the issuer, you'll need excellent credit to qualify for the Costco Anywhere Visa® Card by Citi. That's generally defined as a credit score of 720 or better.
Benefits and Perks
It really is an anywhere card
The Costco Anywhere Visa® Card by Citi is an "open-loop" store card, meaning you're not limited to using it only at Costco. In fact, in several cases, you're rewarded more handsomely for using it elsewhere.
Big gas rewards
For those who drive often, this card's rich gas rewards are a highlight. At 4% back on up to $7,000 in gas spending a year (and EV charging purchases, too), you could earn $280 annually just at the pump. And that's not including the 1% back you'd get on any gas purchases beyond that cap.
Rich rewards on dining and travel
The 3% cash back on dining and travel is unlimited. That's as good as the rate offered by some premium travel cards with annual fees in the hundreds of dollars.
No foreign transaction fees
Unlike many other cash-back credit cards, the Costco Anywhere Visa® Card by Citi charges no extra fee on purchases abroad. If you travel internationally, you'll continue earning rewards without incurring a surcharge on every purchase you make.
Drawbacks and Considerations
Its richest reward rates are outside Costco
This is a card designed for people who are already shopping at Costco. So if you’re expecting huge incentives to spend money at the retailer itself — along the lines of the 5% discounts or rewards offered by cards from Amazon and Target — you’re going to be disappointed. You’ll get 2% back on purchases at Costco and Costco.com, but the signature appeal of this card is that it turns your other spending into rewards you can use at Costco.
It requires excellent credit for approval
Simply being a Costco member is not enough to qualify for the Costco Anywhere Visa® Card by Citi. Excellent credit is generally defined as a credit score of 720 or better. Keep in mind, though, that credit scores alone do not guarantee approval for any credit card.
No sign-up bonus
Costco's annual membership fee is a de facto annual fee for this card. But unlike many other cash-back cards, the Costco Anywhere Visa® Card by Citi offers no sign-up bonus to offset that cost.
Redemption is restrictive
While the card's rewards rates are high, the redemption process is peculiar. With most rewards credit cards, cardholders receive their cash back or points within a billing cycle or two and can redeem them once the rewards post to their account. With the Costco Anywhere Visa® Card by Citi, cardholders receive their rewards once a year in the form of a certificate included with their February billing statement. They have until the end of the year to bring the certificate to a Costco store and use it as a credit toward their purchases. (The certificate is not redeemable online, but cardmembers who have earned as least $300 or more in rewards may redeem their certificate as a direct deposit into a bank account.) If cardholders cancel their Costco membership before redeeming the certificate or don’t redeem before the Dec. 31 deadline, they lose those rewards.
To recap: You'll have to wait months for your rewards, you might have to travel to a store to redeem them, and you'll be on the clock to do so. If any of these are dealbreakers, this card isn't for you.
Alternatives to the Costco Anywhere Visa® Card by Citi: Other Visa cards
If the Costco Anywhere Visa® Card by Citi doesn't appeal to you but you still want a credit card to use at Costco, your choices are limited to cards on the Visa payment network. Costco accepts only Visa credit cards, along with cash, checks, debit cards, EBT and Costco Cash cards. Visa cards worth a look:
Alliant Cashback Visa® Signature Credit Card: This card earns up to 2.5% cash back on the first $10,000 you spend per billing cycle. To apply for the card, you first must join Alliant Credit Union.
Fidelity® Rewards Visa Signature® Card: You need a Fidelity account to reap the rewards on this card. It earns 2% back on every purchase, including at Costco. There's no annual fee.
Chase Freedom Unlimited®: This card pays 5% on travel booked through Chase, 3% on dining and drugstores and 1.5% cash back on every other purchase and has a $0 annual fee.
For other options, see our list of best credit card offers.
How To Decide If It's Right For You
Credit cards don't generally offer bonus rewards at wholesale clubs, so the 2% cash-back rewards at Costco and Costco.com on the Costco Anywhere Visa® Card by Citi can make the card worth getting for some Costco loyalists. The card's generous bonus categories for gas, travel and dining out can sweeten the deal.
Information related to the Amazon Prime Rewards Visa Signature Card and Target's REDcard products has been collected by NerdWallet and has not been reviewed or provided by the issuers of these cards.
This is a Visa card, so you can use it at Costco, but it doesn't bother with a complicated tiered rewards structure and imposes no restrictions on redemption. You'll get 5% cash back on travel booked through Chase, 3% back on dining and drugstores, and 1.5% cash back on all other purchases. Plus, you can redeem rewards in any amount at any time. You even get a sign-up bonus offer and a 0% intro APR period. The annual fee is $0.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
Can I use the Costco Anywhere Visa card outside of Costco?
Yes. The Costco Anywhere Visa® Card by Citi can be used anywhere that accepts Visa, not just at Costco.
Does the Costco Anywhere Visa charge an annual fee?
There's no annual fee for the card, but you must be a Costco member to apply, and membership starts at $65 a year.
Do you have to be a Costco member to get the Costco Anywhere Visa?
Yes. You must be a Costco member to get the Costco Anywhere Visa® Card by Citi. Since rewards are redeemable only at Costco, there wouldn't be much of a benefit for nonmembers to get the card.
Does the Costco Anywhere Visa come with a Costco membership?
You apply for the credit card separately from signing up for a membership. You don't get the card automatically for becoming a member, nor do you get free membership as a perk of the card.
What are the rewards on the Costco Anywhere Visa?
You earn 4% cash back on gas purchases (at Costco as well as other gas stations) on up to $7,000 in gas spending per year (1% after that); 3% cash back on restaurants and most travel purchases; 2% back at Costco and Costco.com; and 1% cash back on all other purchases.
Do I have to spend my Costco Anywhere Visa rewards at Costco?
You have to go to a Costco store to claim your rewards, but you don't have to spend them there.
With the Costco Anywhere Visa® Card by Citi, you receive your rewards once a year through a certificate that comes with your February billing statement. (It will come by email if you’ve signed up for paperless statements.) You must bring the certificate to a Costco location before the end of the year, where you can redeem the rewards for Costco purchases — or for cash.
What credit score do I need to get the Costco Anywhere visa?
You must have excellent credit to get approved for the Costco Anywhere Visa® Card by Citi. That generally means a credit score of 720 or above.
Is the Costco Anywhere Visa the best credit card for gas?
If you want rewards that are more flexible than Costco rewards, see our top picks for best gas credit cards.
