Credit Cards

Why the Costco Anywhere credit card is my new favorite

Alex Cohen Alex Cohen  | 

Disclaimer: I love Costco. It's on my list of top 5 favorite stores to shop at. Nothing beats a Sunday morning of free samples and 2 carts full of everything in bulk I never realized I needed. But in no way am I going to let my love for Costco impact my review of their credit card, the Costco Anywhere Visa. It doesn't need any help to convince me it's a great card, it actually happens to be a really great card.

Let's start with the basics

The card is only for Costco members. In order to even apply for this card you will have to have a Costco membership. They offer three different membership types:
- $55 personal membership
- $55 business membership
- $110 executive membership

Each of these memberships has their own unique terms, and you can read about that on Costco's website here.

Birch Tip: Find out how much you spend at Costco by linking your accounts with Birch. If you spend more than $2,750 annually at Costco, get the executive membership.

Annual Fees
With a mandatory Costco membership we're looking at a minimum $55 annual fee you have to pay before qualifying for the card (lowest cost of a Costco membership). However, the card itself doesn't include any additional annual fees, and that's a huge upsell.

The Costco Anywhere Visa card offers some of the best cash back rewards we have seen. Here's a screenshot directly from their website:

If you read my post on why you should never apply for a gas branded credit card, this is the reason right here. The average person only spends between $1200-$2000/yearly on gas, meaning you'll most likely not reach the cap and earn 4% back with minimal effort! You also won't have to worry about minimal spending to qualify for the rewards either.

With the Costco Anywhere card, 4% cash back on gas is fantastic and an effortless 3% cash back on restaurants and eligible travel is hard to beat. Not only that, but depending on how much you spend at Costco you can earn anywhere between 2-4% cash back.

Reward Exclusions
Gas: You will only earn 1% cash back, not 4%, for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco or for fuel used for non-automobile purposes.
Restaurants and Travel: You will only earn 1%, not 3%, for purchases made at bakeries and certain restaurants/cafes inside department stores, grocery or warehouse clubs.

Introductory APR
To sweeten the deal, you'll also get 7 months of an introductory 0% APR. It's shorter than a lot of other cards, but remember you're getting some really great cash back.

Interesting Detail
Your cash back rewards are credited as a yearly statement, instead of monthly, as is common with many other cash back cards.

From the Citi terms and conditions: "Your reward is distributed annually via U.S. Mail in the form of a credit card reward certificate included in your February billing statement, and is redeemable through December 31 of the year issued in a single transaction at any U.S. Costco warehouse, including in Puerto Rico, for merchandise or cash back. The credit card reward certificate will contain your Costco Cash Rewards balance based on your eligible purchases during the annual reward period. The annual reward period is based on January through December billing statements. Should you choose to redeem only a portion of the certificate for merchandise, you will receive the remaining balance in cash at the Costco warehouse register upon checkout. Some warehouses may not permit the credit card reward certificate to be redeemed for alcohol purchases. Requests for cash may be fulfilled in the form of a check at Costco's discretion."

An interesting detail, but it doesn't devalue this card in anyway.

Overall, it's a fantastic card if you're a Costco member. I usually don't get overly excited about cards but this one offers some great value.

You can learn more on Citi's website by clicking here

Alex Cohen

Alex Cohen

I run Birch by day and watch cat videos by night

San Francisco, CA