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Costco Visa Card Review: A Solid Pick for More Than Just Costco Fans

Review Updated
Lyle Daly
By: Lyle Daly

Our Credit Cards Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of The Ascent.

If you have a Costco membership, the Costco Anywhere Visa® Card by Citi, an advertising partner with The Ascent, can earn you cash back on your spending at the warehouse giant. To make it even better, the card also earns bonus cash back in a variety of spending categories, giving you plenty of chances to rack up more rewards. Check out this full Costco Anywhere Visa® Card by Citi review to decide if it deserves a place in your wallet.

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
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Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Excellent (740-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Excellent (740-850)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

20.49% (Variable)

Rewards Circle with letter I in it. 4% back on gas and EV charging ($7,000 annual spending cap), 3% back on restaurants and travel, 2% back on Costco purchases, 1% back on other purchases

1% - 4% back

Annual Fee

$0 for Costco members

Welcome Offer

N/A

  • Hard to beat for Costco shoppers with the lucrative rewards program and no annual fee for members. The cash back rates on gas and EV charging are among the highest you'll find.

    • Gas and EV charging cash back
    • Costco cash back
    • Travel and dining cash back
    • Purchase protections
    • No foreign transaction fee
    • No sign-up bonus
    • No intro APR offer
    • Clunky cash back redemptions
    • 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

Full Costco Visa Card review

This credit card is a good fit for: Costco shoppers who have high spending at the warehouse store and on gas.

Features and benefits

You don't need to pay anything extra for the Costco Anywhere Visa® Card by Citi, as it has no annual fee. It probably comes as no surprise that this card earns extra cash back at Costco, but that's not the only place where it's a big earner.

High cash back rates help you save at Costco, on gas, and more

The main benefit of the Costco credit card is the cash back. It earns:

  • 4% on eligible gas and EV charging purchases, up to a spending cap of $7,000 per year
  • 3% on restaurants and travel spending, including Costco Travel purchases
  • 2% on other purchases from Costco and Costco.com
  • 1% on all other eligible purchases

If most of your spending is at Costco, going out to eat, filling up your car, and the occasional vacation, this will be one of the best credit cards you can find. And if it's a long drive to your nearest Costco warehouse, knowing you'll get 4% back on gas is a nice consolation.

That also happens to be the highest cash back rate I've seen on gas and EV charging. So if you have a long commute to work, or you just spend a lot of time on the road, you're probably going to earn lots of cash back with this card.

Extra protection for your purchases -- and not just the ones at Costco

It's always exciting to unbox something you've been looking forward to, whether that's a new laptop, TV, or a pair of AirPods (Apple always nails the presentation). And if you're anything like me, you might immediately start worrying about dropping it and seeing all that money you spent go down the drain.

That's why I always make sure to pay for important items with a card that has purchase protection. With this Costco card, eligible purchases are covered for damage or theft for the first 120 days (90 days if you live in New York). The coverage limit is $1,000 per item and $50,000 per calendar year.

This card can also come in handy when you book travel, and not just because you'll earn 3% back. It also has a few useful travel protections:

  • Worldwide car rental insurance
  • Roadside assistance dispatch service
  • Travel and emergency assistance
  • Worldwide travel accident insurance

You can use it when you travel without paying a foreign transaction fee

A lot of cash back cards are better off left behind when you travel abroad, for one reason: Foreign transaction fees. The standard amount is 3%, meaning for every $1,000 you spend outside the United States, your card issuer charges you an extra $30.

Thankfully, the Costco Anywhere Visa® Card by Citi isn't one of them. It has no foreign transaction fee, so you can take it along on all your family's overseas adventures.

Just so you know, if you're a frequent traveler, you might want to get a travel credit card instead. The Costco credit card works fine, but it's not really a travel card. There are other options that could be better if you take several trips a year.

RELATED: The Ascent's Travel Credit Card Hub

Drawbacks to know about

The Costco Anywhere Visa® Card by Citi can certainly help you save money. It earns cash back and has no annual fee, after all. But there are some disappointing downsides with this card, including important perks that it doesn't offer.

You'll miss out on a welcome offer

This card has no sign-up bonus and no 0% intro APR offer. The lack of a 0% intro APR isn't the worst thing in the world, to be honest. Those sometimes do more harm than good by encouraging people to spend more. Still, lots of store credit cards have zero-interest offers, so it's worth mentioning.

But when a rewards credit card doesn't have a sign-up bonus, it's a red flag. Not quite as bad as someone on a dating app asking you to wire them money, but it's not a good sign.

That's because there are plenty of cards out there that give new cardholders the opportunity to earn sign-up bonuses. Even on no annual fee cards, you can find bonuses worth $200 that only require you to spend $500 to $1,000 in the first three months.

With a Costco credit card, it could take a long time to earn $200 back. You'd need to spend $10,000 at Costco to earn the same amount that some cards include as a sign-up bonus.

RELATED: The Ascent's Picks for the Best Credit Card Sign-Up Bonuses

The cash back program isn't right for everyone

Here's the elephant in the room with the Costco credit card: It doesn't actually earn that much at Costco. A rate of 2% on other purchases from Costco and Costco.com at its own store is the bare minimum for a store credit card. Amazon offers 5% back on Amazon spending with its Prime Visa, to give you an example of a store card that does a better job of rewarding loyal customers.

There are also other cash back cards that earn just as much at Costco. So even if you shop there often, it doesn't necessarily mean this card is the best choice.

Before you decide, check out some other credit card reviews (you'll find two good alternatives further below). See if there's another card with a cash back program that's a better fit. That could be a card with different bonus categories. Or, if you want a more all-purpose option, there are cards that earn 2% back on all your purchases.

Getting your cash back is a slow, inconvenient process

This card's process for redeeming cash back feels like it comes out of the 1990s. You'll get your cash back once a year. After your February billing statement closes, Costco will send you a reward certificate with all the cash back you earned for the previous year. Citi and Costco may pick another way to issue your cash back if it's over $10,000.

Some cardholders like getting their cash back in a big lump sum, instead of redeeming $15 to $20 here and there. But you can do that with other cash back cards, if you want. They just also give you the option of using your cash back without needing to wait a year first.

What makes this even worse is that you lose all your cash back if your card is canceled before Costco sends you the reward certificate. Even if you aren't using your Costco credit card anymore, you need to keep it open until you at at least receive your cash back.

TIP

How to increase your overall cash back

You can earn 2% back on purchases by becoming a Gold Star Executive Costco member. You'll still earn the 2% base rate this card offers, meaning a total of 4% back on regular purchases and 5% back on Costco Travel.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Suggested credit score

The recommended credit score to apply for the Costco Anywhere Visa® Card by Citi is 720 or higher. This credit card is intended for shoppers with excellent credit. You will also need to be a Costco member and provide your membership number when you apply.

The Costco Visa Card is right for you if:

You do most of your shopping at Costco or if you drive often and spend a lot of money on gas/EV charging. It can be especially valuable for those families who ring up big Costco bills and want to start getting rewarded for it. And if you have a Costco Executive membership, you should absolutely get the Costco Anywhere Visa® Card by Citi to boost your cash back.

If you shop at a variety of different retailers or if you want cash back you can redeem any time, then you're better off checking out these top cash back cards.

Alternatives to consider

  • If you want more flexible cash back categories: The Bank of America® Customized Cash Rewards credit card lets you choose a category to earn 3% cash back. It also offers 2% back at grocery stores and wholesale clubs like Costco. The 3% and 2% cash back rates apply to your first $2,500 in combined spending across those categories per quarter.
  • If you want a sign-up bonus offer: The Wells Fargo Active Cash® Card offers a $200 cash rewards welcome offer for spending $500 in the first three months. In addition to the great welcome offer, it also offers one of the most generous unlimited cash back rates we've seen.
As of Nov. 27, 2023
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Costco Anywhere Visa® Card by Citi Bank of America® Customized Cash Rewards credit card Wells Fargo Active Cash® Card
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Excellent (740-850)

Excellent (740-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Welcome Offer:

N/A

Welcome Offer: Circle with letter I in it. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening

$200 cash rewards

Welcome Offer: Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

$200 cash rewards

Rewards Program: Circle with letter I in it. 4% back on gas and EV charging ($7,000 annual spending cap), 3% back on restaurants and travel, 2% back on Costco purchases, 1% back on other purchases

1% - 4% back

Rewards Program: Circle with letter I in it. 3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases.

1% - 3% cash back

Rewards Program: Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

2% cash rewards

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Intro APR: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. Balance transfers include a fee of 3% for 60 days from account opening, then 4%.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Intro APR: Circle with letter I in it. 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 15 months from account opening

Balance Transfers: 0% intro APR, 15 months from account opening on qualifying balance transfers

Regular APR:

20.49% (Variable)

Regular APR:

18.24% - 28.24% (Variable)

Regular APR:

20.24%, 25.24%, or 29.99% Variable APR

Annual Fee:

$0 for Costco members

Annual Fee:

$0

Annual Fee: Circle with letter I in it. N/A

$0

Highlights:

  • 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

Highlights:

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
  • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishing purchases.
  • If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
  • No annual fee and cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Highlights:

  • Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
  • Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
  • Earn unlimited 2% cash rewards on purchases.
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
  • $0 annual fee.
  • No categories to track or remember and cash rewards don’t expire as long as your account remains open.
  • Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
  • Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
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Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.

FAQs

  • The minimum credit limit for the Costco Anywhere Visa® Card by Citi is $500, but it's possible to receive a much higher limit depending on your creditworthiness. Some cardholders have reported limits of more than $25,000 with this credit card.

  • You can use the Costco Anywhere Visa® Card by Citi anywhere Visa is accepted.

  • Yes, the Costco Anywhere Visa® Card by Citi can help you build credit. Citi, the card issuer, reports card activity to all three consumer credit bureaus. When you use the card regularly -- and consistently pay the bill on time -- it can boost your credit score.

Our Credit Cards Experts