5 Little-Known Perks of the Costco Credit Card

The cash back is the standout feature, but there are also some useful extras you might not know about.

For Costco members, the warehouse club offers a Costco credit card. The Costco Anywhere Visa® Card by Citi is most well-known for its cash back rewards, and especially its gas rewards, where it earns one of the highest rates I've seen.

While that gets most of the attention, this card also has valuable benefits that don't get discussed as often. Just like there are little-known perks of a Costco membership, the same is true for its credit card. If you have a Costco credit card, or you're thinking of getting one, here are those little-known benefits you should know about.

1. Damage and theft purchase protection

Eligible purchases paid for with your Costco credit card include damage and theft protection. This covers you if the purchase is damaged or stolen within 120 days of purchase (90 days for New York residents). The coverage limit is generous, too. The maximum coverage per item is $1,000 or the amount charged to your card, whichever is less, and the coverage limit per calendar year is $50,000.

Let's say you buy a new laptop with your Costco credit card for $800. A month later, someone breaks into your car and steals your bag, which has your laptop in it. You can file a claim to get reimbursed for the $800. This protection applies to eligible purchases whether they're made at Costco or another retailer.

2. Access to Citi Entertainment

Like many other Citi credit cards, the Costco credit card allows you to use Citi Entertainment. Citi Entertainment provides access to purchase tickets to thousands of events. It includes presale tickets and exclusive experiences for concerts, sports, arts, and cultural events.

This is a huge perk if you want to get tickets for in-demand events. For example, when Beyoncé released tickets for her Renaissance World Tour, she teamed up with Citi Entertainment.

3. Travel protections

Even though the Costco credit card isn't really considered a travel credit card, it does provide travel perks. In addition to earning 3% cash back on eligible travel purchases, it offers the following travel protections:

• Worldwide car rental insurance: If your rental car is damaged or stolen, this insurance covers up to $50,000 toward the cost of repairs or the cash value of a rental car. It applies to eligible car rentals with rental periods of no more than 31 days paid for with your Costco credit card.
• Travel and emergency assistance: If you need assistance before or during a trip, you can get services and referrals worldwide in case of emergency, as well as help with travel requirements or complications.

4. No foreign transaction fee

Many credit cards still charge a foreign transaction fee, and the standard fee amount is 3%. If you travel abroad and spend $3,000, a 3% fee would add another $90 to your bill. For frequent travelers, this extra fee adds up. That's why it's nice that the Costco credit card doesn't charge a foreign transaction fee.

5. Use it as your Costco membership ID

Normally, you need your Costco membership card to get into warehouses and for the cashier to scan during checkout. But a Costco credit card doubles as a membership ID. Once you have one, you can leave your membership card at home and reserve your wallet for just your credit cards.

The Costco Anywhere Visa® Card by Citi is one of the most valuable store credit cards. That's not just because of its cash back rewards, but also because of all the extra perks it has. If you spend a lot of money at Costco, this card could be a valuable addition to your wallet.