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Do you shop often at Costco? Did you know that you can earn rewards every time you make a purchase there?
Citi’s Costco Anywhere Visa allows you to earn cashback in a variety of categories, including gasoline, travel and even in-store purchases.
And best of all: no annual fee. If you are a Costco member, you can take this opportunity now. Want to know how to apply for yours? Read on!
Costco Anywhere Visa
4% cash back No annualHow does the Costco Anywhere Visa work?
Citi’s Costco Anywhere Visa® works like a traditional credit card, but with the advantage of offering cash rewards across multiple categories of purchases.
To use it, you must be a member of Costco and have an active subscription, as the card is exclusive for members. As soon as you start using it, it will automatically accumulate cashback on your purchases, without needing any extra action from you.
The card offers a different percentage of cashback according to the purchase: 4% on gasoline and electric vehicle charging, 3% in restaurants and travel, 2% on purchases made within Costco and the website Costco.com, and 1% on all other purchases. That is, the more you use, the more you will accumulate.
The card also does not charge international transaction fees, which makes it a good option for those traveling.
Main benefits for the Costco Anywhere Visa
The Costco Anywhere Visa has several benefits that make the card very interesting for those who are members of Costco. One of the biggest attractions is cashback: you get 4% in qualified gasoline and electric vehicle charging, 3% in restaurants and travel, 2% on purchases within Costco and 1% on other purchases.
And best of all, it has no annual fee and also does not charge international transaction fees, great for those who like to travel.
The card also offers protection for purchases, covering damage or theft of items purchased with it, as well as insurance for car rental and travel assistance, bringing more security to those who are away from home.
Another advantage is that the card works as your Costco member ID, facilitating access to the benefits of the store. And, to top it all off, the rewards you’ve earned can be redeemed for cash or products at Costco stores.
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Cons for the Costco Anywhere Visa
Although it has many benefits, Costco Anywhere Visa also has some drawbacks. First, it is exclusive to Costco members, so if you are not a member, you will need to pay an annual subscription to apply for the card.
Another issue is that the rewards of gasoline and electric vehicle charging are advantageous only up to US$ 7,000 per year; after that, the return falls to 1%. In addition, the cashback on purchases in general is lower than on other cards, with only 1% return.
The card also has no annual fee, but the credit limit and interest rate may be a little high depending on your credit. And to use the rewards, you need to go to the Costco stores, which limits a little where you can enjoy.
APR and Fees
Citi’s Costco Anywhere Visa has some fees and APRs that vary depending on your credit and the type of transaction.
For purchases, balance transfers and Citi Flex plans, the APR may vary between 19.74% and 27.74%, depending on your credit capacity. If you choose the Citi Flex Pay Plan, a monthly fee of up to 1.72% may be charged depending on the time of the plan.
For cash advances, the APR is 29.74%, and if you delay payment or have a returned payment, the penalty APR can reach 29.99%.
The minimum interest rate is $0.50. The good news is that the card has no annual fee if you are a member of Costco and also does not charge a fee for purchases abroad. However, there are cash advance fees ($10 or 5% of the amount, whichever is higher) and balance transfer fees ($5 or 5%, whichever is higher).
How to apply for the Costco Anywhere Visa
Applying for Costco Anywhere Visa is simple. Simply go to the Costco website and fill out a form with some information, such as your Costco member’s number, your personal data (name, address, date of birth, social security or ITIN) and also your phone and email.
If you want, you can add an authorized user to your account, but they also need to be a member of Costco. After completing the form and submitting, your request will be reviewed and if approved, you will receive the card.
