The Costco Anywhere Visa Card by Citi - Review
Rating: 4.5/5
Pros:
Great overall cashback % bonuses
Compounds with Costco membership purchases
No annual fees
No foreign transaction fees
Cons:
Must have a Costco Membership
Other cards that have a >1% cashback on all purchases
Intro and Author’s Note
With this being only my 2nd credit card review, I thought I’d focus on a non-travel credit card with the entire world pretty much still on lockdown in terms of recreational traveling until the end of the year. This isn’t to say that the card is not good for traveling, as it does offer a bonus cashback for travel purchases and no transaction fees which could make for a good bonus savings if you’re not someone who travels much.
The Costco Anywhere Visa Card by Citi
When it comes to a great cashback card, I find that the Costco Anywhere is an excellent card to have in your wallet whether you use it for your everyday purchases, travel purchases, or getting your favorite goods at your local Costco (or Costco.com) - is a great option for a no-annual fee card.
Earned Cash Back Rates
4% Cashback on eligible gas purchases worldwide
For the first $7,000 per year, then 1% thereafter (1% cashback for gas purchased at superstores, supermarkets, convenience stores, and warehouse clubs other than Costco for fuel used for non-automotive purposes)
3% Cashback on restaurant and travel purchases worldwide
Travel includes airfare, hotels, car rentals, travel agencies, cruise lines, and Costco Travel
2% Cashback on all other purchases from Costco and Costco.com
This is in addition to the Costco Executive Membership bonus
1% Cashback on all other purchases
Still great if you use your card exclusively at Costco and Costco.com with the Executive Membership
Fees and Rates
Annual Fee: $0*
The reason for the * is because you cannot apply for the Costco Anywhere card without at least having a Costco membership, which is $60 a year for the Gold Membership and $1202 for the Executive Membership, and this is where it gets a little tricky. The Gold Membership is a great deal as you get access to their warehouse where you can get your goods in bulk and save a ton money, however, the Executive Membership does the same thing BUT also gets you a 2% cashback on all purchases from Costco, Costco.com, and Costco Travel.
What does that mean for you when compared with the Costco Anywhere Visa card?
This means that if you limit your card usage to Costco purchases, your effective cashback rates will jump 2% (except gas, I know) so you’ll get 3% + 2% at Costco Travel, and 2% + 2% at all purchases at Costco and Costco.com! In the 10+ years I’ve had my Executive Membership, I have never had to pay for my annual fee as the cashback always covered it.
Rates: 15.24% + Prime Rate
Spending Strategy and Conclusion
I would recommend to spend this for gas and all-things-related-to-Costco purchases, combined with the Executive Membership. The effective 5% on Costco Travel and 4% Costco and Costco.com cashback is a top-tier option, and even without the Executive Membership you still get 4% on gas which is one of the highest offered. Costco even offers this table to see where your spending based on monthly and yearly and calculates your approximate annual reward.
In conclusion, this is an excellent card that is a must-have for Costco shoppers and doubles as an everyday workhorse card that can meet your spending needs. While it does not offer any bonus cashback for grocery stores, the rest of the cashback bonus makes up for it.
