Is It Easy to Get Approved for a Costco Credit Card

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If you have a Costco membership, the Costco Anywhere Visa® Card by Citi can earn you cash back on your spending at the warehouse giant. To make it even better, the card also earns bonus cash back on a variety of spending categories, giving you plenty of chances to rack up more rewards.

This Costco Anywhere Visa® Card by Citi review will provide you all the info you need to decide whether this card from Citi, which is an advertising partner with The Ascent, deserves a place in your wallet.

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

17.49% (Variable)

Annual Fee

$0 for Costco members

• Hard to beat for Costco shoppers with the lucrative rewards program and no annual fee for members. The gas cash back earning potential is among the highest you'll find.

• • Gas rewards
  • Costco rewards
  • Travel and dining rewards
  • 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 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.

Top perks

Up to 4% back: The cash back rates on this card are excellent and on par with the very best credit cards. You'll earn 4% back on all eligible gas purchases, up to a spending cap of $7,000 per year. That includes Costco gas stations. You'll also get 3% back on restaurant and travel spending, which includes Costco travel purchases. Other eligible spending at Costco or on Costco.com earns 2% back. On all other eligible purchases, you get 1% back.

If you spend quite a bit on gas and groceries, the cash back rates on this card will be right up your alley.

No annual fee: This is a no-annual-fee card. To be fair, you do need to pay an annual fee for a Costco membership. You're probably already a member if you're checking out a Costco credit card, though. If you get this card, it also effectively replaces your Costco membership card.

No foreign transaction fees: If you're taking a trip out of the country, the Costco Anywhere Visa® Card by Citi doesn't charge an additional fee for foreign transactions. Given that it also earns bonus cash back at restaurants and on travel purchases, this card is a solid travel credit card choice.

Damage and theft purchase protection: This card offers complimentary purchase protections that cover the costs of refunds or repairs on eligible claims. Coverage applies for 120 days after the purchase date except for New York residents, who get 90 days of purchase protection.

Compared to other top credit cards

• This card: Costco Anywhere Visa® Card by Citi
• For cash back and a 0% intro APR: Bank of America® Customized Cash Rewards credit card
• For a high flat cash back rate on purchases: Citi® Double Cash Card – 18 month BT offer

As of Aug. 04, 2022

Costco Anywhere Visa® Card by Citi	Bank of America® Customized Cash Rewards credit card	Citi® Double Cash Card – 18 month BT offer
Rating image, 4.50 out of 5 stars. 4.50 stars 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. 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.	Rating image, 4.50 out of 5 stars. 4.50 stars 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. 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.	Rating image, 5.00 out of 5 stars. 5.00 stars 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. 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.
Apply Now for Costco Anywhere Visa® Card by Citi On Citi's Secure Website.	Apply Now for Bank of America® Customized Cash Rewards credit card On Bank of America's Secure Website.	Apply Now for Citi® Double Cash Card – 18 month BT offer On Citi's Secure Website.
	Read Full Review	Read Full Review
Credit Rating Requirement: Excellent (740-850)	Credit Rating Requirement: Good/Excellent (670-850)	Credit Rating Requirement: Good/Excellent (670-850)
Welcome Offer: N/A	Welcome Offer: $200 cash rewards	Welcome Offer: N/A
Rewards Program: 1% - 4% back	Rewards Program: 1% - 3% cash back	Rewards Program: Up to 2% cash back
Intro APR: Purchases: N/A Balance Transfers: N/A	Intro APR: Purchases: 0%, 15 billing cycles Balance Transfers: 0%, 15 billing cycles	Intro APR: Purchases: N/A Balance Transfers: 0%, 18 months
Regular APR: 17.49% (Variable)	Regular APR: 16.24% - 26.24% Variable	Regular APR: 16.24% - 26.24% (Variable)
Annual Fee: $0 for Costco members	Annual Fee: $0	Annual Fee: $0
Highlights: Discover one of Citi's best cash back rewards cards designed exclusively for Costco members 4% cash back on eligible gas 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. If you're a 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 no expiration on rewards. 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% - 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers. 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: Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness. Balance Transfers do not earn cash back. Intro APR does not apply to purchases. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Apply Now for Costco Anywhere Visa® Card by Citi On Citi's Secure Website.	Apply Now for Bank of America® Customized Cash Rewards credit card On Bank of America's Secure Website.	Apply Now for Citi® Double Cash Card – 18 month BT offer On Citi's Secure Website.
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What could be improved

Rewards on Costco purchases: A minor criticism of this card's cash back rates is that it gets you just 2% back when you shop at Costco or Costco.com. Some store credit cards offer 3% or more back at their respective brands, so Costco's credit card comes up a bit short.

No sign-up bonus: If you're looking for big sign-up bonuses, you won't find one with this card.

No 0% intro APR: 0% intro APR offers can save you money on expensive purchases that you need some time to pay off. Once again, the Costco Anywhere Visa® Card by Citi doesn't offer this kind of benefit.

One cash back distribution per year: The biggest frustration with this card is an archaic method of getting your cash back. After the close of your February billing statement, Costco will send you your cash back from the previous year. Most cardholders get a reward certificate, but Citi and Costco may decide on another method for cash back amounts of over $10,000.

The reward certificate is valid for cash back or Costco purchases, and you have until Dec. 31 of the year you get it to use it.

Getting your cash back once per year isn't ideal. What makes it even worse is that you lose all that cash back if your card is canceled before Costco sends you the reward certificate. Compared to other cash back cards, this Costco credit card doesn't make it very user-friendly to cash in what you've earned.

See more: Best Citi Credit Cards

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.

This card is right for you if:

The Costco Anywhere Visa® Card by Citi is a perfect fit if you do most of your shopping at Costco or if you drive often and spend a lot of money on gas. 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 Gold Star Executive membership, you should absolutely get this card 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.

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 it anywhere Visa is accepted.

• Yes, this card can help to build credit, any credit card can. 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.

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Source: https://www.fool.com/the-ascent/credit-cards/costco-anywhere-visa-card-citi-review/

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