Costco Anywhere Visa Business Card Review: Big Cash Back on Business Purchases [2020]

Small business owners who shop at Costco can take advantage of the Costco Anywhere Visa Business Card to earn valuable cash back on common business expenses.
Last updated Oct 22, 2020 | By Ben Walker

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For small business owners, it makes sense to shop at wholesale clubs like Costco because of how much product you can get at lower prices. And as a Costco member, you can also apply for Costco co-branded credit cards like the Costco Anywhere Visa Business Card. With this card, it’s easy to get more out of your Costco membership by earning cash back on business purchases you’re already making.

If you compare credit cards, there’s no other business card that can boost your earning potential on Costco purchases like this one. In this Costco Anywhere Visa Business Card by Citi review, you’ll learn whom this cashback credit card is best suited for, what its benefits and drawbacks are, and how to earn and redeem your cash. This will help you see whether the Costco Anywhere Visa Business Card is a good fit for you and your business.

Great Rewards for Costco Members

Costco Anywhere Visa Business Card by Citi

Costco Anywhere Visa Business Card by Citi

Costco Anywhere Visa Business Card by Citi

Benefits

  • Up to 4% cash back
  • Purchase protection and extended warranty coverage
  • No annual fee
  • No foreign transaction fee

Drawbacks

  • No sign-up bonus
  • Requires Costco membership

In this Costco Anywhere Visa Business Card review

Who should get the Costco Anywhere Visa Business Card?

As a business credit card, the Costco Anywhere Visa Business Card is suited for someone who owns a business. For consumer credit cards, consider the Costco Anywhere Visa Card.

Business cards are great for small business owners because they make it easy to separate your business expenses from your personal expenses. When you’re running a business, you have to track your expenses differently because of the way taxes are filed and handled. Separating your expenses makes it easier all around when tax season arrives.

In addition, the Costco Anywhere Visa Business Card provides plenty of ways for cardholders to earn cash back on common business expenses like gas, dining, travel, and Costco purchases. You likely need excellent credit to be approved, but the earning potential is worth it if you qualify.

If you aren’t a Costco member and aren’t planning on joining, this isn’t the card for you, as you have to be a member to apply for it. If you’re a member, but you don’t shop at Costco very often, it may not be worth it to go after this card either. One of the best credit cards for groceries could make more sense for you if you don’t often shop at warehouse clubs and find yourself at regular grocery stores instead.

The cash back you earn with the Costco Anywhere Visa Business Card can be redeemed for cash or merchandise at U.S. Costco warehouses, so this card would be the best fit for avid Costco shoppers.

Card basics

Card type Business
Credit card issuer Citibank
Credit card network Visa
Annual fee $0
Intro bonus None
Reward rate 4% cash back on eligible gas purchases (including at Costco) on the first $7,000 per year; 3% cash back on restaurant and eligible travel purchases; 2% cash back on all purchases from Costco and Costco.com; and 1% cash back on all other purchases
Recommended credit score Excellent
Foreign transaction fee None

Costco Anywhere Visa Business Card benefits and perks

  • Valuable rewards: Earn 4% cash back on eligible gas purchases (including at Costco) on the first $7,000 per year; 3% cash back on restaurant and eligible travel purchases; 2% cash back on all purchases from Costco and Costco.com; and 1% cash back on all other purchases.
  • $0 annual fee: With a $0 annual fee, there’s no annual cost to stress about.
  • Citi Entertainment: Get special access to events through Citi Entertainment, including concerts, sporting events, exclusive dining experiences, and more.
  • Purchase protection: Eligible purchases are covered for repairs or refunds if they’re damaged or stolen within 120 days of purchase (90 days for New York residents).
  • Extended warranty coverage: Eligible purchases receive a complimentary extension of their manufacturer’s warranty with Citi’s extended warranty benefits.

Drawbacks to this card

  • Annual reward: Cashback rewards aren’t awarded every statement period as they are with most rewards credit cards. Instead, you receive your cash back once a year after your February billing statement closes. You’ll receive it in the form of an annual credit card reward certificate. This doesn’t mean you earn any fewer rewards, but you’ll sometimes have to wait awhile to be able to use them.
  • No welcome bonus: There’s no welcome offer or sign-up bonus with the Costco Anywhere Visa Business Card.
  • Membership required: If you want this card, you need a valid Costco membership. Because there is a membership fee to shop at Costco, it’s similar to paying an annual fee to have this credit card.

Earning and redeeming cash back

Potential earnings in years one and two

Here's a look how your cash back can add up with the Costco Anywhere Visa Business Card. To calculate these values, we used a reward valuation of 1 cent.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $579

Year two earnings: $579

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which looks at points earned via spending, the sign-up bonus, and the annual fee.

For our calculations, we assumed you would buy groceries at other places than Costco. If you buy any or most of your groceries at Costco, then your earnings will be much more than what is indicated above.

Best ways to earn

The best way to earn cash back with the rewards program provided by the Costco Anywhere Visa Business Card is by making sure you’re primarily using the card to pay for business expenses that fall within its bonus categories.

For example, you can earn 4% cash back on eligible gas purchases worldwide (including at Costco) on the first $7,000 per year and 3% cash back on restaurant and eligible travel purchases. So if you have business expenses that fall within these categories, or you spend a lot already at Costco and Costco.com, use your card on those purchases to get the best rewards rate you can.

Categories Rewards rate
Eligible gas purchases worldwide (including at Costco) on the first $7,000 per year 4%
Restaurant and eligible travel purchases 3%
All purchases from Costco and Costco.com 2%
All other purchases 1%

Maximizing your redemptions

The Costco Anywhere Visa Business Card earns cashback rewards that can be redeemed only at U.S. Costco warehouses. You have two options for redeeming your rewards: for store merchandise or for cash back. If you opt for store merchandise, you’ll likely receive a shop card that’s valid only at eligible Costco stores. For cash back, you’d receive cash or a check.

Because there are only two redemption options available, it’s completely up to you which option makes more sense for your spending habits. Redeeming your rewards for cash back is the best overall option because cash works just about anywhere. However, getting a Costco shop card won’t reduce the value of your redemption if you were planning on buying more things at Costco anyway.

Costco Anywhere Visa Business Card FAQs

Can I use my Costco Citi Visa card anywhere?

Yes, you can use your Costco Citi Visa card anywhere that Visa cards are accepted. This makes it easier to earn cash back on your purchases because you aren’t limited to using it only in Costco warehouses.

How long does it take to get approved for a Costco credit card?

The Costco Anywhere cards are issued by Citibank. Most credit card issuers, including Citi, typically provide instant decisions when you submit the credit card application. So you should know whether you’re approved for a Costco credit card soon after you apply for one. If more information is needed for the issuer to make a decision, it may take up to two weeks for you to receive a decision.

Will Costco accept any Visa card?

Yes, all U.S. Costco warehouses accept all Visa cards. They also accept Costco shop cards, cash, and mobile payments like Apple Pay, Google Pay, and Samsung Pay. Costco doesn’t accept Mastercard credit cards, so you can’t use a Chase Freedom Flex or Citi Double Cash. You can use a card like the Chase Freedom Unlimited, though.


Other cards to consider

The bottom line is that the Costco Anywhere Visa Business Card is an excellent choice for small business owners who want a new card and often make purchases at Costco, but it may not fit every financial situation. If you don’t typically shop at Costco or the earning rates on this card don’t work for you, you might consider these other credit card offers instead. 

The Blue Business Plus Credit Card from American Express offers 2X Membership Rewards points on business purchases up to $50,000 each year, and 1X points on purchases after that. Because these rewards are for any business purchases, you don’t have to worry about only spending on bonus categories to maximize your earning potential.

With the Chase Ink Business Cash, you earn 5% cash back at office supply stores and on internet, cable, or phone services (up to $25,000 combined annually); 2% cash back at gas stations and restaurants (up to $25,000 combined annually); and 1% cash back on everything else. These earning categories aren’t necessarily better than the ones you can find on the Costco Anywhere Visa Business Card, but they can be if that’s where most of your business expenses lie. Ultimately, it depends on which business card offers higher earning potential for you.

Great Rewards for Costco Members

Costco Anywhere Visa Business Card by Citi

Costco Anywhere Visa Business Card by Citi

Costco Anywhere Visa Business Card by Citi

Special Offer

Up to 4% cash back on eligible purchases

See how these cards compare:

The Blue Business Plus Credit Card from American Express
The Blue Business Plus Credit Card from American Express
  • 0% intro APR on purchases
  • 2X Membership Rewards Points on first $50,000 each year
  • Global Assist hotline
  • No annual fee
  • Terms apply
Chase Ink Business Cash Credit Card
Chase Ink Business Cash Credit Card
  • New Offer: $750 cash back sign-up bonus
  • No annual fee
  • 0% intro APR on purchases for 12 months
  • Up to 5% cash back