Costco Anywhere Visa Card Review: Earn Cash Back and Get Big Savings at Costco

This card earns cashback rewards to use at Costco stores, but is it right for your wallet?
Last updated Apr 1, 2020 | By Kevin Payne

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Avid Costco shoppers know that you can save lots of money buying from wholesale clubs. Whether you need paper goods, shampoo, frozen foods, or a big jar of pickles, you’ll find affordable prices on thousands of products.

And if you’re a loyal Costco customer, it may be worth applying for the Costco Anywhere Visa card. It allows you to turn your everyday purchases into cashback rewards to use at your favorite store. Because store membership is a requirement to qualify for this cashback credit card, Costco loyalists should take advantage of the opportunity to save on their purchases.

Is this credit card a good option for everyone, though? The answer depends on what you’re looking for in your next rewards credit card.

Earn up to 4% cash back

Costco Anywhere Visa Card

Costco Anywhere Visa Card

Costco Anywhere Visa Card

Benefits

  • Up to 4% cash back
  • No annual fee
  • No foreign transaction fees

Drawbacks

  • Must be a Costco member
  • Cash back is only redeemed once a year

In this Costco Anywhere Visa review:

Who should get the Costco Anywhere Visa Card?

The Costco Anywhere Visa is perfect for loyal Costco customers. You must be a Costco member to apply for this card, so already having ties to the wholesale club makes sense. Plus, you can justify your club membership fee by earning valuable rewards on gas, restaurant, and travel purchases. It’s also one of the few credit cards accepted at Costco.

This card is also a logical choice for frequent travelers. Besides earning 3% cash back for eligible restaurant and travel purchases, this Costco credit card offers plenty of additional perks that rival many travel rewards credit cards. It’s also a solid choice for international travel.

People looking for a versatile credit rewards program need not apply. Despite its rewards-earning potential, the Costco Anywhere Visa has one of the most restrictive rewards programs around. If you don’t care to use your cashback rewards specifically for Costco purchases, you should look at other rewards credit cards instead.

In order to qualify for the Costco Anywhere Visa, you’ll need excellent credit. If you don’t meet the credit requirement, it’s better to look for a rewards credit card that matches your current credit situation.

Card basics

Card type Cash Back
Card issuer Citibank
Annual fee $0
Reward rate 4% cash back on eligible gas purchases (up to $7,000), 3% on restaurant and travel purchases, 2% on all other Costco purchases, and 1% on everything else
Recommended credit score Excellent
Foreign transaction fee None

Costco Anywhere Visa Card benefits and perks

  • No foreign transaction fees: The Costco Anywhere card carries no fees for purchases made outside the U.S. Travelers can use this card abroad with no worries about extra charges.
  • Extended warranties: Eligible credit card purchases come with extended warranty protection beyond the manufacturer’s warranty for an extra 24 months.
  • Car rental insurance: When you use your Costco Anywhere card to rent a car, you get coverage against theft or damage.
  • Exclusive entertainment: Costco Anywhere cardmembers gain access to Citi Entertainment, which includes access to exclusive experiences, ticket presales, and more.
  • Zero-liability coverage: Cardmembers receive protection against any unauthorized charges on their Costco Anywhere Visa.

Drawbacks to the Costco Anywhere Visa Card

  • No welcome bonus: Unlike many cashback credit cards, the Costco Anywhere Visa doesn’t offer a welcome bonus offer for new cardholders.
  • Membership requirement: Although the Costco Anywhere card carries no annual fee, you do need a Costco membership to qualify for it. Costco memberships start at $60 per year.
  • Credit requirement: You need excellent credit to qualify for this card, which may limit some people from qualifying for it. Being a Costco member alone isn’t enough to be eligible for this credit card.

Earning cash back with the Costco Anywhere Visa Card

Potential earnings in years one and two

Here's a look at how your cash back can add up with the Costco Anywhere Visa card. 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: $696

Year two earnings: $696

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model which takes a look at cash back earned via spending with the Costco Anywhere Visa.

Best ways to earn

The Costco Anywhere Visa offers multiple ways to earn cash back quickly. With this card, you can earn 4% on eligible gas purchases (on up to $7,000 per year).

Both eligible restaurant and travel purchases net 3% cash back. Unfortunately, Costco purchases only net 2% cash back for cardmembers. It would be amazing to see a higher rate for this, but because membership is a requirement, the issuer is likely banking on you spending money in Costco stores anyway. All other purchases earn 1% cash back.

Categories Rewards rate
Eligible gas purchases (on up to $7,000 per year) 4%
Eligible restaurant and travel purchases 3%
Eligible restaurant and travel purchases 3%
Costco purchases 2%
All other purchases 1%

Maximizing your redemptions

The Costco Anywhere comes up short on cashback reward redemptions for many people. There’s only one redemption option — a rewards certificate good for use in-store at Costco.

Not only do cashback rewards only come in the form of credit at Costco stores, but rewards are also only distributed once a year. Instead of being able to redeem whenever you want or when you hit a set amount like other cashback credit cards, rewards certificates are distributed after your February billing statement closes.

Here are more details about rewards certificates from the Costco Anywhere credit card:

  • Certificate must be used anytime before December 31 in the year in which it was issued.
  • It must be used in-store.
  • It can only be used once.
  • If you don’t spend the full value of the certificate, you’ll receive the balance in cash at the register when you check out.

You might enjoy a shopping spree once a year if your go-to store for groceries and other supplies in Costco. The thought of rewards building up over a year provides a nice annual bonus for some, but others may prefer more freedom with their cashback redemptions.

Costco Anywhere Visa Card FAQs

Can I use my Costco Visa card anywhere?

The Costco Anywhere card is accepted anywhere in the world where Visa is accepted. It’s not strictly for use in Costco stores or on Costco.com.

Does the Costco Anywhere have foreign transaction fees?

The Costco Anywhere Visa has no foreign transaction fees, which makes it a great card to use to earn rewards for international purchases.

Does the Costco Visa card have travel protection?

The Costco Anywhere Visa comes with several travel benefits. It provides travel and emergency assistance 24/7, before or during travel. Also, it comes with car rental insurance, roadside assistance, and no foreign transaction fees.

Does the Costco Anywhere have an annual fee?

There is no annual fee associated with the Costco Anywhere Visa. However, Costco membership is required to obtain this credit card, which starts at $60.

Do Costco cash rewards expire?

Costco cash rewards expire after December 31 in the year in which they were issued.

Other cards to consider

If you choose to do most of your grocery shopping outside of Costco, the Amex Blue Cash Preferred card might be a better option. With this card, you can earn 6% cash back at U.S. supermarkets (for first $6,000 per year) and on U.S. streaming services, 3% at U.S. gas stations and on eligible transit, and 1% on other purchases. The Amex Blue Cash also gives you the option to choose statement credits instead of store credit, which allows you to use your rewards in any way you choose. If you’re looking for a cashback card with a welcome bonus, you can earn a $250 statement credit after spending $1,000 on purchases in the first 3 months.

Another versatile cashback credit card with lucrative rewards is the Chase Freedom card. It has a $0 annual fee, and cardholders get 5% cash back in rotating bonus categories (up to $1,500 in combined purchases per quarter) and 1% cash back on all other purchases. Plus, you earn $150 cash back bonus after spending $500 in the first 3 months. Unlike the Costco Anywhere card, this card comes with an introductory 0% introductory APR for 15 months on purchases. It’s the perfect card to use for a large purchase or transfer over existing credit card debt and pay it off over time.

Earn up to 4% cash back

Costco Anywhere Visa Card

Costco Anywhere Visa Card

Costco Anywhere Visa Card

Special Offer

Earn up to 4% back on eligible gas purchases

See how these cards compare:

Blue Cash Preferred Card from American Express
Blue Cash Preferred Card from American Express
  • $250 statement credit welcome offer
  • 6% cash back on U.S. streaming services and at U.S. supermarkets
  • 3% cash back at U.S. gas stations and on eligible transit
  • 0% intro APR on balance transfers and purchases
  • Terms apply
Chase Freedom Card
Chase Freedom Card
  • $150 sign-up bonus
  • No annual fee
  • 0% intro APR on purchases and balance transfers
  • 5% cash back in rotating bonus categories