Archives for June 21, 2016

New Costco Anywhere Visa Card by Citi Review

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Citi and Costco have released the details of their new co-branded credit cards, the Costco Anywhere Visa® Card by Citi and the Costco Anywhere Visa® Business Card by Citi. Here’s a quick overview of the details for each card.

Costco Anywhere Visa® Card by Citi highlights: (For Personal Use)

  • 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter. You will not get 4% cash back for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco.
  • 3% cash back on restaurant and eligible travel purchases worldwide
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases
  • No annual fee (with paid Costco membership).
  • Will also serve as your Costco membership card.

Costco Anywhere Visa® Business Card by Citi highlights:

  • 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter. You will not get 4% cash back for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco.
  • 3% cash back on restaurant and eligible travel purchases worldwide
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases
  • No annual fee (with paid Costco membership).
  • Will also serve as your Costco membership card.
  • Visa SavingsEdge eligibility. Receive automatic savings after enrollment on qualifying purchases at participating merchants.

Had the Costco American Express? You did not need to apply for a new card. You should have already received the new card in the mail to your registered address. After June 20, 2016, you can start using it. At that time, any cash rewards and/or debt balance will be transferred over to the new card, and your Costco American Express will be closed automatically. You should not have closed your Costco American Express on your own, or you wouldn’t have received the benefits of this automatic transfer.

The rewards will accrue in the form of “Costco Cash Rewards”. This means you’ll get a paper coupon snail-mailed to you once every year in February based on your previous year’s spending, which you can either (1) use as payment for goods directly at the Costco cash register or (2) convert to cash or check at a Costco customer service desk. You may also do a partial redemption at a cash register and they’ll give you the remaining balance in cash. Coupon must be redeemed in person on or prior to its expiration date of December 31 in the year in which it is issued.

Commentary. Here is an overview of the competition:

  • The new Fidelity Rewards Credit Card is another Visa card that should get you 2% back on your Costco purchases.
  • The Citi Double Cash Card exists both a Visa and Mastercard, but reports are you cannot switch to a Visa if you have a Mastercard.
  • The BankAmericard Travel Rewards Credit Card is a Visa and has the potential to earn you up to 2.625% back at Costco in the form of statement credits towards travel (see review; additional requirements apply).
  • The BankAmericard Cash Rewards Credit Card is a Visa and has the potential to earn you at least 2% and up to 3.5% cash back at Costco on up to $2,500 in purchases per quarter (see review; additional requirements apply).
  • Through the end of 2016, the Chase Freedom Card will earn you 5% cash back on up to $1,500 in purchases per quarter. You can even stock up on Costco gift cards bought at Costco.com if you want to max out this limited-time promotion.

This card maintains the overall simplicity of the old consumer card, while slightly improving the rewards percentages. The bonus category percentages went up (new Visa is 4/3/1, old AmEx was 3/2/1). The improved 2% cash back at Costco and Costco.com (formerly only 1%) is significant, as it means that you finally won’t be as tempted to use a non-Costco-branded card at Costco! I was hoping for 5% back on gas to match the Sam’s Club card, but I suppose we’ll have to settle for 4%. I would also note that both the personal and business cards now have the same rewards percentages.

qara.info has partnered with CardRatings for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

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