If you aren’t a current Costco member, should you pay for the membership to get access to the Costco Anywhere Visa card? And if you are a Costco member, do the benefits and perks offered outweigh other rewards cards? Before you apply for this store card, here are five important things to know about the Costco Anywhere Visa card: The annual cost is $60 for a Gold Star membership or $120 for an Executive membership, plus sales tax, where applicable. Executive members get more discounts and perks on Costco services and a 2% annual reward up to $1,000 on eligible purchases at Costco and Costco Travel. These perks are in addition to any cashback rewards you earn by making purchases using the Costco Anywhere Visa card. With no annual fee outside the cost of Costco membership, the Costco Anywhere Visa card could be a great option. But if you are already a warehouse member at BJ’s or Sam’s Club, you have to decide if the additional membership cost is worth it.
4% cashback on the first $7,000 per year and 1% after that3% cashback on dining and eligible travel2% cashback on Costco and Costco.com purchases1% cashback on all other purchases
2. Your Costco purchases won’t earn you the most cash back
Though the Costco Anywhere Visa card is exclusive to Costco members, you won’t earn the most cash back on Costco purchases. While gas, dining, and travel earn 3% to 4% cashback, Costco and Costco.com purchases are only eligible for 2% cashback rewards. While that may be disappointing, most cash back credit cards restrict reward eligibility on warehouse purchases. If you are a frequent Costco shopper, 2% cashback can help, making the Costco Anywhere Visa card a worthwhile card to have in your wallet. There is a $1000 cashback limit to how much Executive members can earn per year.
3. You’ll get your rewards certificate once per year
If you’ve used other cashback credit cards before, you may be used to redeeming your rewards for purchases or cashback as soon as they show in your statement. But with the Costco Anywhere Visa card, you only get your cashback rewards once per year in February for the previous year. You can also only redeem the rewards for merchandise or cash in person at a Costco warehouse. Learn more about how to redeem Costco credit card rewards.
4. You’ll get more benefits than just cashback rewards
The Costco Anywhere Visa card has a solid cash back rewards program, but it’s not the only benefit you get with this store card. Cardholders also have access to travel and shopping benefits when the card is used to make purchases. Costco Anywhere Visa card travel benefits When you pay for your rental car with the Costco Anywhere Visa card, you can save money by waiving the rental car company’s collision damage insurance because the card offers up to $50,000 to fix or replace the car if it’s damaged in an accident, stolen, vandalized, or damaged by a natural disaster. You, your family members, and travel companions are also covered for travel and emergency assistance coverage. This includes help to make emergency travel arrangements, getting referrals, coordinating care, and getting consultations if you are hurt outside the U.S. Emergency, and professional service costs are not covered. The card also provides worldwide travel accident insurance, covering each qualified person up to $250,000 while traveling. You can also use the roadside assistance dispatch service in any car wherever you need it in the U.S., Puerto Rico, and the U.S. Virgin Islands. You only pay for service if you use the coverage. Another travel perk is no foreign transaction fees, no matter where you are in the world. Other cards can charge up to 3% for foreign transaction fees, which can be a surprise for cardholders once they review their statement after a vacation abroad. Costco Anywhere Visa card shopping benefits Suppose you use your Costco Anywhere Visa card or Costco reward certificate to make an eligible purchase. In that case, the damage and theft purchase protection covers you for 120 days (90 days for residents of New York) for up to $1,000 per item or the amount charged to the card or certificate, whichever is less. You can get up to $50,000 in coverage per year and are required to make a police report if the item is stolen. Those same purchases are also covered by the Costco Anywhere Visa card extended warranty. After the manufacturer warranty and customer purchased warranty expires, Citi provides 24 months of extended warranty coverage, up to $10,000 per item.
