When considering a new credit card, it’s crucial to understand all aspects and features of the card to determine if it aligns with your financial needs and lifestyle. The Costco Anywhere Visa® Card by Citi stands out as a popular choice for many consumers, particularly those who are already members of Costco.

In this comprehensive guide, we will delve into the key information about the Costco Anywhere Visa® Card, covering aspects such as the annual fee, credit limit determination, advantages and disadvantages, application requirements, and the process of applying for the card.

Key information about the credit card

How does the annual fee work?

One of the most appealing features of the Costco Anywhere Visa® Card by Citi is that it has no annual fee, provided you maintain an active and paid Costco membership. This aspect is crucial as it allows cardholders to enjoy all the benefits without incurring additional costs typically associated with premium credit cards.

How is the credit limit determined?

The credit limit for the Costco Anywhere Visa® Card by Citi is determined based on several factors, including the applicant’s creditworthiness, income level, and overall financial health. Citibank assesses these factors through a detailed review of the applicant’s credit history and current financial situation.

Advantages of the credit card

• 4% cash back on gas and EV charging: Earn 4% cash back on eligible gas and EV charging purchases worldwide, including gas and EV charging at Costco, for the first $7,000 per year and then 1% thereafter.

• 3% cash back on restaurants and travel: Unlimited 3% cash back on dining at restaurants and eligible travel purchases, including bookings through Costco Travel.

• 2% cash back on Costco purchases: Earn unlimited 2% cash back on all other purchases from Costco and Costco.com.

• 1% cash back on other purchases: Unlimited 1% cash back on all other purchases made with the card.

• No foreign transaction fees: Enjoy the convenience of using your card abroad without worrying about additional fees.

• Purchase protection: Benefit from damage and theft purchase protection, providing peace of mind for your purchases.

Standout advantage

One of the standout features of the Costco Anywhere Visa® Card by Citi is its robust cash back program. The card offers a tiered cash back structure that significantly rewards specific spending categories. For example, the 4% cash back on eligible gas and EV charging is exceptionally beneficial for those who drive frequently or rely on electric vehicles.

Disadvantages

• Membership requirement: The card is exclusive to Costco members, meaning you must maintain an active Costco membership to apply and keep the card.

• Limited reward redemption: Cash back rewards are only redeemable at U.S. Costco warehouses, which may not be convenient for everyone.

• High APR: The card has a relatively high variable APR of 20.49%, which could be a concern for those who carry a balance.

• Spending caps on gas rewards: The 4% cash back on gas and EV charging is limited to the first $7,000 per year, after which it drops to 1%.

A standout disadvantage

A notable disadvantage of the Costco Anywhere Visa® Card by Citi is the limitation on reward redemption. Cash back earned is provided as an annual credit card reward certificate in February billing statements, which can only be redeemed for cash or merchandise at U.S. Costco warehouses.

Who can apply for this card?

To apply for the Costco Anywhere Visa® Card by Citi, applicants must meet several prerequisites. Firstly, an active Costco membership is required, which means you need to join Costco if you are not already a member. Applicants must also be at least 18 years old and possess a valid Social Security Number or Individual Taxpayer Identification Number.

Additionally, a good to excellent credit score is typically necessary to qualify, as the card is designed for consumers with strong credit histories. While the card does not specify a minimum income requirement, applicants should have a stable income source to support their credit limit and repayment obligations.

How to apply for the Costco Anywhere Visa® Card by Citi

For the website

To apply online, visit the official Citi website or the Costco credit card page. You’ll need to provide personal information, including your name, address, Social Security Number, and employment details. Make sure your Costco membership number is handy, as it is required during the application process.

After you submit the application, you will usually receive a response within a minute, indicating whether you are approved or if further review is needed. This quick turnaround time helps streamline the process, making it convenient for applicants. If additional review is required, you may need to provide more documentation or information to finalize the application.

Applying online is a straightforward and efficient way to get your Costco credit card, ensuring you can start enjoying the benefits as soon as possible. Remember to double-check all the information you provide to avoid any delays in the application process.

Through the app

The Citi mobile app offers a convenient way to apply for the Costco Anywhere Visa® Card. First, download the app from your device’s app store. Once installed, navigate to the credit card application section. Follow the prompts to enter your personal information, including your name, address, Social Security Number, and Costco membership number.

After filling in the required details, submit your application. The app simplifies the process and allows you to track your application status in real-time. Once approved, you can manage your account directly through the app.

This includes checking your balance, making payments, and viewing transaction history. The Citi mobile app ensures a seamless experience from application to account management, making it easier than ever to take advantage of the Costco Anywhere Visa® Card benefits. 

At the branch

You can also apply for the Costco Anywhere Visa® Card in person at any Costco warehouse. Simply visit the membership desk and request an application form. A representative will assist you with the process, ensuring that you complete the form accurately. Once you have filled out the necessary personal and membership information, you can submit the completed form on the spot.

Applying in person can be particularly beneficial if you have any questions or need assistance with your application. The representative can provide immediate help and clarify any doubts you might have, making the process smoother and more efficient. 

This face-to-face interaction ensures that you fully understand the application process and the benefits of the Costco Anywhere Visa® Card. By applying in person, you can take advantage of the personalized service and immediate support available at your local Costco warehouse.