Costco Anywhere Visa Business Card Review: A Solid Choice for Business Owners Loyal to Costco
Costco Anywhere Visa® Business Card by Citi Overview
The Costco Anywhere Visa® Business Card from Citi (see prices and fees) is a great choice for small businesses that like cash back rewards and have a Costco membership.
Despite the name, this card not only offers rewards for purchases at Costco, but is also useful for many small businesses that already shop at Costco. Card Rating*: ⭐⭐⭐
*Card Ranking Based on the opinions of TPG editors and not influenced by card issuers.
The Costco Anywhere Visa Corporate Card is a solid choice for small businesses that already have a Costco membership or can save enough money shopping at Costco to justify a membership. Especially if your business spends a lot of money on gas, tourism or eat and drinkyou can win. However, since this card earns Cashback RewardsIt’s best for companies that prefer the simplicity of refunds over the ability to maximize points or miles.
The Costco Anywhere Visa Corporate Card There is no annual fee, but you and any authorized users on your account must have a Costco membership. For reference, Costco memberships are $65 a year plus tax for Gold Star and Business members (you can upgrade to an Executive membership for an additional $65 a year plus tax).
Affiliate Business members added to a Business membership cost $65 per year plus tax, so Costco membership fees add up quickly if you have more than a few employees you want to add as authorized users on your card.
To get this card, TPG recommends you have credit score at least 750, but it is not uncommon to be approved with a lower score.
If you or your small business has a Costco membership — or is considering becoming a Costco member — this review can help you determine if your business could benefit from Costco Anywhere Visa Business Card from Citi.
Pros and Cons of the Costco Anywhere Visa® Business Card
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Costo Anywhere Business Visa Welcome Offer
The Costco Anywhere Visa Corporate Card does not advertise sign-up bonuses. However, you may be targeted for a special offer at a Costco warehouse or when you sign up for a Costco membership.
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Benefits of Costo Anywhere Visa for Business
The Costco Anywhere Visa Corporate Card offers modest perks. First, your card can serve as your Costco membership ID. And, unlike many other store cards, you can use your card anywhere in the world that accepts Visa. Plus, you won’t be charged any fees. foreign transaction fee when purchasing outside the United States — a big plus for business owners who travel internationally.
As mentioned, you can also add employees as authorized userAlthough each employee you add will need their own Costco membership.
In addition, cardholders will receive
Additionally, if you have a $130-a-year Executive membership with Costco, you’ll earn an annual 2% reward (up to $1,250 per year) on eligible Costco purchases. While an Executive membership isn’t usually worth it unless you spend at least $250 per month on eligible purchases at Costco, this additional 2% reward can stack with the Costco Anywhere Visa Business Card.
So with the Costco Anywhere Visa Business Card and Executive membership, you can earn 5% on eligible Costco Travel purchases and 4% on other eligible Costco purchases.
Unfortunately, the terms and conditions of Executive Membership do not cover a variety of purchases, including purchases of tobacco or tobacco-related products, gasoline, Costco Shop Cards, postage stamps, alcoholic beverages in some states, prescription drug purchases in some states, food court purchases, and certain travel purchases (including surcharges, tips, trip protection, third-party travel purchases, upgrades, car rental equipment, resort fees, and port fees).
Related: The Best Perks of Business-Friendly Credit Cards
Make Money with Costco Anywhere Business Visa
With Costco Anywhere Visa Corporate Cardyou’ll get rewards across a variety of categories. Interestingly, even though this card is a co-branded Costco credit card, purchases made with Costco don’t earn the highest rewards on this card. So let’s take a closer look at the card’s rewards categories.
Here’s how you earn points with the Costco Anywhere Business Card:
- 4% return Qualified gas worldwide (including gas at Costco) for the first $7,000 per year in qualifying gas and EV charging purchases (then 1%). Gasoline purchased at supermarkets, convenience stores, and warehouse clubs other than Costco or for fuel used for non-automotive purposes will not qualify and will only be eligible for 1%.
- 3% back at restaurant and above eligible travel purchases worldwide. Restaurants include cafes, bars, lounges, and fast food restaurants. Purchases at bakeries and certain restaurants/cafes inside department stores, grocery stores, or warehouse clubs are excluded and will only earn 1%. Qualifying travel purchases include airline tickets, hotels, car rentals, travel agencies, cruise lines, and Costco Travel, but do not include travel by train, travel by roadand purchases at weeknight stays, campsites and motels.
- 2% cash back on purchases from Costco and Costco.com.
- 1% on all other purchases.
Related: 9 Reasons to Get a Business Credit Card
Redeem on Costco Anywhere Visa Business
The Costco Anywhere Visa Corporate Card earn cash back rewards, but these rewards are only distributed once per year. When your February billing statement closes, you will receive a credit card rewards certificate for your Costco Cash Rewards balance based on purchases that appear on your billing statement from January through December of the previous year.
Please note that if your annual bonus amount exceeds $10,000, your bonus may be provided in an alternative form, such as a check or electronic transfer.
You must then redeem your credit card rewards certificate in person at any U.S. Costco warehouse (including those in Puerto Rico) by December 31 of the year the certificate was issued. You can redeem the certificate for merchandise or cash back. If you redeem for merchandise and the value of your purchase is less than the value of the certificate, you will receive the remaining balance in cash at checkout.
You will not receive a credit card rewards certificate if your rewards are less than one dollar or if you close your account before your credit card rewards certificate is mailed. You must maintain a Costco Membership to redeem your credit card rewards certificate. Additionally, some warehouses may not allow credit card rewards certificates to be redeemed for alcohol purchases.
Related: Cash Back Credit Cards vs. Points and Miles Credit Cards: Pros and Cons of Each
What cards can compete with the Costco Anywhere Business Visa Card?
If you are looking for a business cash back credit cardSome cards can compete with Costco Anywhere Visa Corporate Card. The best card for your business largely depends on the categories where your business spends the most money. It’s also important to note that only Visa credit cards are accepted at Costco warehouses. Here are some other cards to consider:
For more options, check out our full list of the best products business cash back credit cards and the best credit card storage.
Is the Costco Anywhere Visa Business Card Worth Buying?
If you’re a business owner with a Costco membership and shop at Costco regularly, the Costco Anywhere Visa Business is worth considering. This card has a solid rewards structure that covers a wide range of purchases, including gas, restaurants, travel, and Costco. There’s no annual fee and additional cash back for Executive membership, making it a great addition to your wallet. However, you’ll be limited in how you can redeem your cash back, so if you want more flexibility, you might be better off with other cards.
The last line
The Costco Anywhere Visa Business Card is a business credit card with cash back rewards that’s exclusive to Costco members. Cash back rewards are only distributed once a year, and you have to visit a US warehouse (including locations in Puerto Rico) to claim your rewards—which can be frustrating for some businesses that want to access their rewards more frequently.
However, if your business can get value from a Costco membership and love to earn cashback rewardsIt might be worth adding the Costco Anywhere Visa Business Card to your wallet. This card can be useful if you’re already a Costco member and your business regularly incurs significant expenses related to gas, restaurants, travel, or purchases at Costco.
Apply here: Costco Anywhere Visa Business Card from Citi
