It’s been a long and drawn out process, but the Citibank Costco Anywhere Visa Card has finally launched. Old American Express card users should already have received their card in the mail but, if you are applying for a new card, you can do so now at Citibank’s website. There are both business and regular consumer versions available and the no-annual fee cards are available only to Costco members.
Benefits of The Costco Anywhere Card
While there is no current sign-up bonus for the card, the benefits themselves are outstanding and generally exceed what American Express had offered on its Costco card.
- 4% back on gas, whether that gas station is at a Costco warehouse or not. That benefit is good through the first $7,000 each year with the overage rewarding at 1%. The cash back is a premium to the previous 3% on $4,000 that American Express had offered.
- 3% on restaurants and travel. Another good deal, meaning that the card may be worth the Costco membership fee, even if you never go to any of the 700 Costco stores. Once again, that exceeds the previous American Express rate, which had been 2%.
- 2% back at Costco stores. Still not bad, although one would think that they could have kicked in a few more bucks for the store’s named card. 2% on spend is still excellent, though.
- 1% back on all other spend. Use another card, such as the Citi Double Cash Card, for spend not in a bonus rewards category.
Also Worth Knowing
Clearly, the card is a step up from the previous card, but there are a few other factors that you might want to take into account. First, Costco will take any Visa card. It does not have to be the Costco card itself. Also worth knowing: While the Costco Anywhere card offers some excellent category bonuses, you may occasionally find higher ones, even at Costco itself. If you have a card with rotating bonus categories, that card should be used before the Costco card if the payback at a particular merchant is 5% for the month, such as with the Chase Freedom or Discover It card (Obviously, you’ll need a Visa to use that category bonus at Costco when “Warehouse Stores” shows up for the quarter.).
You’ll get a number of other benefits that come with Citibank cards, including travel & purchase protection and the Citi Price Rewind, which may automatically get a lower price for you on purchases.
One warning: The card has one of my most hated fees, the 3% foreign purchase fee. Don’t take this card on the road.
The Bottom Line
Citibank’s Costco Anywhere Visa Card is finally available to applicants and offers a strong mix of benefits. It could become a core card in your wallet.
Cover Photo: Creative Commons