If you have been thinking about applying for the Costco Anywhere Visa Card, then here are a few things you have to know about the card before you apply. We will be going right in to outline the five key factors you have to know about this card. This will help you know what you’ll actually be signing up for.
Robust Rewards Programme
The Costco Anywhere Visa card comes with a robust tiered rewards program. Gas buyers, foodies, and frequent travelers will find these rewards very appealing.
Here let’s look at the rewards you earn:
- Earn 4% cashback on eligible gas for the first $7,000 per year and then 1% after that.
- Enjoy 3% cashback on restaurants and eligible travel purchases.
- There’s a 2% cashback on all other purchases from Costco and Costco.com
- 1% cashback on all other purchases
Costco Purchases Don’t Earn the Highest Cash-Back Rate
Even though this card is co-branded with Costco, purchases made at the store do not earn the highest amount of cashback. What you earn is 2% cashback on purchases from Costco and Costco.com.
As low as this may seem if you frequently patronize Costco for groceries, it can still help you in maximizing your savings. However, you’ll have to understand that while most rewards cards offer bonus rewards at supermarkets it excludes purchases at big box stores like Costco. This implies that while you can earn 6% cashback at U.S. supermarkets on up to $6,000 per year in purchases (then 1%) with the Blue Cash Preferred® Card from American Express, that does not apply to Costco purchases.
If you intend to purchase at Costco, the Costco Anywhere Visa® Card with 2% cashback is still your best option.
You can only Collect Rewards Once a Year
Cashback earned with a Costco Anywhere Visa® card is provided through an annual reward certificate once your February billing statement closes. In order to redeem the certificate for a check or merchandise, you’ll have to visit the U.S. Costco Warehouse.
You Must be a Costco Member
Although the Costco Anywhere Visa Card comes with no annual fee, cardholders must have a paid Costco membership. The paid membership starts at $60 for Gold Star and Business levels, then doubles in price to $120 for Gold Star Executive and Business Executive members.
On the other hand, if you are already a Costco member this is not actually an added cost. However, if you are considering this card and already have a membership with BJ’s or Sam’s Club, you will have to think again before adding the cost of another warehouse club membership.
Offers Helpful Perks for Travelers
Frequent travelers will find the Costco Anywhere Visa card perks very beneficial. These perks include travel and emergency assistance, worldwide travel accident insurance, and worldwide car rental insurance.
Also, there are no foreign transaction fees, thus purchases made outside the U.S. will not incur the typical 3% charge. Now, this can add up to substantial savings if you regularly travel abroad.
The Costco Anywhere Visa card is a good card option for Costco members who want to earn competitive rewards on gas, dining, and travel purchases, and don’t mind getting rewards once a year.
On the other hand, if you are not an avid Costco shopper and want a card that does not require a membership but still earns high rewards, you can check out other options for the Costco card.