How To Apply For The Costco Anywhere Visa Card By Citi
How long will it take to get my Costco Anywhere Visa® Card by Citi?
Many customers have reported theyve received immediate decisions on their applications. In some cases, youll need to wait a few business days while Citi manually reviews your application.
If youre approved, look for your welcome materials and card in the mail within 7 to 10 business days.
What Credit Score Is Required For The Costco Anywhere Visa Card
Applicants need to have excellent credit to qualify for the Costco Anywhere Visa® Card. The exact credit score required varies, but a very good credit score ranges from 740 to 799 and excellent credit is 800 and higher, according to Experian.
Not sure what your credit score is? Here’s how to check your credit score for free.
What Credit Cards Have No Foreign Transaction Fees
BEST NO FOREIGN TRANSACTION FEE CREDIT CARDS OF 2019:
- Capital One® Venture® Rewards Credit Card: Best Visa.
- Chase Sapphire Reserve®: Best Travel Rewards.
- Chase Sapphire Preferred® Card: Best Bonus.
- Wells Fargo Propel American Express® Card: No Annual Fee.
- Capital One® QuicksilverOne® Cash Rewards Credit Card: Fair Credit.
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Costco Anywhere Visa Card By Citi Benefits
- Annual fee: $0 with paid Costco membership. If youre not a Costco member, you can purchase a membership online for $60.
- Rewards: Great cash back on gas, travel, dining and Costco purchases. Youll earn up to 4% cash back when you use your card. Receive your rewards in the form of an annual reward certificate after the close of your February billing statement. Anytime through December 31 of that year, you can redeem the certificate for cash or merchandise at US Costco stores.
- The Costco Anywhere Visa® Card by Citi doubles as a Costco membership ID. Typically, shoppers need to show their Costco membership cards to enter Costco. As a cardholder, you can simply show your credit card for entry.
- No foreign transaction fees. Take the Costco Anywhere Visa® Card by Citi on vacation and dont worry about paying fees for foreign purchases.
- Travel protection. Youll receive travel services like accident insurance, car rental insurance, trip cancellation protection, travel assistance and emergency assistance.
Here are the rewards youll earn with the Costco Anywhere Visa® Card by Citi
How much cashback rewards can I earn with the Costco Anywhere Visa® Card by Citi?
Heres the cash back you might earn if your family spends these amounts in different categories each year:
- $3,000 on gas x 4% = $120
- $5,000 on travel and restaurants x 3% = $150
- $5,000 at Costco x 2% = $100
- $7,000 on other purchases x 1% = $70
That would be $440 cash back for the year.
Will You Be Charged A Foreign Transaction Fee When Booking International Trips Online
You dont have to be in another country to rack up a foreign transaction fee. If you make a payment online that gets routed through a non-U.S. bank, you might see that pesky fee tacked onto your bill. This can happen when you are buying from a company that is not based in the U.S., but it also happens when booking hotels abroad.
Related:;I paid a foreign transaction fee at home reader mistake story;
Most properties within major hotel brand portfolios like Hilton or Marriott are individually owned and managed, but reservations are facilitated through a brand-wide website. This means that while your reservation may be made on a U.S. website and you may pay in USD, the room charges may be processed by the hotel itself through a non-U.S. bank.
Its generally hard to tell in these cases whether youll be charged a foreign transaction fee until after the payment is already processed. So its a best practice to use a card with no foreign transaction fees for booking purposes. Luckily, most;top credit cards for booking hotel stays;come with no such fees.
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What Are The Requirements To Get This Costco Credit Card
Because this is a business class credit card, there will be some additional steps to apply. You will need to provide:
- Verification that you are a business owner with 25% or more control or ownership
- Costco membership number
- Legal business name and DBA
- Business address and contact info
- Annual business revenue
- Number of employees
- Length of business
- Personal earnings
The bank may request verification and ask additional questions at the time of the application or before making a final decision. Credit history and previous payments may affect the outcome of your approval.
Costco Anywhere Visa Card By Citi Review: Is It Worth It
- Annual Fee:
- Rewards Rate:Up to 4.0% Cash Back
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Costco has a reputation for being an exclusive retailer after all, you have to have a membership to shop there in the first place.
But now it offers the Costco Anywhere Visa® Card by Citi only it can be used anywhere, not just in Costco stores.
What gives? Is this rewards card really a great pick? Lets find out together.
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Foreign Transaction Fees And Credit Card Issuers
Foreign transaction fees by credit card issuers vary according to different factors, including processing fees. Mastercard and Visa are payment networks, while American Express and Discover are credit card issuers that also have their own payment networks. Also, its not unusual for an issuer to charge a foreign transaction fee with some cards but not with others.
Heres a quick look at how the fee structure breaks down among several major credit card issuers:
Additional Costco Anywhere Visa Card By Citi Benefits
No foreign transaction fee. The foreign transaction fee on this card is 0% so you can use the card outside the U.S. without worrying about having an extra charge tacked onto every transaction you make.
This card serves as your Costco membership ID. When shopping at Costco and carrying this card, you dont need any additional proof of membership.
Citi Entertainment. Get special access to tickets for events including concerts, sports games, dining experiences and more.
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How We Chose The Best Cards With No Foreign Transaction Fees
These days, most travel credit cards offer no foreign transaction fees. This means the competition for the best cards with no foreign transaction fees is tough and far-reaching.
We spend a fair bit of time at TPG researching the best card offers and the details of each to help make the researching process a breeze for readers. This means taking all of the cards that offer no foreign transaction fees and then narrowing down that list further by looking at a number of different factors, including but not limited to:
Citi Double Cash Card
The Citi® Double Cash Cardis a fixed rate cash back card that allows you to earn 2% cash back on each purchase, though the percentages are split up between 1% cash back when you make a purchase and 1% cash back when you pay for a purchase.
Note that this rewards card is also a Mastercard, so you wont be able to use it in retail Costco stores. It doesnt come with a sign-up bonus, but it is a particularly good choice if you spend a lot of money in the categories that apply to the above cashback rates, namely gas, travel, and restaurant purchases.
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Bank Of America Travel Rewards Credit Card
Best for no annual fee
- This card is a good fit for: Someone looking for a travel card with nonrestrictive redemption options.
- This card is not a great choice for: Travelers seeking premium perks or boosted rewards rates in particular categories.
- What makes this card unique? Bank of America has a pretty broad definition of travel purchases, compared to similar cards. Purchases at campgrounds, zoos, art galleries, aquariums, and more can be redeemed for travel statement credits.
- Is the Bank of America Travel Rewards card worth it? The rewards rate is alright, but you can find better if youre willing to pay an annual fee. Also keep in mind that the rewards rate jumps from 1.5 points per dollar spent to 3 points per dollar when you use this card to book airfare, hotels or rental cars through the Bank of America Travel Center.
Jump back to offer details.
Which Issuers Are Most Widely Accepted Internationally
Something else to seriously consider when traveling abroad is that not every payment network is accepted worldwide.;Mastercard and Visa;are by and large the two most popular networks if a merchant abroad accepts credit cards, it is likely going to accept one of these cards.
Discover and;American Express, which are commonly accepted in the U.S., may not be accepted around the world. This is why its a smart idea to have multiple types of cards in your wallet.
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Issuers often will have card options that operate on different networks. All;Chase credit cards; except for the;Chase Freedom Flex; operate on the;Visa payment network. Barclays, Citi and Capital One offer cards on both the Visa and Mastercard networks. Wells Fargo uses the Visa network for some cards and the American Express network for others. Discover and American Express, of course, always use their own payment networks.
If you have at least one Visa and one Mastercard, youll likely have a card that is accepted almost anywhere. Just keep in mind that in many places around the world,;cash is still king. In parts of Asia, Africa and even Europe, many smaller merchants will either not accept credit cards or they will charge a high surcharge on any credit card payment.
While you should;always use a credit card when possible;, its good to have local currency in hand whenever you are traveling.
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How Do You Redeem Your Cash Back With The Costco Anywhere Visa Card By Citi
The Costco Anywhere Visa® Card by Citi can be redeemed for cash back by following these steps:
I Got The Card Now What
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Make payments on time.
You can register for an online account on the Citi website. It will let you check your account balance, pay your bill electronically and set up automatic payments.
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Avoid interest.
The card comes with a 15.24% variable APR for purchases and balance transfers. Thats around the average credit card APR. Still, consider paying off your balances in full each month to avoid accruing interest.
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Avoid fees.
Youll incur fees for balance transfers and cash advances. For each late or returned payment, youll pay a fee of $40.
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Contact customer service.
If you have questions about your card, you can log in to your Citi account and chat with a representative. You can also call the number on the back of your card to reach the Citi Cards general support line.
How do I redeem rewards from the Costco Anywhere Visa® Card by Citi?
After you receive your credit card reward certificate, simply use it when youre paying for your Costco purchases. If you dont use its entire balance, youll get the remaining amount in cash while youre checking out.
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This Card Is Best For
- Seeks to maximize cash back earnings across spending categoriesCash Back Strategist
- Resists or refuses an annual fee on principle or due to costAnnual Fee Averse
- Primarily responsible for household grocery and other major purchasesHead of Household
- Incurs gasoline or other commuting expenses each monthDriver/Commuter
This card is well-suited for consumers who spend at least $7,000 per year on gas and routinely charge dining, travel, and Costco purchases. If you already have a Costco membership, signing up for this card won’t cost you anything extra since there’s no annual fee, and the Costco Anywhere Visa doubles as your membership card.;
This card is also a good option for those who like the simplicity of rewards issued once a year and having that amount to spend at Costco.;
How It Stacks Up
How does the Costco Anywhere Visa Card by Citi compare to other cards? The short answer is, favorably. These days, 2% is a solid cash back rate. Thats what youll get with the Citi Double Cash Card, though because that card is on the Mastercard network its not quite as useful as the Costco Anywhere Visa Card by Citi. The Costco Anywhere Visa Card by Citi offers 3% on dining and eligible travel and 4% on eligible gas purchases , which means its rates are higher than those of the Citi Double Cash card.;
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Does Costco Credit Card Have International Fees
100 statement credit every 4 years. Paying with a credit card that has no foreign transaction fee in the local currency is almost always the best for your wallet.
The Capital One Costco Mastercard Isn T The Only Game In Town When It Comes To Costco Credit Cards Get The Best Mast Credit Card Info Best Credit Cards Costco
Drawbacks To The Costco Anywhere Visa Card
- No welcome bonus: Unlike many cashback credit cards, the Costco Anywhere Visa doesnt offer a welcome bonus offer for new cardholders.
- Membership requirement: Although the Costco Anywhere card carries no annual fee, you do need a Costco membership to qualify for it. Costco memberships start at $60 per year.
- You need excellent credit to qualify for this card, which may limit some people from qualifying for it. Being a Costco member alone isnt enough to be eligible for this credit card.
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How To Redeem Cash Back From The Costco Anywhere Visa
The biggest downside of the Costco Anywhere Visa® Card by Citi is that you don’t receive your rewards in the form of a check or statement credits. Not only that, but you also can’t cash them in throughout the year.
According to the terms and conditions on this credit card, “cash back will be provided as an annual credit card reward certificate once your February billing statement closes, and is redeemable for cash or merchandise at US Costco Warehouses.”
In other words, your rewards are good for more Costco purchases or cash back but you have to visit a Costco location in order to redeem rewards for cash back instead of merchandise. And you’ll only receive your rewards once per year, and during the middle of winter at that. This makes the Costco Anywhere Visa® Card by Citi unlike most other cash-back cards, which let you redeem your rewards any time you want.
Choose The Local Currency
If youve traveled before, this situation may sound familiar.
Lets say youre eyeing a souvenir and you decide to charge it to your card. The merchant will ask whether you want to pay in U.S. dollars or the local currency. It may sound convenient to choose the currency youre familiar with if youre American, youll probably have an idea of how much the item would cost at home, in U.S. dollars.
But it might be a good idea to choose the local currency. Heres why.
If you choose to pay in U.S. dollars, the merchant gets to choose the exchange rate to convert the cost of the item. Its called dynamic currency conversion. While the shopkeeper may seem nice, the rate used may not be so nice.
If you choose to pay in the local currency, though, your will handle the conversion. And like we said before, your card often gives you the best rate.
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What Are Foreign Transaction Fees
When you use a credit card overseas to buy something in the local currency, your credit card issuer has to convert the money youve spent into U.S. dollars to properly bill you. It may seem like any other transaction from your perspective, but behind the scenes the credit card issuer pays various costs associated with currency conversion, transferring money through a foreign bank and so on.
Many issuers offset these costs by charging a foreign transaction fee for every overseas purchase.
The fee usually ranges from 3%-5% of the amount spent on each transaction, which means the cost to you can really add up:
| Foreign purchase in dollars |
|---|
| $525 |
Best Ways To Use The Costco Anywhere Visa
Once you factor in the benefit of not being charged foreign transaction fees, the Costco Anywhere Visa card seems ideal to use when traveling outside of the U.S. especially if you plan to rent a car or eat out frequently during your trip. Not only will you earn 4 percent cash back on gas purchases and 3 percent cash back at restaurants, but you will also avoid the 3-percent fee normally charged for each of these transactions. Not to mention youll earn 3 percent cash back when you use your Costco card to make your travel arrangements.
To maximize your rewards earnings with this card, we recommend the following:
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