Meridian Visa Infinite Travel Rewards Card
At $99 per year, the fee for this card rings in lower than other competitive cards at $120 a yearand, as a bonus, the first year is free. This card offers a robust suite of Visa Infinite benefits, from emergency healthcare coverage of up to $5,000,000 per insured person on eligible medical care and services required, trip cancellation and interruption insurance, baggage insurance, and mobile device insurance. As for rewards rates, users earn 3 points per $1 on foreign purchases . Youll get 1.5 points per $1 on your everyday purchases.
- Annual fee: $99
- Interest rates: purchases 19.50%, cash advances 21.99%
- Foreign transaction handling: 2.5% standard, but youll get points per $1 on charges made in another currency that more than cover forex fees
- Rewards earn rate: Earn 3% in points on eligible travel purchases 1.5% on everyday purchases
- Income requirement: $60,000 individual or $100,000 household
Earning Rewards With Costco Credit Card
To earn rewards with your Costco credit card, simply swipe the card when making purchases in the qualifying categories. The cash back you earn will be provided as an annual credit card reward certificate.
The real downside to this card is that you can only redeem your cash back rewards at Costco, in one single transaction per year. Youll get a rewards certificate for your full previous calendar year rewards balance each February when your billing statement closes, which is redeemable through Dec. 31 of that year. You can redeem the certificate at a Costco Warehouse toward a single purchase or get cash from the store, but those are your only options.
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:
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Earn Cash Back Everywhere Mastercard Is Accepted1
cash back at other gas stationsand at Costco.ca.1
cash back on all other purchases including at Costco.
- Redeem your annual cash back gift certificate at any Canadian Costco warehouse5
- Get special interest rates with no installment fees when paying for eligible Costco purchases with CIBC Pace It, 6 Installment Plans
- Enjoy valuable insurance coverage including Mobile Device Insurance and Purchase Security and Extended Warranty Insurance7
- Manage your account everywhere you go with the CIBC Mobile Banking® App and CIBC Online Banking®
What We Like About The Costco Anywhere Visa Card By Citi
Cash back on everyday purchases
The Costco Anywhere Visa® Card by Citi offers 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases.
Just know, certain purchases are not eligible for the elevated cash back rates. For example, gas purchased at superstores, supermarkets, convenience stores, warehouse clubs other than Costco and fuel used for non-automobile purchases do not qualify for the gas category. Purchases made at bakeries and certain restaurants and cafes inside department stores, grocery or warehouse clubs do not qualify for the restaurant category. And purchases made at timeshares, campgrounds, bed and breakfasts and purchases of train and commuter travel do not qualify for the travel category.
The Costco Anywhere Visa® Card by Citi comes with a $0 annual fee. But keep in mind you that you will be responsible for paying an annual Costco membership fee .
0% foreign transaction fees
With the Costco Anywhere Visa® Card by Citi, you wont be charged additional fees when you use your card to make purchases outside of the U.S.
Can I Go In Costco Without A Membership
There is no free Costco membership, shopping pass, day pass, trial pass, guest pass, trial membership, or other trial period where you can walk up to the door, walk in, and buy whatever you’d like. However, if you’d simply like to see what the store has to offer, you are welcome to enter and walk around and look.
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.
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Costco Anywhere Visa Vs Bank Of America Customized Cash Rewards Credit Card
The closest competition when it comes to consistent wholesale club cash back would have to be the Bank of America® Customized Cash Rewards credit card. It earns 3 percent cash back in a choice category that can be changed monthly including travel, gas and dining and 2 percent back at wholesale clubs and grocery stores . Not to mention that Bank of America can deposit your cash back directly to your bank account each month rather than make you wait a year for a glorified Costco gift card.
Your choice categories have the flexibility to meet whichever big expenses outside the Costco cards bonus categories may pop up month-to-month while freeing your 2 percent wholesale club rewards to cover other branded clubs and grocery stores as well. Granted, the Customized Cash cards 3 percent rewards and quarterly spending caps might seem to dampen your rewards potential if youre a big spender, but this cards greatly improved versatility, intro APR periods, cash back welcome offer and Bank of America Preferred Rewards cash back boost may add up to more overall value for the average cardholder.
Other Purchase And Return Considerations
Another benefit of using your credit card abroad is the extra purchase protection it can offer. If you need to dispute a charge on your credit card, first contact the merchant to see what options may be available. If that doesnt work, contact your credit card company to see if they can help you dispute the charge.
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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.
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.
The Card Offers Helpful Perks For Travelers
Frequent travelers will benefit from the various perks provided by the Costco Anywhere Visa Card, which include travel and emergency assistance, worldwide travel accident insurance and worldwide car rental insurance.
Additionally, there are no foreign transaction fees, so purchases made outside the U.S. won’t incur the typical 3% charge. This can add up to substantial savings if you regularly travel abroad.
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Are Foreign Transaction Fees Affected By Exchange Rates
Yes and no.
Foreign transaction fees are charged by your issuer when you make a purchase abroad . The exchange rate refers to the value of one currency compared to the other and that rate is determined by payment networks.
What the exchange rate is on a certain day in a certain country will not change the percentage your card charges for a foreign transaction fee. In that sense, exchange rates do not affect foreign transaction fees.
However, an exchange rate can have an effect on the actual dollar amount you are charged for a foreign transaction fee. For example, at the time of writing, the Morningstar exchange rate for the U.S. dollar to the Euro was 1:0.92. That means youd pay a $0.65 transaction fee for a 20-Euro dinner.
However, if the exchange rate changed to, say, 1:1.33, youd only end up paying $0.45 for a 20-euro dinner. So, the exchange rate can make a difference in the actual dollar amount of the foreign transaction fee.
Top Credit Cards With No Foreign Transaction Fee
|1.25 Miles per dollar on every purchase, every day 5 Miles on hotels and rental cars booked through Capital One Travel||$0|
Beyond our top picks, there are many more cards without FX fees, which we’ve highlighted in the table in the next section. Alternatively, check out some of the best credit cards for international travel, none of which charge foreign transaction fees.
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Still Not Sure About This Card Consider These Options
If you are a Costco member looking for a rewards card with no annual charges and long-term value, the Citi Costco Anywhere Visa Card is a great choice. However, if you find that this card favors spending categories where you do not spend much money. You may want to consider cash back cards, travel cards, gas cards or even business cards to find the best option for your wallet.
Your Foreign Transaction Credit Card Questions Answered
A foreign currency transaction fee is a fee thats charged every time you make a credit card purchase outside of Canada or in a foreign currency like when you travel to the U.S. and pay for something in U.S. dollars or when you order something online from a U.S. website. The foreign transaction fee covers the cost of converting your transaction back to Canadian dollars.
Foreign currency transaction fees are separate from exchange rates. Your credit card issuer will calculate the exchange rate and convert all foreign currency transactions to Canadian dollars. Your foreign currency transaction fee is charged after the conversion has taken place.
Most of our credit cards charge a foreign currency transaction fee when you make a purchase in a different currency one that’s not in Canadian dollars. This fee is an extra 2.5% on top of the purchase price which can increase your total spending.
If you use your Canadian credit card outside of Canada or for any foreign currency transactions, you pay a foreign currency conversion fee of 2.5%.
Here are some options that may help you save on foreign transaction fees:
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Bank Of America Premium Rewards Credit Card: Best For Bank Of America Customers
Annual fee: $95.
Sign-up bonus: 50,000 bonus points after you spend $3,000 on purchases within the first 90 days of account opening .
Earning rate: 2 points per dollar on travel and dining and 1.5 points per dollar on everything else.
Why we like it: The Bank of America Premium Rewards card has a lot to offer for such a low annual fee especially if you qualify for the Preferred Rewards program. Youll earn a flat 1.5 points per dollar on every purchase plus 2 points per dollar on travel and dining purchases. The card also comes with an impressive suite of benefits, including an up to $100 annual airline incidental statement credit, a Global Entry/TSA PreCheck application fee credit and an array of travel protections. The rewards structure is also incredibly simple, giving you the flexibility to redeem for travel, cash back or gift cards with a variety of merchants.
For members of the Preferred Rewards program, this card becomes even more valuable. If you stash enough cash away with Bank of America, you could earn up to 3.5 points per dollar on travel and dining and 2.625 points per dollar on all other purchases.
Costco Anywhere Visa Card By Citi* Vs Other Warehouse Club Cards
The My BJs Perks® Mastercard®* offers higher earnings rates with 5% cash back for Perks Elite and 3% cash back for Perks Plus on most in-club and BJs.com purchases, 2% cash back on dining out and on non-BJs gas purchases and 1% cash back everywhere else. However, gas at BJs will get a $0.10 discount per gallon. At the Elite level, cardholders will get the same price on gas and the same cash back on non-BJs gas.
Sams Club® Mastercard® cardholders can receive .
Even online warehouses like Amazon and its offer a tad bit more than the Costco Anywhere Visa like 5% cash back in rewards at Amazon.com and Whole Foods Market with an eligible Prime membership, 2% cash back at restaurants, gas stations and drugstores and 1% on all other purchases.
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How The Costco Anywhere Visa Compares To Other Cash Back Cards
The Costco cards bonus categories are competitive across the board compared to other cash back cards with no annual fee. It can be hard to find a single credit card that offers rewards on gas, dining, travel and wholesale clubs at this level.
Fortunately, there are a number of traditional credit cards that have greater flexibility and are available to a broader range of shoppers. Plus, the boosted rewards in similar categories match the Costco Anywhere Visas 2 percent Costco cash back rate.
Citi Ends Foreign Transaction Fee On Costco Anywhere Visa
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If you have the Costco Anywhere Visa® Card by Citi and you like to travel, the new year is bringing you some good news: You can soon wave goodbye to the card’s 3% foreign transaction fee. Citi notes the change will be effective on purchases made after Jan. 25, 2018.
For world travelers, especially those on a budget, foreign transaction fees can add a tidy sum to the cost of a trip. For example, if you were to spend $1,000 on the Costco Anywhere Visa® Card by Citi for airfare to London, you’d earn 3% cash back. But if you then spend $1,000 on that card while youre in England, the current 3% foreign transaction fee would wipe out any cash-back benefit you got when you paid for your airfare.
Removing the foreign transaction fee should make the Costco Anywhere Visa® Card by Citi more appealing as a travel card.
Citi and Costco are committed to consistently delivering value to customers and ensuring that the Costco Anywhere Visa® Card by Citi remains a highly competitive card, a Citi spokesperson wrote in an email.
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Is Costco Credit Card Good For Travel
Travel Benefits Youll Use: The Costco Visa comes with car rental insurance (primary coverage for international travel, secondary for domestic US rentals. Youll also receive roadside assistance along with other benefits like no foreign transaction fees.
When Is The Costco Anywhere Visa Card Not Worth It
When compared to other cash back credit cards, the Costco Anywhere Visa card offers way fewer options when it comes to redeeming rewards. Further, with the Costco Anywhere Visa, you must redeem your certificate at a physical Costco location, either for cash or merchandise.
The Costco Anywhere Visa isnt a bad card, but it is pretty restrictive when it comes to redeeming rewards:
- You only get cash back once a year, as a certificate, in February
- The certificate expires 12/31 of the same year
- Must redeem your certificate at Costco
- You lose your rewards if you close your account before you receive your certificate
Although the card offers upsides on gas, travel and dining, those categories can be easier to optimize elsewhere. If youre not a frequent enough shopper at Costco locations to make the annual membership pay off, or if you dont want to be restricted to spending your rewards at Costco, the card is most likely not worth it.
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