Perks That Carry Over
Though, sure, the rewards program on the Capital One Costco Mastercard is a little flat, it does have some features that wont disappear under the new partnership.
First off, Id like to see the slew of insurance carry over. Right now, your Capital One Costco Mastercard has a fairly comprehensive package of travel insurance, including travel accidents, baggage delays, rental car damage, and 24/7 travel assistance. It also has a hefty amount of shopping insurance, too, including price protection, extended warranty, and purchase protection. In addition to these features, Id like to see the CIBC Costco Mastercard offer mobile phone insurance , as thats a key feature on many of Canadas top credit cards.
I also hope the new card will have no annual fee and that your cashback earnings have no cap. On the flip side, Id be willing to pay an annual fee if the new CIBC Costco Mastercard has higher earning potential and possibly a rebate on my Costco membership.
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.
Costco Anywhere Visa Card By Citi Review: More Details
If you regularly shop for deals at Costco, you could potentially get even more value from your membership and put some money back into your pocket by using a co-branded store card to pay for your Costco purchases. Capitalizing on Costcos reputation for offering cheaper gas than the average fuel provider, the Costco Anywhere Visa card offers one of the best bonuses you can get on year-round gas purchases. It also offers a strong cash-back bonus on restaurant and travel spending and a decent bonus on other Costco purchases.
This card requires some patience, though, since it only lets you claim your earnings once a year.
Read Also: Cabela’s Credit Card Payment
Executive Membership Costco Cash Back Rewards
The standard $60 Gold Star membership gets you in the door to shop at Costco but executive members earn 2% cashback, up to $1000, for qualifying Costco, Costco.com and Costco travel purchases. The executive membership costs an extra $60 for a total of $120.
Two months before your membership renewal date, Costco sends out a renewal notification along with a rebate check for the cashback earned the previous year. This rebate check can be used at Costco registers for the purchase of merchandise. It cannot be used for the purchase of alcohol, tobacco, or at their food court.
An interesting fact some people dont know is while the Costco Executive Membership rebate check cant be cashed at your bank, it CAN be cashed at the Costco customer service counter.
Costco Anywhere Visa Card By Citi Reviews And Complaints
Some customers warn that Citi will close your account if you cancel your Costco membership.
Happy customers say the card offers great cash back. Unhappy users say Citi customer support is unhelpful, and Costco staff may not be able to help you with your credit card.
Even though Citi has been in business for more than 200 years, it was never accredited by the Better Business Bureau . As of October 2020, more than 200 customer complaints on the BBB site give the bank a score of 1 out of 5. Because Citi failed to resolve customer complaints on the site, BBB has rated the bank with the lowest F rating.
Citi is rated slightly higher at 1.8 out of 5 on Trustpilot where customers mostly complain about poor customer service.
Case study: Britnys experience
Britny LawhornAssistant Publisher
The rewards are great, such as 4% back on gas purchases , but theyre only issued once per year in February and the rewards are forfeited if you cancel your Costco membership before then. If you stay a member long enough to get the rewards, they can be redeemed for merchandise purchases or cash.
Recommended Reading: First Premier Credit Card Offers
Its Richest Reward Rates Are Outside Costco
This is a card designed for people who are already shopping at Costco. So if youre expecting huge incentives to spend money at the retailer itself along the lines of the 5% discounts or rewards offered by cards from and Target youre going to be disappointed. Youll get 2% back on purchases at Costco and Costco.com, but the signature appeal of this card is that it turns your other spending into rewards you can use at Costco.
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.
Recommended Reading: What Is Google Svcsapps
How To Make The Most Money From Co
On the surface, the Costco Anywhere Visa Card by Citi seems like the most logical card to swipe at Costco, and the Disney® Premier Visa® Card might seem like the optimal card to fund your Disney vacation. But you should always read your credit card terms and conditions to find out if thats really the case.
Dont fall for marketing tactics that make rewards seem more valuable than they really are: People see the Disney logo and think, Thats going to be the best way to help me earn money for my Disney vacation, said Holly Porter Johnson, co-author of the book Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love. People dont read the fine print.
If you do your homework, you may find alternative ways to get the same rewards. Some Disney aficionados might justify the Disney® Premier Visa® Cards $49 annual fee because it gives them 10% off at the Disney Store, but they might not realize that the $0-annual-fee Disney® Visa® Debit Card offers the same benefit.
Its easy to fall for marketing spin and fail to dig deepereven among experts. It wasnt until we chatted for this article that Berinato, a financial services researcher, self-professed Costco loyalist, and Costco credit card holder, realized he could get a better rate on Costco purchases with another card.
Be aware of how valuable your rewards really are: Grund said many of the rewards he sees advertised have strong headline value but arent actually as meaningful as they first appear.
Will The New Cibc Costco Mastercard Be Worth It
Will the CIBC Costco Mastercard be better than the Capital One Costco card?
Its no longer a surprise. Costco has now entered its third business relationship with a credit card provider, this time CIBC. Whether or not the partnership will last, many of us are wondering the same thing: will the CIBC Costco Mastercard be better than the Capital One Costco card?
You May Like: How To Pay Best Buy Credit Card On App
Capital One Canada Contact
You can reach Capital One Canada for routine account inquiries at 1-800-481-3239 or at 1-804-934-2010 .
General correspondence can be mailed to their Ontario office at P. O. Box 503, Stn. D, Scarborough, ON M1R 5L1. If you prefer to make payments by cheque or money order, mail it to P. O. Box 521, Stn. D, Scarborough, ON M1R 5S4.
Costco Anywhere Visa Card By Citi
- Discover one of Citi’s best cash back rewards cards designed exclusively for Costco members
- 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurants and eligible travel purchases
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
- The standard variable APR for Citi Flex Plan is 15.24%. Citi Flex Plan offers are made available at Citi’s discretion.
Since you’re already paying an annual membership fee to be a Costco member, you instantly gain the ability to apply for the Costco Anywhere Visa® Card by Citi. With a $0 annual fee, Costco shoppers will be able to enjoy even greater returns on their already-low-priced merchandise.
You May Like: Is Target Credit Card Good
What Would Make This Card More Than Worth It
For one, it would need a more robust rewards program. Currently, the Capital One Costco Mastercard earns 3% on restaurant purchases and 2% on gas, with no caps on how much you can earn. Thats great , but the card doesnt earn any extra cash-back bonuses for purchases made within Costco retail stores. Thats a huge miss. After all, this is a Costco credit card. If my card earns a meagre .5% for Costco purchases, sorry Im not super motivated to use my CIBC Costco Mastercard at Costco, not when other cash-back cards and rewards cards have higher earn rates for grocery purchases.
Secondly, this card would be worth it if it came with a hefty welcome bonus. Right now, you get nothing for signing up. In my opinion, thats been a major disappointment for many Canadians. At this point, well take a couple of pumpkin pies or pizza slices for opening an account. Just give us something, preferably a voucher to spend at Costco .
Lastly, and this could be a stretch, but Id like to get my cash-back voucher more than once per year. Currently, you get your cash back rebated to you every January. This has caused a lot of headaches, especially if you canceled your card halfway through the year.
Small Businesses Deserve Big Rewards
No annual feeno foreign transaction feesCASH BACK REWARDS, EVERY TIME
Wherever Visa® is accepted, with the Costco Anywhere Visa® Business Card by Citi and the Costco Anywhere Visa® Card.
Not a Costco Member Yet?Join to Apply
Boost the bottom line withthe business card.
Earn cash back rewards withthe personal card, too.
Costco Anywhere Visa Card by Citi
Is The Costco Anywhere Visa Card Right For You
Overall, this is an excellent card that is highly recommended for Costco members who are looking to earn cash back rewards on every purchase. With no annual fee, you can use this card for free as long as you pay it off in full every month by the due date and avoid certain fee-bearing activity.
A good cash back rewards card should put cash back in your pocket where you spend most, and for many Costco members this card does exactly that. If you belong to Costco, you should definitely consider applying for the Costco Anywhere Visa Card.
Is The Costco Credit Card Right For You
If you do a lot of your shopping at Costco, then this card can help you save. Just make sure you pay close attention to all of the redemption rules so that you can actually reap the rewards you earn.
For someone who spends a lot at Costco, one redemption per year might not be a hindrance. For instance, if you like to stock up at the wholesale club only a few times each year, you can easily put those rewards toward your next haul. And Costco does offer high-value items that you could save up your annual rewards for: new tires, jewelry, appliances, and more.
But if you dont want to sit on your cash rewards all year, or want more redemption options, then there may be better cards out there. This is especially true if youre considering the Costco card solely for its 2% cash back rate at Costco the right cash back credit card can offer the same rewards with more redemption flexibility. The Citi® Double Cash Card*, for example, offers up to 2% cash back on every purchase you make , including at Costco, and the Chase Freedom Unlimited® offers at least 1.5% cash back on purchases, in addition to higher rewards in specific categories.
Also Check: Td Bank Visa Gift Cards
Cash Back With A Costco Membership
Costcos Gold Star membership is its most basic tier, and you dont get much extra besides the ability to shop at Costco. If youre willing to bump up to the Gold Star Executive membership , though, youll get 2% cash back on all your Costco spending, up to a maximum reward of $1,000 per year.
To figure out whether the Executive membership makes sense for you whether youre new to Costco or considering a membership upgrade try to estimate how much you spend each month at Costco, and multiply by 12 to calculate your annual spending. The break-even point is $6,000 if youre new to Costco or $3,000 to recoup the extra cost to upgrade an existing Gold Star Costco membership.
The way you use your Costco rewards is similar to the options with the Costco Anywhere Visa Card. Youll be mailed a certificate once per year about three months before your membership renews with all the cash back youve earned over the previous months. Again, youll need to be aware of when your membership renews so that if you cancel your membership, you dont lose out on a years worth of cash back.
Costco Anywhere Visa Card Benefits And Features
The Costco Anywhere Visa® Card by Citi does offer a few notable benefits that can help consumers save money and protect their purchases.
You’ll get purchase protection against damage or theft, for example, provided you report the incident within 120 days of purchase .
You May Like: Is Target Credit Card Good
Perks And Benefits Of The Costco Credit Card
The Costco Anywhere Visa Card offers solid cash back options for cardholders:
- 4% on eligible gas for the first $7,000 per year, then 1%
- 3% on restaurants and eligible travel purchases worldwide
- 2% on purchases from Costco and Costco.com
- 1% on all other purchases
Unlike some retail cards, you can use the Costco Anywhere Visa wherever Visa cards are accepted, and earn rewards across categories not limited to the retailer.
The top-earning rewards category is gas, so if you dont drive frequently this may not be the best option for you. Three percent cash back at restaurants and on travel is pretty good, but if youre looking for a card purely for dining and travel rewards, you can find higher rewards percentages elsewhere.
You must be a Costco member to qualify for this card. And if you already pay for Costco membership, its likely you save enough money buying in bulk at the retailer to make your membership fee worth it. If thats the case, then just the 2% rewards at Costco alone for no added price beyond your existing membership can make this card worth it.
Theres no annual fee , no foreign transaction fees, and a variable 15.24% APR.
Earn With A Lucrative Rewards Rate
The Costco Anywhere Visa® Card by Citi comes with a remarkable rewards rate: 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.
In the categories where it earns more than 1%, the Costco Anywhere Visa® Card by Citi produces far better returns than many other credit cards. The 4% rewards rate on gas alone makes this card one of the best credit cards for gas purchases. The 3% rewards rate on travel outperforms some of the top travel credit cards although you’re not earning miles, giving you fewer opportunities to maximize your rewards.
We’ve compared the estimated annual savings based on an average household budget between the Costco Anywhere Visa® Card by Citi and the Citi® Double Cash Card 18 month BT offer, which lets you Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
*For the Costco Anywhere Visa® Card by Citi, we assumed all gas and groceries were purchased at Costco.
Don’t Miss: Jcpenney Credit Card Cancel
Reasons Why The Costco Credit Card Is Worth It
- Cash back on popular spending categories: Youll earn 4% cash back on certain categories. Youll also get 3% at restaurants and on eligible travel expenses, along with 2% at Costco and Costco.com, and 1% on all other purchases. Rewards get delivered once a year in the form of a certificate included with your February billing statement, and you have a year to redeem.
- $0 annual fee: While you will have to pay $60+ per year for a Costco membership, you wont have to spend any additional money just to have the card.
- $0 foreign fees: You can use your card on purchases throughout your travels, knowing that there are $0 foreign transaction fees on purchases.
- Insurance: The Costco Credit Card provides several types of insurance at no extra cost to you. The travel insurance policies include compensation for emergency assistance and damage/theft of rental cars. Items you buy with your card can also be replaced/reimbursed with purchase protection.
The Costco Credit Card clearly is worth it when used responsibly by the right type of person. But since Costco will accept any card on the Visa network , you have other options.
There are a few other ways you can contact Costco Credit Card customer service, too you can submit an inquiry by mail, or visit a local Citi branch.