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.
Applying For The Costco Citi Cards Is Easy But Approval May Not Be
Now that you know how to get a Costco Citi Card, are you ready to pull the trigger? On the plus side, the card charges no annual fee and lets you earn pretty good rewards on restaurant, travel, and gas purchases. Its a genuine Visa card with valuable benefits, including Citi Concierge and Citi Entertainment.
The biggest negative facing the prospective Costco Citi Card owner is its reward redemption policy. You can only redeem your cash back at Costco once per year. That will appeal to Costcophiles who devote significant time roving the warehouse aisles each month.
But for many others, the cards are a tough sell. They generally require excellent credit for approval. The Ascent reports that only 22% of Americans have a FICO score of 800 or higher, which is FICOs threshold for an excellent credit rating.
Benefits Of Costco Credit Card Login:
Basic Visa features, such as the following, are included with the Costco Credit Card:
- Sign up for Norton LifeLocks free ID Navigator identity theft protections to receive credit monitoring and support in the event of identity theft.
- Service for Cardholder Inquiries: If you have any queries regarding your account, contact a Visa representative at any time.
- Assistance for Lost or Stolen Cards: Every day of the week, including weekends, you may report a lost or stolen card. If a hold has to be placed on your missing account, a new card is issued, or an emergency cash release is necessary, Visa will work with you and your issuing bank to make those arrangements.
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Your Costco Purchases Won’t Earn You The Most Cash Back
Though the Costco Anywhere Visa card is exclusive to Costco members, you won’t earn the most cash back on Costco purchases. While gas, dining, and travel earn 3% to 4% cashback, Costco and Costco.com purchases are only eligible for 2% cashback rewards.
While that may be disappointing, most cash back credit cards restrict reward eligibility on warehouse purchases. If you are a frequent Costco shopper, 2% cashback can help, making the Costco Anywhere Visa card a worthwhile card to have in your wallet. There is a $1000 cashback limit to how much Executive members can earn per year.
Bank Of America Customized Cash Rewards Credit Card
The Bank of America® Customized Cash Rewards credit card* offers 3% cash back in a category of your choice , 2% cash back at grocery stores and wholesale clubs , and 1% unlimited on all other purchases. If you spent up to the $2,500 limit solely at Costco each quarter, you could earn $200 in annual savings.
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It Has A Robust Rewards Program
While experts usually don’t recommend signing up for a store credit card, the Costco Anywhere Visa® Card is an exception, thanks in part to its tiered rewards program that benefits gas guzzlers, foodies and frequent travelers.
Here are the rewards you earn:
- 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
How Can You Pay Your Costco Credit Card
- Online or by phoning customer care at 378-6467 are the two simplest methods for making a Costco Credit Card payment. As an alternative, you can pay by mail or using the mobile app. You can select whatever is most convenient from a variety of possibilities.
To assist you in making that decision, we will go through each payment method in further detail below. Heres how to use your Costco credit card to make a payment:
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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.
Citi Credit Score Requirements:
If youre not sure which Citi credit card youll be able to qualify for, its easy to get pre-qualified for a credit card online. Citi might also send a pre-qualified credit card offer to potential customers. But while this increases your chances for approval, it does not guarantee it. If you have received such an offer, visit Citis web page and enter your invitation code and last name to apply.
Also, keep in mind that applying for a Citi or any other credit card triggers hard inquiries and can temporarily lower your score – the more inquiries over a short period of time, the more damage to your score. So its best to know where you stand before applying for any credit card. You can check your credit score and track your progress for free, right here on WalletHub.
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Finally Apply For A Cibc Costco Mastercard Now To Get A Welcome Bonus
From now until December 31, 2022, CIBC will give you a welcome bonus on the new CIBC Costco Mastercard.
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The CIBCCostcoMastercard is now Costcos official rewards credit card. And, for a no-fee card, I have to say: its not bad. The card has a base rate of 1% as well as numerous bonus rates, such as unlimited 3% back for restaurants, 2% for your first $8,000 spent on Costco.ca, and 3% back for your first $5,000 spent at Costco Gas.
But thats not all. Now, starting on August 31, 2022, the card will have another perk: a welcome bonus.
What To Know Before Applying
Before you apply for a credit card, you should always ask yourself a few questions that can help shape which credit card is best for your needs.
- What’s my credit score? Knowing your credit score is key to gauging which credit cards you have the best chances of qualifying for. There are numerous free credit score resources available that provide your credit score, updated on a monthly basis.
- Why do I want to open a credit card? You should only open credit card when there’s a need. So if you shop at Costco and pay with cash because you don’t have a credit card backed by Visa, then that’s a good reason since you’re missing out on rewards.
- Is an annual fee worth it? If you’re looking at a credit card with an annual fee, do the math to see if the benefits outweigh the fee.
- How do I plan to use the card? You’ve already decided that you want a card for Costco, but now you should see what other purchases you expect to charge to the card. If you want it for everyday use, consider a flat-rate cash-back card, like the Chase Freedom Unlimited®. But if you plan on traveling outside the U.S., check out , such as the Chase Sapphire Preferred®.
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Is The New Costco Credit Card Worthwhile Applying For
The Costco Anywhere Visa is the retailers newest credit card. It debuted in June 2016 and benefits Costco members greatly. Both in-person and online Costco purchases may earn 2% cash back with the Anywhere Visa. Additionally, it offers 3% cash back on dining out and travel expenses and 4% cash back on up to $7,000 in annual petrol expenditures.
Only Costco members are eligible for the $0 annual charge Costco Anywhere Visa card. You may use the Costco card to pay the annual membership cost, which starts at $60. Citibank is the company that issues the Anywhere Visa. It took the place of the Costco TrueEarnings American Express in 2016 when Costco changed from exclusively taking American Express to just accepting Visa at all of its shops. Due to the fact that a greater number of individuals had Visa cards than American Express cards, the switch made Costco available to millions more consumers.
What Score Do You Need To Get A Costco Citi Card
The minimum credit score for the Costco Anywhere Visa® Card by Citi is reportedly a surprisingly high 740. Were not sure why the card demands such a high score considering cards with better benefits require less.
If you want a Costco credit card but have only average credit, youll want to make an effort to boost your credit score. The most direct method is to pay your bills on time. FICO apportions 35% of your score to your payment history.
Timely payments demonstrate responsibility that the major credit bureaus will reward over time. But when you miss your credit card payment by 30 days, your creditor can report you to a major credit bureau, harming your score significantly. Do what you must to avoid missing a payment, even if its just paying the minimum amount due.
Another 30% of your FICO score is based on your credit card balances. The scoring algorithm uses to measure your credit card debt.
CUR equals credit used divided by how much credit you have available . You can improve your score by keeping your CUR below 30%.
Its also helpful when rebuilding credit to limit how often you apply for new credit cards and loans. Each application generates a hard pull of your credit report. FICO associates too many hard inquiries with financial distress, so try to wait six months between applications.
Card Benefits For The Personal And Business Shopper
exclusive rewardscard designed exclusively for Costco members.
Wherever Visa® is accepted, with the Costco Anywhere Visa® Card and the Costco Anywhere Visa® Business Card by Citi.
Not a Costco Member Yet?Join to Apply
Costco Anywhere Visa® Card by Citi
Costco Anywhere Visa Card by CitiCostco Anywhere Visa Business Card by Citi
Is It Worth Signing Up For A Costco Membership Just For The Costco Anywhere Visa Card By Citi
First Year Savings
If the Costco Anywhere Visa® Card by Citi appeals to you, but you aren’t a member of the wholesale store, it may be worthwhile to sign up to get the card. The most basic Costco membership costs $60 per year, providing you with unlimited shopping privileges at Costco locations and Costco.com. If we treat that as the credit card’s annual fee, the issue boils down to whether this card will get you enough cashback rewards to still come out ahead. If you spend $2,000 on restaurants and dining alone, the Costco Anywhere Visa® Card by Citi will earn you rewards that will compensate for the basic membership fee.
But you’ll need to be certain that you won’t charge more to the card than you can afford each month. The card’s standard APR is 17.49% and applies to balance transfers. If you don’t pay your statement in full, the savings you enjoy from this card could end up being meaningless.
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Cnbc Select Breaks Down The Rewards Benefits And Fees Associated With The Costco Anywhere Visa Card To Help You Decide If It’s The Right Card For You
Selects editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.
Citi is an advertising partner. CNBC Select may receive an affiliate commission when you click on the links for products from our partners. This commission does not influence the opinions, recommendations, or placement of any products on our site.
The Chase Freedom® is not currently available to new cardholders. Please visit our list of the best cash-back cards for alternative options.
Costco has inspired a cult-like following with shoppers dedicated to the bulk discounts, Kirkland products and low-cost rotisserie chicken. If you count yourself as a loyal Costco consumer, you’ve probably been asked to apply for the Costco Anywhere Visa® Card by Citi at checkout.
While the card offers a robust rewards program, you may wonder if it’s really the best credit card for Costco purchases, offering 2% cash back on all eligible purchases from Costco and Costco.com.
When CNBC Select crunched the numbers and analyzed over 200 credit cards, we found that consumers can earn competitive rewards with the Costco Anywhere Visa® Card over a five year period.
Below, we break down the rewards, benefits and fees associated with the Costco Anywhere Visa® Card to help you decide if it’s the right card for you.
Is The Costco Citi Card A Good Travel Card
Travel cards are supposed to deliver more than rewards on each eligible travel purchase. They should provide travel-related benefits, such as flight insurance, free baggage check, trip interruption insurance, etc.
On this basis, the Costco Anywhere Visa® Card by Citi is not a travel card at all.
If youd like an actual travel card, check out some of the Costco Anywhere Visa alternatives reviewed above. We think travelers will prefer the Chase Sapphire Preferred® Card, Capital One Venture Rewards Credit Card, and the Ink Business Preferred® Credit Card.
These cards offer various perks that can save you money when you travel. One may be the best credit card for your needs.
In a way, its unfair to judge the Costco cards on their travel benefits. The two cards are primarily store cards that you can use anywhere. Costco travel rewards dont measure up to the competitors.
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Store A Copy Of Past Costco Mastercard Statements
After March 3, you wont have access to your Costco Mastercard statements from previous years. If you want to hold on to your past credit card statements, be sure to download them, or request copies, before your Capital One account closes.
To request copies, simply call the number on the back of your current Costco Mastercard.
Apply For Your Costco Credit Card
You can complete the application process which includes a credit check and requires applicants to submit income information online, over the phone or in a Costco store. To apply online, do this:
- Have your Costco membership card ready so you can add it to the application.
- Visit the Costco website and select Next Step for either a business or personal card, which will take you to the appropriate application.
- Fill out all of the information, then read and check the box that says youve read the Terms and Conditions statement.
- If your application is approved, you can expect your new card to arrive in the mail within seven to 10 business days.
If youre applying for a business card, be prepared to submit information that includes your business address, phone number, tax ID, tax structure and revenue and number of employees. If you prefer to apply over the phone, call 800-970-3019 and just follow the prompts. In addition, you can always visit your nearest Costco and fill out an application, but you wont get a decision as quickly as online or over the phone.
Costco members can apply for the exclusive Costco Anywhere Visa card and save even more money. When you use it in conjunction with Costcos already low prices and membership benefits, you can save on Costco merchandise in addition to gas, travel, dining and everyday purchases.
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Cashback Rebated Once Per Year
The Capital One Costco Mastercard has only one redemption option. Every January, Capital One will send you a coupon with your earnings from the year before. You can then use this coupon on Costco purchases .
Whats worse is that if you cancel your Costco membership halfway through the year, your card will be cancelled as well. That means you could potentially lose your earnings. At the very least, youll lose the ability to redeem them, as you must be a Costco member to make purchases in Costco stores.