Thursday, August 11, 2022

What Are The Costco Visa Travel Benefits

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% Cash Back On Costco Purchases

Does Costco Visa card have travel insurance?

What you get: The Costco Anywhere Visa® Card by Citi offers 2% cash back for purchases made in Costco stores and at Costco.com.

Ourtake: Since Costco only accepts Visa for in-person credit card purchases, using the Costco Anywhere Visa® Card by Citi instead of another Visa card may make sense for Costco shoppers that want to pay with a credit card and get cash back on Costco shopping purchases they were already planning to make.

Other Travel Perks Including No Foreign Transaction Fees

What youll get: The Costco Anywhere Visa® Card by Citi has no foreign transaction fees. It also offers the following traveler protections:

  • Worldwide rental car insurance with coverage up to $50,000 for incidents meeting the coverage requirements. In the U.S. this coverage is secondary to your own insurance policy.
  • Emergency roadside assistance and dispatch service for certain vehicles in the U.S., Puerto Rico and the U.S. Virgin Islands. While this covers services such towing, flat tire changes, jump starts and fuel delivery, the cost of the service and dispatch will be billed to you at a prenegotiated rate.
  • Travel and emergency assistance to help plan emergency travel arrangements, legal and medical referrals along with other travel issues
  • Worldwide travel accident insurance with coverage up to $250,000. This travel insurance covers certain accidents that occur on eligible trips on common carriers like airlines, trains and ferries, but not taxis, car rentals or rideshare services.

Ourtake: While these perks arent rare, they might bring some peace of mind while traveling.

Does The Costco Anywhere Visa Deserve A Spot In Your Wallet

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Ill admit it, Im a Costco loyalist. Or perhaps enthusiast. Or maybe even slightly obsessed freak. When it came time for TPG to talk about the Costco credit card and why it was a great idea to have one, I was their guy.

Recent years have been pretty big for Costco loyalists, with the move away from Amex and the launch of the Costco Anywhere Visa® Card by Citi. There have also been some smaller improvements to the card, like the elimination of foreign transaction fees and changes to the credit card landscape that challenged whether the Costco Visa was really the best card to use at Costco. So as we approach 2019, should the Costco Visa be in your wallet if you look forward to entering the pearly doors of Costco even half as much as I do? Lets break down the pros and cons of Costcos cobranded credit card.

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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.

Does Costco Canada Take Visa

Is the Costco Anywhere Visa the best new cash back card?

The Costco warehouses, however, do not accept Visa credit or debit cards.Visa cards, on the other hand, may be used to make purchases on the Costco website or to purchase Shop cards, which are accepted at all Costco stores and gas stations.Does Costco accept Mastercard as a payment method?Yes, Mastercard is the only form of credit card that is accepted at Costco warehouses and gas station locations.

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Citi Is Eliminating These Benefits For Costco Cardholders

    If you have a Costco credit card or have been thinking about getting one, Citi is making some big changes that youll want to know about.

    The Costco Anywhere Visa® Card by Citi will no longer offer Trip Cancellation & Interruption Protection and Citi Price Rewind starting on September 22, 2019, Clark.com has confirmed.

    When we reached out to Citi about the Costco Visa changes, heres the statement they provided us:

    Citi continuously evaluates our products to ensure that associated benefits best meet the needs of our customers. Due to sustained low usage, we will no longer offer select credit card benefits such as Citi Price Rewind and Trip Cancellation & Interruption Protection as of September 22, 2019 so that we can continue providing key benefits our customers use and value most at no additional cost.

    Although Trip Cancellation & Interruption Protection and Citi Price Rewind are being discontinued, Citi told us that Costco Visa cardholders will still be able to receive the following benefits:

    • Worldwide Car Rental Insurance
    • Citi Identity Theft Solutions
    • Citi Entertainment

    If the trip protection benefit is important to you, credit card expert Jason Steele says the Chase Sapphire Preferred is a good card that still offers it.

    These changes dont just affect the Costco Visa. As Clark.com reported in late June, Citi is discontinuing various consumer and travel benefits for other cards including the Citi Double Cash Card, Citi Prestige Card, Citi Premier Card and more.

    How Much Does A Costco Membership Cost

    Costco has two membership categories with two levels of perks and pricing under each.

    The first membership type is a Personal Membership. Anyone can purchase either the Gold Star Personal Membership or the Executive Personal Membership with a 2% annual reward.

    The second type of membership is a Business Membership. The two levels within the Business Membership are the Business and the Business Executive .

    Which membership should you buy? The one that best fits your budget. However, the Executive Membership with its 2% reward, maxing out at $1000 each year, could save you a lot of money.

    Consider one $3,000 trip booked with Costco Travel using an Executive Membership at 2% generates a $60 reward. Additionally, Executive Members are eligible for extra travel perks and upgrades, depending on the trip. And keep in mind the 2% reward applies to all Costco purchasesâexcept gas and a handful of other items.

    View a sample earning table for the 2% Executive Membership reward below to see how your savings might build.

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    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.

    READ MORE: Best Rewards Credit Cards, Best Travel Credit Cards

    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.

    Does Costco Give Cashback On Gas

    Costco Anywhere Visa REVIEW! (Costco Credit Card Rewards & Benefits)

    Earn cash back benefits on all purchases made with your Visa® card, no matter where you go. Youll earn 4 percent back on qualifying fuel purchases for the first $7,000 in purchases every year, and then 1 percent back on eligible gasoline purchases after that. Youll also earn 3 percent on purchases made at restaurants and certain travel purchases, such as those made through Costco Travel.

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    What Does The Costco Credit Card Travel Insurance Cover

    The travel insurance coverage provided by the Costco Credit Card covers travel accident insurance as well as rental car insurance. Death or dismemberment as a result of an accident while traveling is covered by the travel accident insurance benefit for you, your spouse, your domestic partner, and/or your dependents up to $250,000 per person.

    % Cash Back On Gas Purchases

    What youll get: Cardholders earn 4% cash back in Costco Cash Rewards on eligible gas purchases, including gas at Costco, for the first $7,000 spent per year on gas. After you spend $7,000, the rewards rate drops to 1% for the rest of the year. But if you decide to fuel up at another superstore, a supermarket, convenience store or warehouse club, youll only earn 1% in rewards. The same is true for fuel purchases that arent gas for a car.

    Purchases outside of bonus categories earn 1% cash back.

    Our take: We list this card as one of the top options for gas reward cards as it has one of the highest cash back rates for gas purchases on the market, and it may be a great benefit to people who primarily fuel up their car at standard gas stations and Costco locations.

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    How Does Costco Travel Work

    Similar to their warehouse stores, Costco Travel offers a limited selection of travel products from a small number of pre-vetted providers. Costco members can book travel at resorts, on cruises, at theme parks, as well as reserve car rentals, all at significant discounts.

    Members reap savings in terms of lower prices, generous rebates, Executive Member rewards, and other extras that regularly exceed the value of what the competition can offer.

    How Much Do The Costco Credit Cards Cost

    9 Clarifications On Costco Visa

    The annual fee for a Costco credit card is $0. But youll have to fork over the money for a Costco membership before applying for the card. The basic Gold Star Membership costs $60 a year and you receive a free household card with this membership.

    Youll also spend $60 a year to get a Business Membership, which is necessary if you want the Costco Anywhere Visa® Business Card by Citi. You can add employees as authorized users to the card, but each employee must also have a membership.

    For $120 a year, you can get a Costco Executive Membership that offers savings on the suite of Costco third-party services and products, such as life insurance. It also provides an annual 2% reward on Costco purchases, separate from the credit card rewards. Youll qualify for lower costs on services that include check printing, auto buying, roadside assistance. You also receive a monthly edition of Costco Connection magazine.

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    Can I Use Costco Rewards For Travel

    Can I use my Costco Executive Membership Rewards to pay for travel? No. Costco Executive Membership 2% Rewards certificates can only be used for purchases at Costco warehouses. However, if youd like to purchase travel, you can take your 2% Rewards certificate to the warehouse and use it to buy a Costco Shop Card.

    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.

    Read Also: Td Bank Visa Gift Card Fee

    Heres How To File A Claim:

    To file a claim, call as soon as possible to make use of the rental car insurance or within 60 days for the travel accident insurance. Citi will advise you what documents should be submitted with your claim form. Alternatively, you can visit citi.com/Costco to download a claim form for submission.

    Ultimately, you have to return the claim form and all requested documents within 180 days of the incident. Citi will notify you of its decision once they have processed your claim.

    Keep in mind that both types of Costco Credit Card travel insurance have a lot of fine print, so be sure to read your cards benefits guide to see coverage exclusions.

    % Cash Back On Travel And Dining Purchases

    Costco Anywhere Visa Paid Me $300!! (Citi Card Review & Benefits 2021)

    What youll get: With this card, youll earn a strong 3% rewards rate for eligible travel and dining purchases. Eligible travel includes airfare, hotels, car rentals, travel agencies, cruise lines and Costco Travel.

    Ourtake: Getting cash back bonus rewards for travel and dining purchases may be useful bonus rewards on top of the cards 4% cash back gas rewards especially if youd already planned for travel or dining expenses.

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    Not Sure If This Is The Card For You Read More To Find Out

    While the Costco Anywhere Visa® Card by Citi offers strong rewards across gas, travel and dining, its not a perfect match for everyone, especially if youre not a Costco member or have no interest in joining. But if youre still considering, heres some further reading.

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  • Are Costco Travel Flights A Good Deal

    Avid Costco Travel fans swear they get better deals on flights bought as part of a Costco package. However, it is best to research comparable flight prices before you book.

    Because Costco Travel does not itemize travel package pricing, it is hard to know how much a flight costs without extra effort. To compare your Costco Travel flight, you need to compare package pricing with and without the flight. Unclick the Flying From box to do this.

    For example, from our Xcaret trip from above, the cost for a weeklong Costco Travel package that includes airfare to Cancún for a family of four to stay at an all-inclusive resort is $4,968. This same Costco Travel package without the airfare costs $2,849.

    The price difference is $2,119, or the cost of the airfare.

    Can you get a better price for a similarly well-timed roundtrip non-stop flight to Cancún? Most likely.

    A search on the carrierâs website for the same flight showed the cost for four tickets at $2,305, or $186 more than the Costco Travel price. But a week later on the , a similar flight was down to $1,924. That works out to $481 roundtrip per person, which is roughly the average airfare for a flight to Cancún.

    But Scottâs Cheap Flights doesnât find average airfares. In fact, weâve frequently found deals under $200 roundtrip to Cancún like $170 roundtrip from Chicago, $157 roundtrip from Austin, or $189 roundtrip from Denverâall on nonstop flights.

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    Are Costco Hotels A Good Deal

    Even before assigning a value to the rebates, rewards, and extras, Costco Travel will nearly always offer a better price on hotel stays for the properties it sells.

    For example, Costco Travel prices a 7-night stay in a San Juan, PR hotel for a family of four at $3,621. This room for the same period costs $3,900 on the hotel website.

    Coming in nearly $300 less, Costco Travel offers better hotel pricing. And Costco further sweetens the San Juan hotel package by providing complimentary roundtrip airport transfers, a $235 Costco Shop Card, and an Executive Member benefit of a $15 resort credit per day.

    Does The Costco Anywhere Visa Card By Citi Offer Cash Back

    Costco Anywhere Visa® Card by Citi

    Yes. Earn Costco cash back rewards anywhere Visa® is accepted, with the Costco Anywhere Visa® Card by Citi. Earn 4% cash back rewards on eligible gas for the first $7,000 per year, and then 1% thereafter. Earn 3% on restaurants and eligible travel. Earn 2% on all other purchases from Costco and Costco.com. Earn 1% on all other purchases.

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    How Much Is 50000 Capital One Miles

    That means 50,000 miles are worth $500 in travel when you pay for your qualifying travel expense directly with your Capital One Venture Rewards Credit Card and then use the Purchase Eraser to receive statement credit for the purchase. Or, you can book travel directly through the Capital One travel portal.

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    So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

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    Are Costco Credit Cards Worth It

    We have already discussed the merits of Costco membership. But a separate question is whether the Costo cards are the best Visa cards for Costco shoppers.

    The cards offer mediocre cash back rewards for Costco and Costco.com shopping . They are somewhat more competitive for shopping elsewhere, and their other benefits are limited compared with the alternatives reviewed above.

    On the positive side, the cards dont charge an annual fee or a foreign transaction fee. And their cash back rates for eligible gas, restaurant, and travel purchases are reasonable.

    If you are a fan of both Costco and Citibank, you may find these cards worth the price of a Costco membership.

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