Costco Credit Card Review: Benefits, Fees, etc Explained

Exterior of a Costco warehouse store

Costco offers two credit cards: the Costco Anywhere Visa Card by Citi and the Costco Anywhere Visa Business Credit Card. These cards are only available to Costco members, and they have generous cash-back benefits for those who frequently shop at Costco. Below, we have an in-depth review of the Costco Anywhere Visa Card (as well as information about the business card) to help you decide if it’s the right card for you.

What We Recommend

If you’re a frequent Costco shopper and often purchase gas at Costco gas stations, the Costco Anywhere Visa might be a good fit for you. It offers 4% cash back on all gas you buy from Costco. Its other cash benefits are also better than or on par with other credit cards, ranging from 1% to 3% and covering all types of purchases.

However, if Costco is not one of the main places where you shop and buy gas, or if you have a poor credit score, the Costco Anywhere Visa may not be for you. Citi most often approves applicants with credit scores of 720 or higher.

The Costco Anywhere Visa Business Card follows the same reward structure and has the same general requirements as the consumer card. If your business uses Costco frequently to buy supplies and gas (perhaps for company vehicles), you can use the card to earn significant cash back.

Costco Credit Card Review

Costco’s credit cards — the Costco Anywhere Visa Card and Costco Anywhere Visa Business Card — both offer strong rewards:

  • 4% cash back on all gas purchases (up to $7,000 per year; 1% thereafter)[1]
  • 3% cash back on restaurants and eligible travel purchases[1]
  • 2% cash back on purchases from Costco and[1]
  • 1 % back on all other purchases[1]

While the personal card and the business card have the same general perks, we found that the business card has a much higher spending limit.[2] Citi backs both cards, and you can use them anywhere Visa is accepted.

Some credit cards — such as the Discover it Cash Back Credit Card and the American Express Blue Cash Preferred — offer comparable rates, but few offer better cash-back rewards (especially for fuel purchases). However, note that while you can get cash back on travel purchases, the Costco cards are not true travel credit cards with perks like luggage and travel protection. You can see our related research for a comparison of the best credit cards of each type.


For both credit cards, you must have an active Costco membership to apply. You’ll also need a reasonably high credit score to qualify. Representatives for Citi were unable to share an exact credit requirement, but cardholders most often report approvals with credit scores of 720 or higher, which is in the range of good to excellent credit.

To apply for the personal credit card, you’ll need to provide some personal and financial information.[3]

To apply for the business credit card, you need to be an authorized officer and controlling party in your business. You’ll also need to provide your business’s tax ID and revenue information.[4]

Rates and Fees

The typical interest rates and fees for both Costco credit cards are as follows:

  • Typical APR: Around 15%[1]
  • Annual fee: None[1]
  • Late payment fee: Up to $37[5]
  • Foreign transaction fee: None[1]
  • Cash advance fee: $10 or 5% of the advance amount[1]
  • Balance transfer fee: $5 or 3% of the transfer amount for the Anywhere Visa Card; the Business Credit Card doesn’t allow balance transfers[1]

Redeeming Rewards

Rewards from both cards are distributed once annually (after your February billing cycle closes). The reward amount will be in the form of a credit card reward certificate.[6][7] You can redeem your rewards until the end of the current year, but you can only redeem the amount in a single transaction at a physical Costco location. If you don’t use the full amount, you’ll get the remaining balance as cash, a check, or an electronic transfer.[6][7]



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