Costco Anywhere Visa Card by Citi – 4% on Gas, 3% on Restaurants and Travel, 2% at Costco
If you’re a Costco member, by now you’ve heard that Costco will begin accepting Visa cards this summer and no longer accept American Express cards. At the same time, Costco Amex cardmembers will also be transitioned to new Visa cards from Citi.
What are the benefits of the new Citi Costco Visa cards? Up until today that was a mystery. But finally, we know the details and quite frankly, they’re a pleasant surprise.
The new Costco Anywhere Visa Card by Citi, available beginning June 20, 2016, will earn:
- 4% cash back on gas worldwide for the first $7,000 per year, then 1% after
- 3% cash back on restaurant and eligible travel purchases worldwide
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
Costco Anywhere Visa Card by Citi vs. Costco Amex
Compare that to the current Costco Amex, which earns 3% on gas, 2% at US restaurants and travel, and 1% on everything else and the new Costco Anywhere Visa card is clearly a step up.
Similar to the current Costco Amex, cash back will be provided annually as a rewards coupon redeemable for cash back or merchandise at Costco. The rewards coupon will be included in your February billing statement and expires on December 31 of the year it was issued.
The Costco Anywhere Card will also double as your Costco membership card. And if you currently charge your Costco membership fees automatically to your Costco Amex, these fees will continue to be automatically charged to your new Costco Anywhere card.
Transitioning your Costco Amex to the Citi Costco Anywhere Visa
Existing Costco Amex cardmembers should expect their new Costco Anywhere cards to be mailed in May. There is no need to apply for the card and your credit report will not be pulled as part of the account transition.
Through June 19, 2016, you should continue using your Costco Amex. On June 20, 2016, start using the new Costco Anywhere card and destroy your old card. Additionally, you can visit citi.com/CostcoSetup to register your account for online access.
Costco Business cardholders enrolled in American Express’ Membership Rewards program will require a separate American Express account to maintain their rewards after June 20, 2016.
The new Costco Anywhere Card does not have an annual fee with your paid Costco membership. For more information on the card, see this link.