Costco Anywhere Visa® Business Card Review 2021
Costco Wholesale is known for selling quality products at competitive prices. Most products are available in bulk, which helps members save on bottom line. However, you can also buy cheaper gasoline, high-quality alcohol, and prescription drugs at exclusive prices. You must pay an annual membership fee of $ 60 or $ 120 for membership. However, the savings could offset the annual fee.
If you know your way around credit card benefits, you know you can earn cashback or travel miles when you pay with a Visa card at Costco. However, Citi’s branded Costco Anywhere VisaÂ® Business Card increases rewards with 2% cashback on store purchases and 4% gasoline (including Costco’s). This Costco Anywhere VisaÂ® Business Card Review will tell you everything you need to know about the Branded Business Club – and if it’s worth applying for.
Carry the Costco Anywhere VisaÂ® Business Card with you as a membership card and as a means of payment with high rewards.
Compare the pros and cons of the Costco Anywhere Business Visa.
It can also be used as a Costco membership card
No annual fee
It can be used for purchases outside of Costco
High cashback premium rate for gasoline
Costco Anywhere VisaÂ® Business Card at a glance
Business members can purchase products from Costco for business purposes or for resale. Citi has partnered with Costco to develop a business credit card that offers small business owners special advantages. While most store credit cards are restricted to a specific retailer, Costco’s business card is open loop, which means it can be used anywhere credit cards are accepted.
Memory card type: Business Cashback Rewards Visa
Card issuer: City
Best for: Small Business Owners Buying From Costco
4% cashback on gas everywhere including Costco gas stations for the first $ 7,000 per year and then 1% cashback
3% cashback on trips and restaurant purchases
2% cashback on purchases on Costco.com and Costco Store
1% cashback on all other purchases
How to redeem rewards: Costco will issue an Reward Certificate in February each year after billing is closed, which can be redeemed for cash or Costco purchases.
Admission bonus: N / A
annual fee: $ 0
APR: 15.24% standard variable
Foreign transaction fees: None
credit-worthiness: good to excellent
Employee cards: Available at no additional cost as long as employees are also Costco members
Special features: Contactless Payment | Digital wallet | Extended manufacturer warranty on purchase | Concierge service | Exclusive access to events |
Costco Anywhere VisaÂ® business card review
Now that you have a good look at the key features of Citi’s Costco Anywhere VisaÂ® Business Card, let’s learn more about how the card works and who it is best for.
Who can qualify
This card is for small business owners shopping at Costco. You need a wholesale club membership to apply. The qualification as a company is more flexible. Startups, craftsmen with an Etsy shop, caterers and the self-employed can apply for the card. You will need to provide your company name and tax identification number.
Remember, Citi manages your personal funds. As with many other business credit cards, you are personally on the hook for your company’s credit card usage. Using your personal loan can be helpful if your business does not already have a credit history. However, business expenses and payment history will be reflected in your personal loan record. So pay attention to your company’s credit habits.
How to apply
Some of the information you need to provide when you Apply for the Costco Anywhere Business Visa contains:
Your Costco membership number
Social security number
Tax ID number
Business type (corporation, LLC, self-employed, and more)
Information about your business partners, including percent ownership
Personal financial information
If you would like to request employee cards during the application process, you will need:
Redeeming the cashback awards
You won’t receive any bonuses or introductory offers if approved, but the high potential for rewards can still be worth it. Business owners who drive a lot or have a fleet of vehicles could get big money back with gasoline. The first $ 7,000 in fuel pays up to 4% cashback and 1% thereafter.
Costco members are already receiving cash rewards for purchases. Gold Star members ($ 60 per year membership fee) receive 1% cashback. Gold Star Executive members pay $ 120 per year but receive 2% cashback. Adding a Costco Anywhere VisaÂ® business card increases your premium rate. In the case of a Gold Star Executive membership, you will double your income from Costco purchases to 4%, which could offset the annual membership fee of $ 120 per year after spending $ 3,000 on purchases.
However, the rewards are limited to Costco-related redemptions. While you can use the card anywhere credit cards are accepted, you’ll need to spend your rewards at Costco. Patience is key – Costco only pays out the Cash Rewards Certificate once a year at the end of February for the purchases you made in the previous calendar year. Certificates expire on December 31st even if you don’t spend the money.
Citi’s co-branded Costco Anywhere VisaÂ® Business Card has a few security features worth mentioning.
Damage and Theft Purchase Protection covers eligible items that have been damaged or stolen within 120 days of purchase.
Chipable credit card
The digital wallet function protects your card information when shopping online by hiding your card number and replacing it with a temporary one.
How to get support
If you have any questions about your account, request a credit limit increase, or request an additional employee card, you can call the Costco Anywhere Visa Business Line at 1-855-378-6468.
Business owners who shop to save at Costco can top up the cashback rewards they earn once a year with the Costco Anywhere VisaÂ® Business Card. The card is best for the loyal Costco fan – a wholesale warehouse membership is required before you can even apply.
Gasoline is the highest award category at 4% (for the first $ 7,000). Paired with the Costco membership bonus of 1% or 2% (depending on membership level), you can earn 5 to 6% cashback. However, redemption is limited to Costco. It can’t be a problem unless you don’t plan on keeping a membership for the long term.
Frequently asked questions about Costco Anywhere VisaÂ® Business Cards
Do I have to have a company to get a Costco Anywhere VisaÂ® Business Card?
To apply for the card, you will need to provide your company name and tax number. Freelancers, gig workers, sole proprietorships, and LLCs are just a few types of businesses that might apply for a business card.
Is there an alternative to the Costco Anywhere VisaÂ® Business Card?
If you do not have a business tax ID, you can apply for the Costco Anywhere VisaÂ® Business Card for personal use at any time. Like the business version, it is integrated into your Costco membership and brings you cashback rewards every time you pay with the card.
Where can you use the Costco Anywhere VisaÂ® Business Card?
The Costco Anywhere VisaÂ® Business Card is an open customer card. Some branded credit cards are strictly limited to a specific retailer. However, you can use the Costco Anywhere VisaÂ® Business Card to pay for Costco purchases and anywhere credit cards are accepted.
What credit cards does Costco accept?
Costco only accepts cards with the VisaÂ® logo.
How much does the Costco membership cost?
Costco membership is available in two levels. Gold Star membership, valued at $ 60 per year, is the basic membership level. You get 1% cashback for purchases. You can also upgrade to a Gold Star Executive membership. It doubles the annual membership fee ($ 120) but also doubles your cashback rewards to 2%, making it easier to recoup the cost of membership faster.