Costco Anywhere Credit Card: General Review To Maximize Cash Back Gains

In the vast landscape of credit cards, the Costco Anywhere Visa card, brought to you by Citi in collaboration with Costco, offers a unique blend of advantages and constraints. Tailored to cater to the needs of Costco members, this card is designed to provide exclusive cash back rewards in specific spending categories. Let’s delve into the intricacies and determine if this card is a worthy addition to your wallet.

Key Features Overview:

Issuer: Citi
Partner: Costco
Name: Costco Anywhere Visa
Annual Fee: No Fee
Sign-up Bonus: None
Bonus Spend Requirement: None
Months for Bonus: None
Spend Earning (Best): 4% on Gas and Electric Vehicle (EV) charging (up to $7,000 annually)
Spend Earning (Middle): 3% on Restaurant and Travel
Spend Earning (Lowest): 2% at Costco, 1% on all other purchases
Foreign Exchange Fees: None
Purchase Protection: No
Travel Insurance: No
Auto Insurance: Seconday US / Primary International
Airport Lounge Access: None
Other: Costco Membership Required (~$60 per year); Rewards can only be used at Costco

The Pros:

1. Costco Rewards:
For ardent Costco shoppers, the 2% cash back on Costco purchases can quickly accumulate, making this card a valuable asset for dedicated Costco enthusiasts.

2. Gas and EV Charging Bonanza:
The 4% cash back on gas and EV charging stands out as a notable feature, particularly for those who find themselves frequently filling up their tanks.

3. No Foreign Exchange Fees:
A standout benefit is the absence of foreign exchange fees. This is a considerable advantage for avid travelers, translating to significant savings on international transactions.

The Cons:

1. Limited Sign-up Bonus:
While the absence of an annual fee is enticing, the lack of a sign-up bonus may leave some potential cardholders wanting more.

2. Weak Travel Benefits:
The card falls short in providing comprehensive travel insurance and auto insurance coverage, making it less attractive for those seeking robust protection during their journeys.

3. Exclusive to Costco:
It’s crucial to note that the rewards earned with this card can only be redeemed at Costco, limiting the flexibility of the cash back rewards compared to more versatile cards.

4. General Spending Rewards:
With only 1% cash back on all other purchases, this card may not be the ideal choice for everyday spending. Pairing it with a general-purpose cash back card might be a prudent strategy for a more well-rounded rewards approach.

In Conclusion:

The Costco Anywhere Visa card caters to a specific audience—Costco enthusiasts and frequent drivers. Its unique perks shine in specific spending categories, notably Costco and gas-related expenses. However, the absence of comprehensive travel benefits and limited redemption options may deter a broader audience.

For those deeply committed to the Costco brand and regular gas consumers, this card can prove to be a valuable addition to the wallet. Nevertheless, for a more versatile and rewarding everyday card, it’s advisable to explore alternatives with better general spending rewards and comprehensive travel benefits. As with any credit card, a thorough evaluation of your spending habits and preferences is essential to determine if the Costco Anywhere Visa aligns with your financial goals.