Costco Anywhere Visa® Business Card by Citi Overview
The Costco Anywhere Visa® Business Card by Citi (see rates and fees) is a reasonable option for small businesses that prefer cash-back rewards and have a Costco membership.
Despite its name, the card doesn’t only earn bonus rewards on Costco purchases, so it can be useful for many small businesses that already shop at Costco. Card Rating*: ⭐⭐⭐
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
The Costco Anywhere Visa Business Card is a solid choice for small businesses that already have a Costco membership or could save enough shopping at Costco to justify a membership. Especially if your business spends a lot on gas, travel or dining, you may come out ahead. However, since this card earns cash-back rewards, it’s best for companies that prefer the simplicity of cash back over the potential to maximize points or miles.
The Costco Anywhere Visa Business Card doesn’t charge an annual fee, but you and any authorized users on your account must each have a Costco membership. For reference, a Costco membership is $65 per year plus taxes for Gold Star and Business members (you can upgrade to an Executive membership for an additional $65 per year plus taxes).
Affiliate Business members added to a Business membership must pay $65 per year plus taxes each. So, Costco membership fees will add up quickly if you have more than a few employees you want to add as authorized users on your card.
To get this card, TPG recommends you have a credit score of at least 750, but it is not uncommon to get approved with a lower score.
If you or your small business has a Costco membership — or is considering a Costco membership — this review can help you determine whether your business could benefit from the Costco Anywhere Visa Business Card by Citi.
Costco Anywhere Visa® Business pros and cons
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Costo Anywhere Visa Business welcome offer
The Costco Anywhere Visa Business Card doesn’t advertise a sign-up bonus. However, you may be targeted for a special offer at a Costco warehouse or when you sign up for a Costco membership.
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Costo Anywhere Visa Business benefits
The Costco Anywhere Visa Business Card provides modest perks. First off, your card can double as your Costco membership ID. And, unlike many store cards, you can use your card anywhere worldwide that accepts Visa. Plus, you won’t be charged any foreign transaction fees on purchases outside the U.S. — a big plus for business owners who travel abroad for work.
As mentioned, you can also add employees as authorized users, although each employee you add will need their own Costco membership.
Additionally, cardholders will receive
Additionally, If you have a $130-per-year Executive membership with Costco, you’ll get an annual 2% reward (up to $1,250 back per year) on qualified Costco purchases. Although the Executive membership usually won’t be worthwhile unless you spend at least $250 each month on qualifying purchases at Costco, this additional 2% reward is stackable with the Costco Anywhere Visa Business Card.
So, between the Costco Anywhere Visa Business Card and an Executive membership, you could earn 5% on eligible Costco Travel purchases and 4% on other eligible Costco purchases.
Unfortunately, the terms and conditions of the Executive membership exclude various purchases, including purchases of cigarettes or tobacco-related products, gasoline, Costco Shop Cards, postage stamps, alcoholic beverages in certain states, prescription purchases in certain states, purchases at food courts, and select travel purchases (including surcharges, gratuities, trip protection, travel purchased through a third party, upgrades, rental car equipment, resort charges, and port charges).
Related: The best business-friendly credit card perks
Earning on the Costco Anywhere Business Visa
With the Costco Anywhere Visa Business Card, you’ll earn rewards in multiple categories. Interestingly, despite the card being a cobranded Costco credit card, purchases with Costco do not earn at the highest rate on this card. So, let’s take a closer look at the card’s bonus categories.
Here’s how you’ll earn points with the Costco Anywhere Business Visa:
- 4% back on eligible gas worldwide (including gas at Costco) for the first $7,000 per year in eligible gas and EV charging purchases (then 1%). Gas purchased at superstores, supermarkets, convenience stores, and warehouse clubs other than Costco or for fuel used for non-automobile purposes is not eligible and will only earn 1%.
- 3% back at restaurants and on eligible travel purchases worldwide. Restaurants include cafes, bars, lounges and fast-food restaurants. Purchases made at bakeries and certain restaurants/cafes inside department stores, grocery stores or warehouse clubs are excluded and will only earn 1%. Eligible travel purchases include airfare, hotels, car rentals, travel agencies, cruise lines, and Costco Travel, but exclude train travel, commuter travel, and purchases made at timeshares, campgrounds, and bed and breakfasts.
- 2% back on purchases from Costco and Costco.com.
- 1% on all other purchases.
Related: 9 reasons to get a business credit card
redeeming on the Costco Anywhere Visa Business
The Costco Anywhere Visa Business Card earns cash-back rewards, but these rewards are only distributed once each year. Once your February billing statement closes, you’ll get a credit card reward certificate for your Costco Cash Rewards balance based on purchases appearing on the previous year’s January through December billing statements.
Note that if your annual reward amount exceeds $10,000, your reward may be provided in an alternative form, such as a check or electronic transfer.
You must then redeem your credit card reward certificate in person at any U.S. Costco warehouse (including in Puerto Rico) by Dec. 31 of the year the certificate was issued. You can redeem the certificate for merchandise or cash back. If you redeem for merchandise and your purchase is less than the value of the certificate, you’ll receive the remaining balance in cash upon checkout.
You won’t receive a credit card reward certificate if your reward is less than one dollar or if you close your account before your credit card reward certificate is mailed. You must maintain your Costco Membership to redeem your credit card reward certificate. Also, some warehouses may not permit the credit card reward certificate to be redeemed for alcohol purchases.
Related: Cash back vs. points and miles credit cards: The pros and cons of each
What cards compete with the Costco Anywhere Business Visa Card?
If you’re looking for a cash-back business credit card, a few cards can compete with the Costco Anywhere Visa Business Card. The best card(s) for your business will primarily depend on the categories in which your business spends the most money. It’s also important to note only Visa credit cards are accepted in Costco warehouses. Here are a few other cards to consider:
For additional options, check out our full list of the best business cash-back credit cards and best store credit cards.
Is the Costco Anywhere Visa Business worth it?
If you’re a business owner, have a Costco membership and shop at Costco regularly, the Costco Anywhere Visa Business is worth considering. It has a solid rewards structure covering many purchases, including gas, restaurants, travel, and Costco. The card has no annual fee and additional cash back for Executive members, making it a beneficial addition to your wallet. However, you will be restricted on how you can redeem your cash back, so if you want more flexibility, you might be better suited for other cards.
Bottom line
The Costco Anywhere Visa Business card is a cash-back rewards business credit card available only to Costco members. The cash-back rewards are only distributed once each year, and you must visit a U.S. warehouse location (including locations in Puerto Rico) to obtain your rewards — which may be frustrating to some businesses that want to access their rewards more frequently.
However, if your business can get value from a Costco membership and prefers earning cash-back rewards, it may be worth adding the Costco Anywhere Visa Business Card to your wallet. This card can be handy if you’re already a Costco member and your business commonly incurs notable expenses related to gas, restaurants, travel or Costco purchases.
Apply here: Costco Anywhere Visa Business Card by Citi