Costco Wholesale is well-known for selling quality products at competitive prices. Most of the products come in bulk sizes, helping members save on the bottom line. However, you can also buy cheaper gasoline, high-end alcohol and prescription drugs at exclusive prices. You’ll need to pay an annual fee of $60 or $120 for membership. However, the savings could offset the annual fee.
If you’re savvy about leveraging credit card perks, you know you could earn cashback or travel miles when you pay with a Visa card at Costco. However, the branded Costco Anywhere Visa® Business Card by Citi amps up the rewards with 2% cashback for store purchases and 4% back on gas (including Costco’s). This Costco Anywhere Visa® Business Card review will explore everything you need to know about the branded store club — and whether it’s worth applying for.
Carry the Costco Anywhere Visa® Business card as a membership ID and high-rewards form of payment.
Compare the Costco Anywhere Business Visa’s benefits and drawbacks.
Pros:
It can also be used as a Costco membership card
No annual fee
It can be used for purchases outside of Costco
No APR
High cashback rewards rate for gasoline
Cons:
Costco Anywhere Visa® Business Card at a glance
Business members can buy products at Costco for business or resale use. Citi partnered with Costco to create a business credit card that provides small business owners with special perks. While most store credit cards are limited to a particular retailer, Costco’s business card is open loop, meaning it can be used anywhere credit cards are accepted.
Card type: Business cashback rewards Visa
Card issuer: Citi
Best for: Small business owners who shop at Costco
Rewards:
4% cashback on gas anywhere, including Costco fuel locations for the first $7,000 annually, and then 1% cashback
3% cashback on travel and restaurant purchases
2% cashback at Costco.com and Costco store purchases
1% cashback on all other purchases
How to redeem rewards: Costco issues a reward certificate after the close of the February billing statement each year that can be redeemed for cash or Costco purchases.
Approval bonus: N/A
Annual fee: $0
APR: 15.24% standard variable
Foreign transaction fees: None
Credit score: Good to excellent
Employee cards: Available at no additional cost, as long as employees are also Costco members
Special features: Contactless pay | Digital wallet | Extended manufacturer warranty on purchases | Concierge service | Exclusive access to events |
Costco Anywhere Visa® Business Card review
Now that you have a good overview of the Costco Anywhere Visa® Business Card by Citi’s main features dig deeper into how the card works and who it’s best for.
Who may qualify
This card is for small business owners that shop at Costco. You’ll need a membership to the wholesale club to apply. Qualifying as a business is more flexible. Startups, crafters with an Etsy shop, caterers and self-employed individuals may be able to apply for the card. You’ll need to provide your company’s legal name and tax identification number.
Keep in mind that Citi will run your personal credit. As with many other business credit cards, you’re personally on the hook for your company’s credit card usage. Using your personal credit may be helpful if you’re business doesn’t have a credit track record yet. However, business spending and payment history will reflect on your personal credit file, so be mindful of your company’s credit habits.
How to apply
Some of the information you’ll need to provide when you apply for the Costco Anywhere Business Visa includes:
Your Costco membership number
Personal information
Social security number
Business revenue
Tax ID number
Business type (corporation, LLC, self-employed and more)
Information about your business partners, including percentage ownership
Personal financial information
If you’d like to request employee cards during the application process, you’ll need:
Redeeming the cashback rewards
You won’t receive bonuses or introductory offers if you’re approved, but the high rewards potential may still be worthwhile. Business owners who often drive or have a fleet of vehicles could see significant cash back on gas. The first $7,000 in fuel earns up to 4% cashback and then 1% thereafter.
Costco members already receive cash rewards on purchases. Gold Star members ($60 per year member fee) earn 1% cashback. Gold Star Executive members pay $120 per year but receive 2% cashback. Adding a Costco Anywhere Visa® Business Card bumps up your rewards rate. In the case of a Gold Star Executive membership, you’re doubling your earnings on Costco shopping to 4%, which could offset the annual membership fee of $120 per year after spending $3,000 in purchases.
However, the rewards are limited to Costco-related redemption. While you could use the card anywhere where credit cards are accepted, you’ll have to spend your rewards at Costco. Patience is key — Costco pays out the cash-rewards certificate only once per year at the end of February for the purchases you made the previous calendar year. Certificates expire on December 31, even if you don’t spend the funds.
Security
Citi’s co-branded Costco Anywhere Visa® Business Card comes with some security-related features worth mentioning.
They include:
Damage and theft purchase protection covers eligible items that were damaged or stolen within 120 days of purchase.
Chip-enabled credit card
The digital wallet feature protects your card information when you’re shopping online by concealing your card number and replacing it with a temporary one.
How to get support
If you have questions about your account, would like to request a credit limit increase or would like to request an additional employee card, you can call the Costco Anywhere Visa business line at 1-855-378-6468.
Bottom line
Business owners who shop at Costco for savings can bump up the cashback rewards they earn once per year with the Costco Anywhere Visa® Business Card. The card is best for the loyal Costco fan — membership to the wholesale warehouse is required before you could even apply.
Gasoline is the highest rewards category at 4% (for the first $7,000). Paired with the Costco membership rewards rate of 1% or 2% (depending on member level) and you could earn 5% to 6% cashback. However, redemption is restricted to Costco. It may not be a problem unless you don’t plan on maintaining a membership in the long term.
Costco Anywhere Visa® Business Card FAQ
Do I need to have a business to get a Costco Anywhere Visa® Business Card?
To apply for the card, you’ll need to provide your company’s legal name and tax ID number. Freelancers, gig workers, sole proprietors and LLCs are just some types of business entities that could apply for a business card.
Is there an alternative to the Costco Anywhere Visa® Business Card?
If you don’t have a business tax ID, you could always apply for the Costco Anywhere Visa® Business Card for personal use. Like the business version, it’s integrated with your Costco membership and earns you cashback rewards each time you pay with the card.
Where can you use the Costco Anywhere Visa® Business Card?
The Costco Anywhere Visa® Business Card is an open-loop store card. Some branded credit cards are strictly limited to a particular retailer. However, you can use the Costco Anywhere Visa® Business Card to pay for Costco purchases and wherever else credit cards are accepted.
What credit cards does Costco accept?
Costco only accepts cards with the Visa® logo.
How much is Costco membership?
Costco membership is available at two levels. The $60-per-year Gold Star membership is the basic membership level. You’ll earn 1% cashback on purchases. You could also upgrade to Gold Star Executive membership. It’s double the annual membership fee ($120), but it also doubles your cashback rewards to 2%, making it easier to offset the cost of membership faster.
