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Review: Costco Anywhere Visa Business Card by Citi Card
October 17, 2018
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Review: Costco Anywhere Visa Business Card by Citi Card

Costco is a popular supplier for small businesses. In fact, Costco has opened 17 Business Centers nationwide, and have a business credit card in conjunction with Citibank.

Of course, there are many business credit cards out there, and you should weigh all your options. In this post, we’ll review the Costco Anywhere Visa Business Card by Citi so that you can determine if it’s the right fit for your company.

An Overview of the Costco Anywhere Visa Business Card by Citi

The Costco Anywhere Visa is offered by Citi, one of the largest banks in the United States. While there are certain benefits when using the card at Costco stores (which we’ll review later in this post), it can be used anywhere Visa is accepted. However, you’ll only be able to use the accumulated rewards at Costco.

This card has a respectable APR rate of 16.99 percent, but the APR goes up to 26.99 percent for cash advances. Further, late payments will result in a variable penalty APR of up to 29.99 percent.

To apply, simply log onto Citi’s website and complete the application form. However, before applying you should consider the benefits and drawbacks of the Costco business card.

Benefits of the Costco Anywhere Visa Business Card

The Costco Anywhere Visa card has no annual fee and offers generous rewards. As previously mentioned, not only can you use the Costco business card anywhere that accepts Visa, you’ll also accumulate rewards based on these purchases:

  • 4 percent cash back on the first $7,000 annually spent on gas.
  • 3 percent cash back on travel and restaurants.
  • 2 percent cash back at Costco and Costco.com.
  • 1 percent cash back on everything else.

If you travel frequently, the Costco Business Card is a great choice. Also, the gas rewards can add up quite quickly, and if you max out that reward, you’ll get $280 in cash back. Add in the 3 percent travel and restaurant cash back and your business trips could help you gain significant rewards.

The Costco Business Card is also a Visa Signature Business credit card, and offers excellent travel perks, including:

  • Rental car insurance
  • Roadside assistance
  • Reimbursement for lost luggage
  • Emergency and travel assistance services
  • Travel accident insurance

In addition, there’s no foreign transaction fees, which is great for international travel.

Drawbacks of the Costco Anywhere Visa Business Card

Although this card’s rewards program can be beneficial to your business, there are downsides to applying. Most notably, you can only use your rewards at Costco, which limits what you can spend your rewards on.

Also, the rewards only roll on an annual basis. While most credit cards allow you to get your cashback rewards monthly, the Costco Anywhere Visa Business Card only supplies them once a year. This can reduce how useful the rewards are.

And while there’s no annual fee, you do have to sign up for an annual Costco membership. This costs $60 per year.

Other drawbacks include:

  • Expensive penalties
  • Lower cash back for general purchases
  • Citi is known for spotty customer service

Finally, you’re going to need a good credit score, 700 or higher, to qualify for the Costco Anywhere Visa Business card. If you have a high credit score, you’ll likely qualify for other cards that offer competitive rates and terms, so make sure to consider other options.

Conclusion: A Good Choice for Costco Customers

The Costco Anywhere Visa Business Card by Citi offers some very compelling rewards and competitive interest rates. If you regularly shop at Costco, this credit card deserves a close consideration. However, if you aren’t a Costco member already, you’ll probably be able to find a card that offers similar terms and benefits without tying you to Costco and their annual membership fee.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].
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