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.
Pros:
It can also be used as a Costco membership card
No annual feeIt can be used for purchases outside of CostcoHigh cashback rewards rate for gasoline
Cons:
No new cardholder bonusNo introductory APRRequires Costco membership ($60 or $120 per year)Cashback rewarded only once per year for Costco spending
Check out the Costco Anywhere Business Visa’s benefits and drawbacks in more detail here. 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 your 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.
Your Costco membership numberPersonal informationSocial security numberBusiness revenueTax ID numberBusiness type (corporation, LLC, self-employed and more)Information about your business partners, including percentage ownershipPersonal financial information
If you’d like to request employee cards during the application process, you’ll need:
Employee’s full nameEmployee date of birthEmployee Social Security numberEmployee’s Costco member number
Costco members already receive cash rewards on purchases. Gold Star members ($60 per year member fee) earn 1% cashback. Executive members pay $120 per year but receive 2% cashback, limited to $1,000 in cash back per year. Adding a Costco Anywhere Visa® Business Card bumps up your rewards rate. In the case of a 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.
Damage and theft purchase protection covers eligible items that were damaged or stolen within 120 days of purchase.Chip-enabled credit cardThe digital wallet feature protects your card information when you’re shopping online by concealing your card number and replacing it with a temporary one.
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.
