The Costco Anywhere Visa Card is a co-branded card issued by Citi that gives you cash back on Costco purchases and gas

Costco offers one credit card option: the Costco Anywhere Visa Card by Citi. It is a rewards card that returns a percentage of what you spend back to you as cash, with higher rates at Costco and gas stations than on other purchases. Citi handles the account, billing, and customer service — not Costco itself.

The card has an annual fee. You do not need a Costco membership to hold the card, but you do need one to shop at Costco and redeem your rewards. If you let your membership lapse, your cash back sits in your account until you renew.

Key Takeaways

  • The card earns 4% cash back at Costco, 3% at gas stations (including Costco gas), and 1% on everything else, with an annual fee of $65 for the standard version.
  • You must have an active Costco membership to open the card and to redeem your cash back rewards.
  • Cash back is paid once a year as a Costco Shop Card (a store credit certificate), not as a statement credit or deposit to your bank account.
  • Citi sets the credit limit, interest rate, and approval decision based on your credit history, not Costco.
  • The card works at any Visa merchant, but you earn the highest rewards rate only at Costco and gas stations.

How the rewards structure works

The card earns cash back at different rates depending on where you use it. At Costco warehouses and Costco.com, you earn 4% cash back. At gas stations (including Costco gas pumps), you earn 3%. On travel purchases made through Costco Travel, you earn 3%. On all other purchases, you earn 1%.

There is no cap on how much cash back you can earn in a year. The rewards add up throughout the year and are paid out once annually as a Costco Shop Card, which is a certificate you can use like cash at any Costco location. If you do not spend the full balance before the card expires, the remaining amount rolls over to a new card.

The 4% rate at Costco applies to gas, groceries, and everything else sold in the warehouse. Online purchases at Costco.com also earn 4%, but purchases through third-party sellers on Costco.com earn only 1%.

Annual fee and card versions

The standard Costco Anywhere Visa Card costs $65 per year. There is also an Executive version that costs $130 per year. The Executive card earns an extra 1% cash back on all purchases — so 5% at Costco, 4% at gas, and 2% everywhere else — and includes additional travel and purchase protections.

The fee is charged to your card once a year. Costco does not refund the fee if you cancel the card mid-year, so timing your cancellation around the annual charge date matters if you want to avoid paying for a year you will not use the card.

You can downgrade from Executive to standard without closing the account, which lets you keep your card number and history. Citi will credit the difference between the two fees to your account if you downgrade within 60 days of the Executive fee being charged.

How to open an account and what you need

You must have an active Costco membership before you can open the card. When you explore, you will provide your Social Security number, income, and employment information so Citi can check your credit. Citi makes the approval decision based on your credit score and history, not on your Costco membership status or shopping history.

You can explore online at Costco.com, in the warehouse at the membership desk, or by phone. Online applications usually receive a decision within minutes. If you are approved, the card arrives by mail in 7 to 10 business days.

If you are denied, Citi will send you a letter explaining the reason. You can request a copy of your credit report from the three major bureaus (Equifax, Experian, and TransUnion) for free once per year at AnnualCreditReport.com to see what information Citi reviewed.

Interest rates and how the card works as a regular credit card

The Costco Anywhere Visa Card is a standard credit card with a variable interest rate set by Citi. The rate you receive depends on your credit score and credit history. Citi does not publish a single rate; instead, approved cardholders receive rates ranging from prime to prime plus several percentage points.

You can carry a balance month to month and pay interest on it, just like any other credit card. If you pay your full statement balance by the due date, you pay no interest. The card has no introductory 0% APR period.

Late payments are reported to the credit bureaus after 30 days past due. Citi charges a late fee (the amount varies but is typically $25 to $40 for the first late payment). Paying late can also trigger a higher penalty interest rate on your balance.

Comparing the Costco card to other warehouse and grocery rewards cards

Other warehouse and grocery stores offer their own credit cards or partner with card issuers. Sam's Club offers a Mastercard through Synchrony that earns 5% cash back at Sam's Club and 1% elsewhere, with no annual fee. Whole Foods (owned by Amazon) offers a 5% discount to Prime members but does not have a dedicated credit card.

Among general-purpose rewards cards, the Costco card's 4% rate at Costco is competitive. However, if you do not shop at Costco regularly or do not have a membership, a flat-rate card (such as one that earns 2% on all purchases) may save you money because you avoid the annual fee.

The main trade-off is that Costco's rewards are paid once a year as store credit, not as cash or statement credits. If you prefer flexibility in how you use your rewards, other cards may suit you better.

What happens if your Costco membership lapses

Your credit card account stays open even if your membership expires. However, you cannot redeem your cash back rewards without an active membership. Any cash back you have earned will remain in your account and can be redeemed once you renew your membership.

You can still use the card to make purchases anywhere Visa is accepted, and you will continue to earn rewards on those purchases. But you cannot shop at Costco or use Costco.com until you renew your membership.

If you do not plan to renew your membership, you may want to cancel the card to avoid paying the annual fee. Citi will not refund the fee retroactively, so canceling before the annual charge date is the only way to avoid it.

Frequently Asked Questions

Can I use the Costco card at other stores?

Yes. The card is a Visa, so it works anywhere Visa is accepted. However, you only earn the higher rewards rates (4% at Costco, 3% at gas) at those specific merchants. All other purchases earn 1% cash back.

What if I do not have a Costco membership when I explore?

You must have an active membership to open the card. If your membership has expired, you will need to renew it before you can explore. Costco membership costs vary by location and membership tier, typically ranging from $60 to $130 per year.

Can I transfer my cash back rewards to another account or use them outside Costco?

No. Cash back is paid once a year as a Costco Shop Card, which can only be used at Costco warehouses or Costco.com. You cannot convert it to cash, transfer it to a bank account, or use it elsewhere.

What is the difference between the standard and Executive card?

The Executive card earns an extra 1% cash back on all purchases and costs $130 per year instead of $65. It also includes additional travel protections and purchase protections. The standard card is better if you spend less than $3,000 per year at Costco; the Executive card breaks even at higher spending levels.

Does explore for this card hurt my credit score?

Citi will perform a hard inquiry on your credit report when you explore, which may lower your score by a few points temporarily. The impact usually fades within a few months. Multiple applications within a short period can have a larger effect, so space out applications if you are considering other cards.