Costco Anywhere Visa business card review: A solid choice for business owners loyal to Costco

Costco Anywhere Visa® Business Card by Citi Overview

I Costco Anywhere Visa® Business Card by Citi (see prices and fees) is a reasonable option for small businesses that choose cash back rewards and have a Costco membership.

Despite its name, the card not only earns 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 editors and is not influenced by the card issuer.

I Costco Anywhere Visa Business Card it’s a strong choice for small businesses that already have Costco members or can save enough purchases at Costco to justify membership. Especially if your business spends a lot on electricity, travel or dining, you may come out ahead. However, since this card earns cash back rewards, it is best for companies that prefer the convenience of cash back over the ability to accrue points or miles.

I Costco Anywhere Visa Business Card it 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 a premium membership for an additional $65 per year plus taxes).

Business Membership Members added to Business membership must pay $65 per year plus tax. Therefore, the cost of a Costco membership will add up quickly if you have more than a few employees you want to add as authorized users to your card.

To get this card, TPG recommends you have a credit score of at least 750, but it’s rare to be approved for a lower score.

If you or your small business has a Costco membership – or is considering a Costco membership – this review can help you decide if your business could benefit Costco Anywhere Visa Business Card by Citi.

Costco Anywhere Visa® Business advantages and disadvantages

Costo Anywhere Visa Business welcome gift

I Costco Anywhere Visa Business Card does not advertise a signup bonus. However, you may be directed to special offers at a Costco warehouse or when you sign up for a Costco membership.

Related: Best credit card limited time offers sign up right now

Benefits of Costo Anywhere Visa Business

I Costco Anywhere Visa Business Card offers modest benefits. First, your card can double as your Costco membership ID. And, unlike most store cards, you can use your card anywhere in the world that accepts Visa. Plus, you won’t be charged any foreign transaction fees on purchases outside the US — a huge 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 annual Executive membership with Costco, you will receive an annual 2% reward (up to $1,250 back annually) on eligible Costco purchases. While an Executive membership is generally not beneficial unless you spend at least $250 each month on qualifying purchases at Costco, this additional 2% reward can be stacked with the Costco Anywhere Visa business card.

So, between the Costco Anywhere Visa business card and the Executive membership, you could earn 5% on eligible Costco Travel purchases and 4% on other eligible Costco purchases.

Unfortunately, the Executive Board membership terms and conditions exclude various purchases, including purchases of cigarettes or tobacco-related products, gasoline, Costco Store Cards, postage stamps, alcoholic beverages in certain states, prescription purchases in certain states, food court purchases, and select travel purchases ( including surcharges, credits, travel protection, third-party travel, upgrades, rental car equipment, resort fees, and port charges).

Related: Benefits of a business-friendly credit card

Obtaining a Costco Anywhere Business Visa

With Costco Anywhere Visa Business Cardyou will win prizes in many categories. Interestingly, despite the card being a Costco credit card, shopping at Costco does not earn 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 qualifying gas worldwide (including gas at Costco) on the first $7,000 a year in qualifying gas and EV purchases (then 1%). Gas purchased at supermarkets, department stores, stores, and warehouses other than Costco or gasoline used for non-automotive purposes are not eligible and will only earn 1%.
• 3% returned from restaurants and shopping eligible for worldwide travel. Restaurants include cafes, bars, lounges and fast food restaurants. Purchases made at bakeries and certain restaurants/cafes within malls, grocery stores or warehouse clubs are excluded and will only earn 1%. Eligible travel purchases include airfare, hotels, car rentals, travel agents, cruise lines, and Costco Travel, but excludes rail travel, passenger travel, and occasional purchases, campsites, and bed and breakfasts.
• 2% back on purchases at Costco and Costco.com.
• 1% on all other purchases.

Related: 9 reasons to get a business credit card

using the Costco Anywhere Visa Business

I Costco Anywhere Visa Business Card you get cash back rewards, but these rewards are distributed only once a year. When your February pay statement closes, you’ll receive a credit card reward certificate for your Costco Cash Rewards balance based on purchases from January through December pay statements of the previous year.

Note that if the value of your annual prize exceeds $10,000, your prize may be awarded in another form, such as a check or wire transfer.

You must then redeem your credit card rewards certificate in person at any US Costco warehouse (including Puerto Rico) on Dec. 31 of the year in which the certificate was issued. You can use a merchandise certificate or refund. If you shop for merchandise and your purchase is less than the value of the certificate, you will receive the remaining cash balance at checkout.

You will not 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 sent. You must maintain your Costco Membership to use your credit card reward certificate. Also, some warehouses may not allow a credit card reward certificate to be used for alcohol purchases.

Related: Cash back vs. points and miles credit cards: 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, few cards can compete Costco Anywhere Visa Business Card. The best cards for your business will largely depend on the segments where your business spends the most money. It’s also important to note that only Visa credit cards are accepted at Costco warehouses. Here are a few other cards to consider:

For more options, check out our full list of the best business cash back credit cards and the best store credit cards.

Is the Costco Anywhere Business Visa right for you?

If you own a business, have a Costco membership and shop at Costco regularly, the Costco Anywhere Visa Business is worth considering. It has a strong rewards structure that covers many purchases, including gas, restaurants, travel, and Costco. The card has no annual fee and additional cash back for Executive members, making it a worthwhile addition to your wallet. However, you will be limited in how you can use your cash back, so if you want more flexibility, other cards may be better suited.

Bottom line

The Costco Anywhere Visa business card is a corporate rewards credit card available only to Costco members. Cashback rewards are distributed only once a year, and you must visit a US warehouse (including Puerto Rico locations) to claim your rewards — which can be frustrating for some businesses that want to access their rewards regularly.

However, if your business can find value in a Costco membership and prefers to earn cash back rewards, you may want to add the Costco Anywhere Visa Business Card to your wallet. This card can be useful if you are already a Costco member and your business often incurs significant expenses related to gas, restaurants, travel or Costco purchases.

Apply here: Costco Anywhere Visa Business Card by Citi