One of the most popular shopping warehouse corporations globally, Costco Warehouse Corporation has started its own line of credit cards in the past few years. Statistics say that over 111 million people have active memberships of Costco globally. Along with their warehouses, pharmacies, and gas stations, Costco also has credit cards from which cashback rewards can be earned not just at Costco online and in-store, but in other stores as well! Let us know more detail about ‘Costco Credit Card’.
Costco Credit Card
There are several factors that come into play when deciding whether to purchase a credit card or not. These factors include, how much will a person spend? How often will they spend? And how many benefits can they get? Costco has two types of credit cards, each with its own unique features and benefits. Nevertheless, holders are eligible to get 4% cash back for certain gas companies and locations for the first $7000 dollars spent every year. After this amount has been crossed, holders can get 1% cash back for gas. Furthermore, up to 3% can be earned from spending in restaurants and travelling to some places. Not only that, shopping at the Costco warehouse or online Costco store will earn you 2% cashback. Lastly, 1% is cashback for all other purchases made from this credit card.
These rewards are issued annually and are redeemable for cash or other merchandise at the United States Costco Warehouses or online at Costco.com. If a member were to purchase a credit card, there would be no additional fees for the card. The card is optimal for frequent shoppers who want to stack their cashback rewards. According to Costco, there is no annual fee for the credit card, and the card can be used as a Costco membership ID as well.
Positives And Negatives
Positives:
- Members may be eligible for bonus subsections. For example, cashback for hotels, airfare, cruise lines
- Costco has a “no foreign transaction fee” for any country.
- You can combine these benefits with the Costco membership benefits
- For assistance, a 24-hour call service can be contacted for any queries or concerns regarding an account
- If your credit card or membership card is stolen, then you can report it to the 24-hour call service. The card will be blocked, and you can apply for a new card (for the same account). The rewards will be transferred to your new card thereafter.
- Costco also has ID Navigator Identity Theft Protection Plans for members
Negatives:
- To be eligible for a Costco credit card, individuals must be a Costco member
- Balance transfers, foreign currency purchases, lottery tickets, interest fees, items returned for credit, etc. are not eligible as a purchase that can have Cash Rewards
- The rewards accumulated on the card will only be accessible by an annual certificate and cashed out at a Costco store
- The Costco membership card must be maintained to continue receiving credit card Rewards
- These rewards expire at the end of each calendar year
The Differences Between the Costco Cards
Costco has two types of credit cards, Costco Anywhere Visa Personal Credit Card, and the Costco Anywhere Visa Business Credit Card. Both cards are nearly identical with the same benefits, terms, and conditions, redeeming process, etc. The main difference between the two is that the personal Costco credit card allows balance transfers, whereas the Costco business credit card does not. Balance transfers are meant to save money on interest while paying the credit card debt.
Redeeming Credit Card Rewards
Like most retailers and banking institutions, Costco’s reward system is a bit different. Each billing cycle takes place in February. From this month onwards, holders have until the end of the year to redeem the monetary amount they have on the card for the next year. If you wanted to redeem the cashback amount of 2022, then you would be able to do so between March to December 2023. These rewards can be viewed via a certificate that is sent once every year by Costco.
If a member decides to terminate their credit card, then all the Rewards that have not been used will be removed from it. There will not be any cash given based on the account value. Similarly, if a member decides to forfeit their Costco membership, all their member rewards and the Costco credit card rewards will also be removed, and the member will not be able to redeem them.
Frequently Asked Questions
- Is there a minimum credit score required for the Costco card?
A minimum of 750 or above credit score is required for the Costco card
- What limit does Costco have for maximum rewards earned on the Costco Credit Card
Costco does not have a limit on how much Rewards cashback is earned every year.
- What is the Costco customer service helpline for the Costco credit card?
If you have queries about the credit card, then you can call Citi at 1-855-378-6467
If you have questions about your card, then please contact 1-800-774-2678.
