Costco Anywhere Visa® Business Card by Citi
Best For: Existing or new Costco members
| Intro APR | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|
| N/A | 16.24% Variable | 0 | Good - Excellent |
The Costco Anywhere Visa® Business Card should be a top choice for businesses shopping at Costco frequently. It offers 2% cash back on Costco purchases and the best rewards on gasoline spending among business credit cards at 4%. The card is free to Costco members, with an ongoing annual percentage rate (APR) of 17.49%.
The best cash back business credit cards pay up to 5% cash back on at least one bonus category, offer introductory rewards of as much as $500 and introductory 0% APR of nine months or more. The Costco Anywhere Visa® Business Card offers excellent ongoing rewards but offers neither an introductory bonus nor 0% interest financing. After assessing its costs and benefits, we give Costco Anywhere Visa® Business Card 3 1/2 out of five stars.
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How We Evaluated the Costco Anywhere Visa® Business Card
We evaluated the Costco Anywhere Visa® Business Card and found that while it offers top rewards on gas and Costco spending, it loses significant marks because there are no introductory rewards or 0% APR financing. This card can save you money because it charges no annual fee, but you have to be a Costco member to qualify.
We considered the following criteria when grading this business credit card:
- Ongoing rewards: The cash back you’ll earn by using the Citi Costco business card; this card earns industry-leading cash back rewards on gas and Costco purchases
- Introductory rewards: The cash back you’ll earn by reaching minimum spending requirements over the first few months of card ownership; the Citi Costco business card offers no introductory rewards
- Annual fee: How much you’ll pay each year to own the card; the business Citi Costco Visa requires a Costco membership but charges no annual fee
- Additional benefits: Whether the card comes with free perks that may increase its value; the Citi Costco business card offers valuable perks like purchase protection and extended warranties
- Introductory APR: Whether the card offers a period of no-interest financing on purchases or balance transfers; the Costco card offers no introductory 0% financing
- Ongoing APR: How much it will cost to finance purchases on the card; this card charges an ongoing APR of 17.49%, which is about average for a small business credit card
The Costco Anywhere Visa® Business Card offers small business owners excellent value on gas, restaurant, travel and Costco spending. It offers the highest cash back rewards at 4% for gas purchases of any small business credit card, along with a rare combination of bonus rewards on both restaurant and travel spending. Some small business owners may dislike this card’s rewards redemption, which can be done only once a year at United States Costco stores.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like the Costco Anywhere Visa® Business Card, we weight ongoing rewards heaviest. We rate introductory rewards as slightly less important, but they still are the second biggest factor in grading a card. We also take into account the annual fee, introductory and ongoing APRs and card benefits. This Costco card suffers in our ratings because it offers no introductory rewards.
We graded the Costco Anywhere Visa® Business Card using the following methodology:
| Grading Criteria | ||
|---|---|---|
| Ongoing Rewards | ||
| Introductory Rewards | ||
| Annual Fee | ||
| Additional Features | ||
| Introductory APR | ||
| Ongoing APR | ||
| Total Score |
Based on our five-star rating system where 20 points equals one star, the Costco Anywhere Visa® Business Card would need to make significant improvements to introductory rewards and APR in order to earn four stars. In cases where cards receive perfect scores in most categories, we may award bonus points to boost the card’s rating.
Despite the excellent ongoing rewards, this grade is appropriate because the Costco Anywhere Visa® Business Card offers no introductory rewards or introductory APR. Plus, redemption options are extremely limited (you can redeem your rewards once a year at a Costco store) compared with other credit cards, like the Chase Ink Business CashSM, which allows you to redeem cash at any time.
Who the Costco Anywhere Visa® Business Card is Right For
The Costco Anywhere Visa® Business Card is best for existing Costco members with significant Costco, gas, restaurant and travel expenses. The card is free to own with a Costco membership. Its return on gas rewards at 4% is unmatched by other business credit cards and small business fuel cards. It also offers one of the best returns from a small business card on Costco spending.
Costco Anywhere Visa® Business Card Costs
You’ll receive no introductory interest-free offer with this card. The ongoing APR is 17.49%, which is about four percentage points higher than the lowest possible ongoing APR on the Bank of America® Business Advantage Cash Rewards Mastercard®. The Bank of America card offers one of the lowest ongoing APRs among business credit cards available today.
Financing costs and fees on the Costco Anywhere Visa® Business Card include:
- Introductory APR: None
- Ongoing APR: 17.49%, which will adjust with the prime rate
- Annual fee: None, but you must be a Costco member to qualify
- Balance transfer fee: Transfers not allowed
- Foreign transaction fee: None
- Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late payment fee: Up to $37
- Returned payment fee: Up to $37
- Penalty APR: Up to 29.99%, which may be assessed indefinitely if you make a late payment or make a payment that is returned
Costco memberships start at $60 a year and will be automatically renewed and charged to your Costco Anywhere Visa® Business Card. If you’re already a Costco member, this card is a free benefit, much like the Amazon Prime Business American Express Card, which is free to Prime members (see rates & fees). If you need to transfer a balance, choose a card like the Chase Ink Business CashSM, which offers 12 months of 0% APR on purchases.
How to Avoid Paying Interest on the Costco Visa® Business Card
Your payment due date is at least 23 days after the close of the business cycle when you receive your bill. Pay your balance in full by the due date to avoid interest charges. If you are charged interest, you’ll pay no less than 50 cents. Your minimum payment is 1% of the new balance if the balance is $25 or more, plus any billed interest or late fee.
Costco Anywhere Visa® Business Card Rewards
The Citi Costco Business Card pays its highest rewards on gas, restaurant, and travel purchases, but cardholders also will earn cash back on Costco purchases in-store and online. Costco offers no sign-up bonus or other introductory rewards.
Introductory Rewards
The Costco Anywhere Visa® Business Card comes with no introductory rewards. The top business credit cards like the Chase Ink Business UnlimitedSM offer $500 cash back after you spend $3,000 within the first three months following approval.
Ongoing Rewards
You will earn the following rewards when using your card:
- 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year in gas purchases and 1% thereafter
- 3% cash back at restaurants, including cafes, bars, lounges, and fast food restaurants and on eligible travel purchases worldwide like airfare, hotels, car rentals, travel agencies, cruise lines, and Costco Travel
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
The Costco Anywhere Visa® Business Card offers the highest return on gas spending of any small business credit card. If your business spends more than $7,000 a year on gas, you may want to consider a small business fuel card, which offers discounts of up to 4 cents per gallon. There aren’t many business cards that offer bonus rewards on both restaurants and travel, but the American Express® Business Gold Card tops Costco with four times the points in both categories. If your business expenses are centered on hotels and airfare, you may want to consider the best business travel credit cards.
Rewards Restrictions
The Costco Anywhere Visa® Business Card won’t reward bonus points for the following purchases:
- Earn 1% cash back for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco or for fuel used for non-automobile purposes
- Earn 1% for food purchases made at bakeries and certain restaurants and cafes inside department stores, grocery, or warehouse clubs
- Earn no rewards on cash advances, purchases of lottery tickets or gaming chips, when you use travelers’ checks or money orders, interest and account fees, unauthorized charges or items returned for credit
How to Redeem Your Rewards
The Costco Anywhere Visa® Business Credit Card is the only small business credit card that restricts users from redeeming their rewards throughout the year. You may redeem your rewards once a year at any U.S. Costco warehouse.
You can redeem rewards earned using the Costco Anywhere Visa® Business Card as a credit card reward certificate distributed annually. Credit card reward certificates are redeemable through Dec. 31 of the year issued in a single transaction at any U.S. Costco warehouse for merchandise or cash back.
If the amount redeemed for merchandise is less than your full cash back earnings, you’ll receive the remaining balance in cash at checkout. You will not receive a credit card reward certificate if you earn less than $1 throughout the year or your account is closed at the time Costco is scheduled to send the certificate. If you earn more than $10,000 in cash back rewards, Costco may award you via check or electronic transfer.
Redemptions on other cash back small business credit cards almost universally work differently than the Costco Anywhere Visa® Business Card.
Costco Anywhere Visa® Business Card Additional Features
Costco offers several travel and purchase protections as complimentary perks, including car rental insurance and purchase protection. These additional benefits are offered by numerous other small business credit cards, although coverage and restrictions may vary.
Worldwide Car Rental Insurance
When you rent a car using your Citi Costco business card, you’re covered in case of accident or theft. Coverage is primary, which means you won’t need to use your personal auto insurance or accept insurance offered by the rental agency. Coverage is capped at $50,000.
What’s Covered With the Citi Costco Business Card Rental Insurance
The following instances are covered by worldwide car rental insurance:
- Vehicles damaged by an accident, vandalism or natural disaster
- Stolen vehicles
To be eligible, the vehicle must have at least four wheels and be meant to be driven on public roads. Rentals of 31 consecutive days or less are eligible.
What’s Excluded From the Citi Costco Business Card Rental Insurance
The following instances are not covered by worldwide card rental insurance:
- You violate the rental car agreement by driving recklessly or under the influence of drugs or alcohol
- The rental car was used as a car for hire
- You or an authorized driver does not take responsible care of the rental car
Other small business credit cards may offer higher coverage limits, but more restrictions on coverage. The American Express Business Platinum Card®, for example, caps coverage at $75,000 but also doesn’t cover rentals made in certain countries, including Australia, Italy, and New Zealand.
Purchase Protection
Citi may repair or reimburse for items purchased with your business Citi Costco Visa ― or your credit card reward certificate ― that are damaged or stolen within 120 days of purchase or 90 days for New York residents. Coverage is limited to $10,000 per item, up to $50,000 per year per account.
What Purchases the Costco Anywhere Visa® Business Card Covers
Purchases made using your card or your Costco credit card reward certificate are covered by purchase protection.
What Purchases the Costco Anywhere Visa® Business Card Excludes
The following purchases are not covered by purchase protection:
- Boats, cars, aircraft, or any other motorized land, air or water vehicles and their original equipment; tires are covered
- Products that can spoil or be consumed, such as food, fuel, or medications
- Currency, cash ― including rare or precious coins ― gift cards, or traveler’s checks
- Tickets, including airlines, sporting events, concerts, or lottery
- Advice or services for a purchased item, such as product installation, labor, maintenance or repair
Business credit cards that offer this coverage typically limit coverage to either 90 or 120 days after purchase. The Costco Anywhere Visa® Business Card offers longer coverage than the Capital One® Spark® Cash, but the same length of coverage as the Chase Ink Business CashSM. Exclusions here are common across small business credit cards.
Extended Warranty
Citi will extend the manufacturer’s warranty for an additional 24 months from the expiration of that warranty. The issuer will replace the item or reimburse you up to the amount charged on your Costco Visa Card or purchased with your credit card reward certificate up to $10,000. Coverage is capped at a maximum of seven years from the purchase date.
What the Costco Anywhere Visa® Business Card Extended Warranty Covers
Purchases made using your card or your Costco credit card reward certificate are covered by extended warranty protection.
What the Costco Anywhere Visa® Business Card Extended Warranty Excludes
The following purchases are not covered by extended warranty protection:
- Boats, cars, aircraft, or any other motorized land, air, or water vehicles and their original equipment
- Tires
- Services, such as product installation, repairs, maintenance, or diagnostics, unless covered under the manufacturer’s warranty
- Used, antique, or pre-owned items
- Land or buildings
- Plants and live animals
- Items that do not come with a manufacturer’s warranty
Citi extended warranty protection is the most comprehensive among small business credit card issuers. You’ll receive two years’ extra warranty protection if the original manufacturer’s warranty is between two and five years on the American Express Blue Business® Plus, for example. For shorter manufacturer’s warranties, American Express will match the length of the original warranty.
Travel Accident Insurance
Citi will provide up to $1 million of coverage if you die or lose a limb, sight, speech or hearing in a plane, train, ferry, or cruise ship accident paid for with your Citi Costco Business Card. Citi will pay out the maximum coverage only in the event of death. Injuries are eligible for $250,000 to $500,000 in coverage.
What Travel Accidents the Costco Anywhere Visa® Business Card Covers
The following conditions are covered by worldwide travel accident insurance:
- An accident that occurs when boarding, exiting, or riding as a passenger on a plane, train, ferry, or cruise ship
- Exposure to the elements after an accident
- The accident or disappearance of a plane, train, ferry, or cruise ship, in which the coverage travelers remain missing for 52 weeks
What Travel Accidents the Costco Anywhere Visa® Business Card Excludes
The following conditions are not covered by worldwide travel accident insurance:
- Losses as a result of a riot or act of war
- Injuries or death that occur while traveling in a taxi, car service, rental car, or rideshare service
- Injuries or death that occur while boarding or exiting a plane, train, ferry or cruise ship “while engaging in extreme activities.” Note that the issuer doesn’t define “extreme activities.”
Citi offers double the loss-of-life benefit that comes with Chase Ink Business Preferred®. However, that card also offers a 24-hour death benefit if you or a covered traveler die any time during the duration of a trip of 30 days or less in which you booked airfare for your travel using your card. That coverage is limited to $100,000.
Travel and Emergency Assistance
Citi will provide travel, emergency, medical and legal assistance 24 hours a day to the cardholder, family members, and traveling companions. Like with most small business credit cards, this is mostly a concierge service. The cardholder is responsible for the cost of any assistance. Request help by calling 866-918-4670 in the United States or call collect internationally at 312-356-7839.
Services the Costco Anywhere Visa® Business Card Provides
This card covers the following travel and emergency assistance:
- Information on travel requirements, such as visas or immunizations needed
- Help locating lost or stolen travel materials, including luggage
- Monitoring of global threats and risks in your destination cities and countries
This card covers the following medical and legal assistance:
- Referrals to local translators, doctors, dentists, hospitals, and pharmacies
- Assistance with prescription replacements
- Transportation to another medical facility if you have to be moved to receive the treatment you need
- Travel arrangements for a family member or friend to be brought to your bedside, if you’re under medical care
- Coordination with doctors or nurses in the United States who can consult with local medical professionals and help monitor your condition
- Referrals to a translator for legal services or consultations with appropriate embassies and consulates
Some cards that charge an annual fee may offer more robust assistance. The American Express® Business Gold Card, for example, includes on its Global Assist Hotline bail bond assistance and referral to an attorney who speaks English.
Adding Costco Anywhere Visa® Business Card Employee Credit Cards
You may add up to three employee credit cards when you apply for the Costco Anywhere Visa® Business Card. Each authorized user must have a current Costco membership to receive a card. Once your membership is approved, you can request cards for more employees either by phone or online. The Chase Ink Business line of credit cards does not limit how many employee cards you can get at application.
What the Costco Anywhere Visa® Business Card Is Missing
Rewards redemption is this card’s biggest drawback. You can redeem your rewards just once a year, and you must redeem them at a U.S. Costco store as purchase credits or cash back at the register. Most other small business credit cards with cash back rewards allow for either automatic redemptions or, like the Chase Ink Business UnlimitedSM, allow cardholders to redeem cash back at any time.
Costco Anywhere Visa® Business Card Reviews
We searched the web to find Costco Anywhere Visa® Business Card reviews, which are fairly positive. Users who like this card applaud its gas, restaurant, and Costco spending rewards. They also say customer service is very responsive. Users who criticize this card say redemption is inflexible and should be allowed throughout the year. Critics also say the ongoing APR is too high. Indeed, other cards may charge APRs several percentage points lower.
How to Apply for the Costco Anywhere Visa® Business Card
You can apply online for the Costco Anywhere Visa® Business Card at either Costco.com or Citi.com. To get a business credit card, fill out a basic application containing both business and personal information and your Costco account number, and you could be approved instantly. Once you’re approved, you’ll receive your card in the mail within seven to 10 days. You can check your application status online at Citi.
How to Login to Your Costco Anywhere Visa® Business Card Account
Login to your Citi Costco business card account by providing your user ID and password. You can also contact customer service for Citi small business credit cards at 866-422-3091.
Alternatives to the Costco Anywhere Visa® Business Card
Some small business credit cards may offer cash back rewards better suited to your business. If your business doesn’t budget for gas, restaurant, travel, or Costco expenses, consider another card. Other small business cards may include 0% APR introductory offers on purchases and balance transfers for nine months or longer.
Top Costco Anywhere Visa® Business Card Alternatives
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For rates and fees on the American Express Business Platinum Card®, please click here.
For rates and fees on the American Express® Business Gold Card, please click here.
For rates and fees on the Amazon Prime Business American Express Card, please click here.
