Costco Anywhere Visa® 2021 Business Card Review

Costco Wholesale is well known for selling quality products at competitive prices. Most of the products are available in bulk, which allows members to save on their bottom line. However, you can also buy cheaper gasoline, premium alcohol, and prescription drugs at exclusive prices. You will need to pay an annual fee of $ 60 or $ 120 for membership. However, the savings could offset the annual fee.

If you know how to take advantage of the benefits of credit cards, you know you could earn Cash Back Rewards or Travel Miles when you pay with a Visa card at Costco. However, Citi’s Costco Anywhere Visa® business card boosts rewards with 2% cash back on in-store purchases and 4% back on gasoline (including Costco’s). This Costco Anywhere Visa® Business Card Review will explore everything you need to know about the club-branded stores – and whether it’s worth applying.

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Citi

Have the Costco Anywhere Visa® Business card as a form of identification and a very advantageous method of payment.

Compare the pros and cons of the Costco Anywhere business visa.

Advantages:

  • It can also be used as a Costco membership card

  • No annual fee

  • It can be used for purchases outside of Costco

  • No APR

  • High cash back rate for gasoline

The inconvenients:


The Costco Anywhere Visa® business card at a glance

Commercial Members may purchase products from Costco for commercial or resale purposes. Citi has partnered with Costco to create a business credit card that offers small business owners special benefits. While most store credit cards are reserved for a particular retailer, Costco’s business card is open-loop, meaning it can be used anywhere credit cards are accepted.

  • Card type: Cash Back Rewards for Visa Businesses

  • Card issuer: Citi

  • Best for: Small business owners who shop at Costco

  • Awards:

    • 4% cash back on gasoline everywhere, including Costco fuel locations for the first $ 7,000 per year, then 1% cash back

    • 3% discount on travel and restaurant purchases

    • 2% off Costco.com and Costco store purchases

    • 1% discount on all other purchases

  • How to redeem rewards: Costco issues an annual reward certificate after the February billing statement closes which can be redeemed for cash or Costco purchases.

  • Approval bonus: N / A

  • Annual subscription: $ 0

  • APR: 15.24% standard variable

  • Foreign transaction fees: Nothing

  • Credit score: Good to excellent

  • Employee Cards: Available at no additional cost, provided employees are also Costco members

  • Particularities: Pay without contact | Digital wallet | Extended Manufacturer Warranty on Purchases | Concierge | Exclusive access to events |


Costco Business Anywhere Visa® Card review

Now that you have a good overview of the main features of the Citi Costco Anywhere Visa® Business Card, explore in more detail how the card works and who it is best for.

Who can qualify

This card is for small business owners who shop at Costco. You will need a wholesale club membership to apply. Qualifying as a business is more flexible. Startups, artisans with an Etsy store, caterers, and freelancers may be able to apply for the card. You will need to provide the legal name and tax identification number of your business.

Keep in mind that Citi will manage your personal credit. As with many other business credit cards, you are personally responsible for the use of your business credit cards. Using your personal credit can be helpful if your business does not yet have a credit history. However, business expenses and payment history will reflect on your personal credit report, so be mindful of your business credit habits.

How to register

Some of the information you will need to provide when you apply for the Costco Anywhere business visa understand :

  • Your Costco member number

  • Personal informations

  • Social Security number

  • Turnover

  • Tax Identification Number

  • Type of business (corporation, LLC, self-employed and more)

  • Information about your business partners, including percentage of ownership

  • Personal financial information

If you want to apply for employee cards during the application process, you will need:

Using cashback rewards

You won’t receive any bonuses or introductory offers if you are approved, but the high rewards potential can still be worth it. Business owners who drive often or have a fleet of vehicles could qualify for a significant cash back on gasoline. The first $ 7,000 of fuel earns up to 4% cash back, then 1% thereafter.

Costco members already receive cash rewards on their purchases. Gold Star members ($ 60 membership fee per year) earn 1% cash back. Gold Star Executive members pay $ 120 per year but receive 2% cash back. Adding a Costco Anywhere Visa® business card increases your rewards rate. In the case of a Gold Star Executive membership, you double your income on Costco purchases at 4%, which could offset the annual membership fee of $ 120 per year after spending $ 3,000 on purchases.

However, rewards are limited to Costco-related exchanges. While you can use the card anywhere credit cards are accepted, you will need to spend your rewards at Costco. Patience is key – Costco only pays out the cash rewards certificate once a year at the end of February for purchases you made in the previous calendar year. Certificates expire on December 31, even if you don’t spend the funds.

Security

The Citi Costco Anywhere Visa® Co-branded Business Card has some security-related features that are worth mentioning.

They understand:

  • Damage and Theft Protection covers eligible items that have been damaged or stolen within 120 days of purchase.

  • Chip credit card

  • The digital wallet feature protects your card information when shopping online by hiding your card number and replacing it with a temporary number.

How to get help

If you have any questions regarding your account, would like to request a credit limit increase, or would like to request an additional employee card, you can call Costco Anywhere’s Visa Business Line at 1-855-378 -6468.

At the end of the line

Business owners who shop at Costco to save can increase the cash back rewards they earn once a year with the Costco Anywhere Visa® Business Card. The card is best for the loyal Costco fan – wholesale warehouse membership is required before you can even apply.

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 membership level) and you could earn 5% to 6% cash back. However, the redemption is limited to Costco. This may not be a problem unless you plan to keep your membership for the long term.

Costco Anywhere Visa® Business Card FAQs

Do I have to have a business to get a Costco Anywhere Visa® business card?

To apply for the card, you will need to provide the legal name and tax identification number of your business. Freelancers, gig workers, sole proprietors, and LLCs are just a few types of business entities that might apply for a business card.

Is there an alternative to the Costco Anywhere Visa® business card?

If you don’t have a business tax ID number, you can still apply for the Costco Anywhere Visa® business card for personal use. Like the retail version, it’s built into your Costco membership and earns you Cash Back every time you pay with the card.

Where can you use the Costco Anywhere Visa® business card?

The Costco Anywhere Visa® Business Card is an open-loop store card. Some branded credit cards are strictly limited to a particular retailer. However, you can use the Costco Anywhere Visa® Business Card to pay for your Costco purchases and anywhere credit cards are accepted.

What credit cards does Costco accept?

Costco only accepts cards with the Visa® logo.

How much does Costco membership cost?

Costco membership is available on two levels. The Gold Star membership of $ 60 per year is the basic membership level. You will earn 1% cashback on your purchases. You can also upgrade to Gold Star Executive membership. That’s double the annual membership fee ($ 120), but it also doubles your cash back rewards to 2%, making it easier to offset the cost of membership faster.


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