What Credit Score Is Required For The Costco Anywhere Visa Card
Applicants need to have excellent credit to qualify for the Costco Anywhere Visa® Card. The exact credit score required varies, but a very good credit score ranges from 740 to 799 and excellent credit is 800 and higher, according to Experian.
Not sure what your credit score is? Here’s how to check your credit score for free.
What Credit Score Do You Need To Get A Costco Credit Card
Costco markets its cards to consumers with excellent credit. FICO defines an excellent credit score as being between 800 and 850.
As is often the case, a score above this threshold doesnt guarantee approval, and a lower score may still receive approval.
Your credit score is just one factor that Citi uses to decide whether to approve your application. The bank also considers your ability to pay based on your assets, income, and debts. If your credit score is currently below 700, you may want to work on improving it before applying for a Costco credit card.
You can boost your score by making all payments on time, reducing your debt, and removing mistakes from your credit reports.
Other Considerations For Costco Anywhere Visa Card By Citi
Like any other rewards credit card, the Costco Anywhere Visa® Card by Citi has its pros and drawbacks. Before you make this your primary or secondary rewards card, it is important to understand how to get the most value out of your card.
Things to Consider if This Will Be Your First or Only Credit Card
If this will be your first or only card, keep in mind that the Costco Anywhere Visa® Card by Citi has generous rewards in specific categories like gas and travel. This means if you spend more on groceries and not as much on gas, you may not benefit from the lucrative rewards programs. Consider your spending habits before choosing this card as your primary cash back card.
This card is designed to benefit Costco members. If you do not shop regularly at Costco, you will get better value with a card that is not specific to one vendor.
Additionally, you need a credit score of at least 720 or more to qualify for the Costco Anywhere Visa® Card by Citi. If your credit score is lower than this you may have trouble getting approved.
Things to Consider if This Will Be an Additional Card in Your Wallet
If you use the Costco Anywhere Visa® Card by Citi to complement your existing card, you can make the best out of it by using it for all your gas purchases. This will let you take advantage of the 4% reward rate until you reach the stipulated $7,000 per year limit. After this limit, you can use your other cards for gas purchases.
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What Are The Requirements To Get This Costco Credit Card
Because this is a business class credit card, there will be some additional steps to apply. You will need to provide:
- Verification that you are a business owner with 25% or more control or ownership
- Costco membership number
- Legal business name and DBA
- Business address and contact info
- Annual business revenue
- Number of employees
- Length of business
- Personal earnings
The bank may request verification and ask additional questions at the time of the application or before making a final decision. Credit history and previous payments may affect the outcome of your approval.
Is The Costco Credit Card Right For You
If you do a lot of your shopping at Costco, then this card can help you save. Just make sure you pay close attention to all of the redemption rules so that you can actually reap the rewards you earn.
For someone who spends a lot at Costco, one redemption per year might not be a hindrance. For instance, if you like to stock up at the wholesale club only a few times each year, you can easily put those rewards toward your next haul. And Costco does offer high-value items that you could save up your annual rewards for: new tires, jewelry, appliances, and more.
But if you dont want to sit on your cash rewards all year, or want more redemption options, then there may be better cards out there. This is especially true if youre considering the Costco card solely for its 2% cash back rate at Costco the right cash back credit card can offer the same rewards with more redemption flexibility. The Citi® Double Cash Card, for example, offers up to 2% cash back on every purchase you make , including at Costco, and the Chase Freedom Unlimited® offers at least 1.5% cash back on purchases, in addition to higher rewards in specific categories.
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Applying For The Costco Citi Cards Is Easy But Approval May Not Be
Now that you know how to get a Costco Citi Card, are you ready to pull the trigger? On the plus side, the card charges no annual fee and lets you earn pretty good rewards on restaurant, travel, and gas purchases. Its a genuine Visa card with valuable benefits, including Citi Concierge and Citi Entertainment.
The biggest negative facing the prospective Costco Citi Card owner is its reward redemption policy. You can only redeem your cash back at Costco once per year. That will appeal to Costcophiles who devote significant time roving the warehouse aisles each month.
But for many others, the cards are a tough sell. They generally require excellent credit for approval. The Ascent reports that only 22% of Americans have a FICO score of 800 or higher, which is FICOs threshold for an excellent credit rating.
Costco Anywhere Visa Card By Citi Vs Sams Club Mastercard
If you are a serious wholesale club shopper, theres a good chance that you pay for annual memberships to both Costco and Sams Club.
Theres nothing wrong with that. Clark does it, too.
And as a result, he also carries both the Costco Anywhere Visa Card and the Sams Club® Mastercard® in his wallet.
But if youre not in the position to add two credit cards to your wallet, you may be trying to decide which of them makes the most sense for your personal situation.
Lets take a closer look with a side-by-side comparison:
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This Card Is Best For
- Seeks to maximize cash back earnings across spending categoriesCash Back Strategist
- Resists or refuses an annual fee on principle or due to costAnnual Fee Averse
- Primarily responsible for household grocery and other major purchasesHead of Household
- Incurs gasoline or other commuting expenses each monthDriver/Commuter
This card is well-suited for consumers who spend at least $7,000 per year on gas and routinely charge dining, travel, and Costco purchases. If you already have a Costco membership, signing up for this card won’t cost you anything extra since there’s no annual fee, and the Costco Anywhere Visa doubles as your membership card.
This card is also a good option for those who like the simplicity of rewards issued once a year and having that amount to spend at Costco.
Final Thoughts: Pros And Cons
Are you considering adding the Costco Anywhere Visa Card to your wallet? Lets review some of the major pros and cons of the card before you make your final decision:
|2% cash back on purchases made at Costco or on Costco.com||No welcome bonus opportunity|
|Bonus cash back categories include 4% on gas and EV charging purchases, for the first $7,000, and 3% on restaurants and travel||No introductory APR on new purchases or balance transfers|
|Rigid cash back rewards redemption program|
Bottom Line: If you are a Costco loyalist, there is a very strong case for having this card in your wallet.
It can lower your gas or EV charging bill by 4% for the first $7,000 through one of the best gas rewards programs on the market. It also can trim 2% off your day-to-day purchases made at the wholesale club.
Clark carries this card in his wallet and uses it in tandem with a cash back credit card that awards him 2% on all of his purchases. If hes making a purchase in one of the Costco Anywhere bonus categories, he uses this card. If the purchase doesnt fall into a bonus category, he uses the everyday cash back card.
You could easily implement a similar strategy to ensure that you make at least 2% cash back on every purchase that you make.
Do you have experience with the Costco Anywhere Visa® Card? Let us know how you like it in the Clark.com Community!
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Costco Anywhere Visa Review: Bulked
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Costco Anywhere Visa Credit Card Review
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The Costco Anywhere Visa card offers a generous 4% cash back on gas purchases, up to an annual spending limit, along with 3% cash back on eligible travel and restaurants, 2% cash back at Costco stores or Costco.com, and 1% on all other purchases. There’s no annual fee you just need to pay your yearly Costco membership to maintain your card account.
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Does The Costco Business Credit Card Report To Your Personal Credit
The Costco Anywhere Visa® Business Card by Citi reports your payment activity to your personal credit file at Experian. This procedure is not unusual for credit cards aimed at owners of small businesses.
You benefit from cards reporting your payments to a consumer credit bureau if you adopt creditworthy behavior pay your bills on time, keep your credit utilization ratio below 30%, and remove errors from your credit reports.
However, this is a moot point for Costco business card owners since an excellent credit score is required. On the other hand, if you own the card and miss payments, you could harm your credit score.
Citi Offers 2 Costco Cards You Can Apply For Online
Its easy to apply online for either Costco Citi Visa Card. Just click SEE DETAILS in the offer boxes below to learn more and access Citis application. But first, decide which of the two cards is right for you by reading the terms and conditions, especially the bit about redeeming your cash back rewards, which we describe below.
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Does The Costco Visa Card Have Pre
Yes, the Costco Credit Card does have pre-approval. Citibank has an online pre-approval page where potential applicants can quickly check their odds of approval for certain Citibank credit cards before they actually apply for one. Current Citibank customers may also receive pre-approved offers periodically by e-mail or when logging into their cards online account. And in some cases, Citibank will send people pre-approved offers for a specific credit card in the mail.read full answer
Getting pre-approved for a Costco Credit Card indicates that your chances of being approved for an account are very high, should you decide to apply. It does not mean that approval is guaranteed.
How to Check for Costco Credit Card Pre-Approval Online
If you are pre-approved online, you will see all Citibank credit cards that will give you the highest odds of approval, which may or may not include the Costco Credit Card. Once you are pre-approved, you can apply for the card of your choice directly from the pre-approval site. Simply click the button next to the card you want, and you will be directed to the cards application page.
To respond to a Costco Credit Card pre-approved offer received in the mail, visit the website listed in your pre-approval letter and enter the invitation code included with your offer. This allows Citibank to flag the application as pre-approved.
Do You Get Free Costco Membership With Either Of Its Credit Cards
Its the other way around. The Costco credit cards have no annual fee, but youll have to pay for a Costco membership before applying for a Costco credit card.
This arrangement begs the question: Is a Costco membership worth the cost? About 90 million Costco members have already voted yes, but if you are on the fence, you may want to consider these factors:
- Youll want to live within a convenient driving distance of a Costco store.
- You may not do enough bulk buying to offset the membership fee if you live alone. You generally need to spend about $600 a year at Costco to break even.
- Youll need a vehicle big enough to transport bulk items and a large home to store them.
- You refill your gas tank frequently and are near a Costco gas station.
- Ask yourself whether you mind shopping in crowded stores.
- You need a Visa credit card or cash to shop at a Costco warehouse.
- You may not be interested in the third-party offerings, such as life insurance.
An executive membership gives you 2% cash back each year, apart from your credit card rewards. Youll also save money on certain services.
For those who want to shop at Costco but dont want to be members, you have a few options:
You may save more at your local grocery store if you are a dedicated coupon clipper, as Costco doesnt accept manufacturer coupons. Also, Amazon.com offers Subscribe & Save that will shave 15% off items, including bulk items, to be delivered automatically at set intervals.
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How Much Are The Rewards Worth
Costco cash back is worth the same as with any other cash back card: 1 percent back is worth 1 cent.
However, in this case, personal value factors into how much the rewards are worth. The earning rate is stronger than many non-store-branded cash back cards, but the inconvenient redemption process might be a deal-breaker if you didnt plan to use it at Costco as often. Consider your needs carefully, because you cant cancel your card before next February without losing your hard-earned rewards.
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Costco Anywhere Visa Card By Citi Overview
The Costco Anywhere Visa® Card by Citi has a couple of nice features that help it to stand out from some of the best credit cards for shopping. It not only offers 4 percent cash back on eligible gas and EV charging purchases beating out most gas credit cards but also 2 percent cash back on all Costco and Costco.com purchases. This is a nice perk since few rewards cards offer bonus rewards on wholesale club purchases and these stores are typically excluded on grocery rewards cards.
But out of the handful of wholesale club credit cards, the Costco card may be the least accessible, as its open only to Costco shoppers who have achieved an excellent credit score. Plus, with the required Costco membership and cash back restrictions lurking in the fine print, this co-branded store card may not be worth it for the few who qualify.
Does The Costco Anywhere Visa Card By Citi Give You Membership
No, but a paid Costco membership allows you to get the no-annual-fee credit card. Memberships begin at $60 a year as of May 2022. Any authorized users you add to the card must also be members.
Youll lose any unredeemed Costco cash rewards if you cancel your membership because you can only redeem your rewards inside a Costco store. It would be best to wait until after you receive and redeem your annual reward certificate.
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What’s The Costco Credit Card Credit Score Requirement
The Costco Credit Card credit score requirement is 750, at a minimum this means applicants with excellent credit have a decent shot at approval. Thats the case for both the Costco Anywhere Visa® Card by Citi and the Costco Business Credit Card.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Costco Credit Card, too. Some other key criteria include your income, existing debt load, and recent credit inquiries. Still, make sure to read full answercheck your credit score before applying.
Costco Credit Card Approval Requirements:
If your credit score is already 750+ and you have a good debt-to income ratio, , youll have a better chance of approval. If not, make sure to improve your credit standing first. To do so, make sure to catch up on your current payments, keep your below 30%, and build a longer history.
Finally, dont forget that you have to be a Costco member to apply. That will cost you $60+ per year in membership dues.