Costco Anywhere Visa Card Rewards Details & Benefits. Is it Worth it?

Costco and Citi have released their new co-branded Costco Visa card, which will be dubbed as the “Costco Anywhere Visa Card by Citi” – and there are some notable cash back reward improvements! The new card, of course, replaces the retired TrueEarnings Costco American Express card. This article will compare the Costco Anywhere Visa to the old Costco AmEx card, detail the cash back rewards and benefits, and help you determine if the card is worth adding to your wallet.

The Costco Anywhere Visa has Better Cash Back Rewards than Old TrueEarnings Costco American Express Card

Costco Visa card details were thought to have been leaked previously, as they were published on the SEC website as part of the SEC documentation. However, it turns out they were incorrect. As I originally had speculated, the new Costco Anywhere Visa Card has cash back rewards earnings benefits that exceed the old Costco card. And unexpectedly, it does so in almost every category (1% on everything else is the same).

Reward Category:Costco Anywhere Visa Card by Citi cash back rewards:TrueEarnings Costco American Express cash back rewards:
Gas4% back on gas purchases at Costco and other gas stations (on up to $7,000 spent per year)3% back on gas purchases at Costco and other gas stations (on up to $4,000 spent per year)
Restaurants & Travel3% back on restaurants and most travel purchases2% back on restaurants and most travel purchases
Costco2% back at Costco and Costco.com1% back at Costco and
Everything Else1% back on everything else1% back on everything else

The 2% cash back at Costco and on makes a lot of sense, and it is what I was hoping for prior to the incorrect leak showing it at 1%. This alone makes the Costco Anywhere Visa the best credit card for Costco purchases. There are other Visa cards that pay more than 1% cash back on all purchases and since Costco will be taking all Visa cards, it would not have made sense for their own branded card to offer less cash back than non-Costco branded cards already in the market.

Costco Anywhere Visa Card

If you spend a few thousands dollars per year at Costco, as I do, the increase is not insignificant. The 4% cash back at Costco and other qualified gas stations and 3% at restaurants and on travel are also significant and help make the Costco Anywhere Visa worth getting, in our view.

Sadly, the extended warranty that the Costco Visa card added ended in January of 2023.

As with the old AmEx, rewards will be sent in the form of an annual check redeemable in store.

Do these enhancements to the new card make you a happy Costco member? If not, check out Costco’s gas prices or Costco’s alcohol prices. ;-)

Update: I wrote an article on how to run the numbers on whether a Costco membership (and Executive Upgrade) is worth the cost. With this no annual fee card, it’s hard not to find the value to justify at least the base membership.

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