Bogdan Roberts, Credit Cards Moderator
Yes, Costco Credit Card rewards are quite good, especially on gas, dining, travel, and Costco purchases. You get 2 to 4 times the standard earning rate in those spending categories. And there’s no annual fee – just Costco’s yearly membership dues.
The only downside is that you only get your rewards once a year, in February. And you must redeem the Costco Credit Card rewards certificate by the end of the year, or else it will expire. The Costco Credit Card also requires excellent credit for approval. If you don’t know where you stand, you can check your latest credit score for free, right here on WalletHub.
Costco Credit Card Rewards Details
- Earn: 4% cash back on eligible gas and EV charging purchases (up to $7,000 spent per year), 3% back on restaurants and travel, 2% back on Costco and Costco.com purchases, and 1% back on all other purchases.
- Redeem: The Costco Credit Card rewards are redeemable for cash or merchandise at US Costco Warehouses, including Puerto Rico.
- When rewards post: The cash back will be provided as an annual credit card reward certificate once a year, in February.
The Costco Credit Card has great rewards and very high earning potential. Only the 4% rate has an earning limit of $7,000, so your cash back will add up quickly. But whether it’s worth it depends on your circumstances.
If you’re already a Costco member, have excellent credit and spend a lot on the cash back categories, this card is probably a good choice for you. If not, you have to figure out whether this card will save you at least $60 (the minimum Costco membership cost) more than the next best option.
Costco Anywhere Visa® Card by Citi
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