The best credit card for Costco is the Costco Anywhere Visa® Card by Citi. You get 4% cash back in Costco cash on the first $7,000 you spend per year on gas (including Costco stations). You also get 3% cash back for restaurant and travel purchases, 2% cash back at Costco and Costco.com, and 1% cash back everywhere else. You get your Costco cash as a yearly certificate every February, and you can redeem it for any Costco purchases at a 1:1 rate.
The Costco card gives you the most rewards at Costco. But if you want a card that offers rewards at other grocery stores, too, there are other options available. And they’re all Visa options, since that’s the only card network that Costco accepts.
Here are the best credit cards for Costco:
Costco Anywhere Visa® Card by Citi: $0 annual fee. 4% cash back at eligible gas stations, 3% on restaurants and travel, 2% on Costco purchases, 1% everywhere else. Excellent credit required.
Capital One Venture Rewards Credit Card: $95 annual fee. 60,000 miles for spending $3,000 in your first 3 months. 5 miles per $1 for purchases made through Capital One Travel, and 2 miles per $1 everywhere else. Good credit required.
So, the Costco Anywhere Visa® Card by Citi definitely takes the cake as far as credit cards for Costco go. But you don’t need a credit card with Costco in the name, or even one with extra rewards on groceries, to save on Costco purchases. Some cards, like the Capital One Venture Rewards Credit Card and the Citi® Double Cash Card, have great earning rates on all purchases.
That’s obviously going to be the Costco Anywhere Visa® Card by Citi. It’s not only great for Costco purchases, as you can use it for all your other purchases and earn rewards. It also doesn’t charge a foreign transaction fee. The card offers 4% cash back on all gas purchases, not just Costco, 3% on restaurants and travel, 2% on Costco purchases, and 1% on all other purchases.
The Costco credit score requirement is “good”. And that’s the case for both the Costco Anywhere Visa® Card by Citi and the version for small business owners. But the definition of excellent credit depends on whom you’re asking. So, while some people might consider the Costco Anywhere Visa® Card by Citi credit score requirement to be 720+, you should think of it as 750+ just to be safe.… read full answer
Having a high enough credit score doesn’t guarantee approval, of course. And it’s possible to get approved with a lower score. That’s because your ability to pay – income and assets compared to debts and liabilities – matters, too.
Here’s what you should know about Costco’s credit card credit score requirement:
Personal credit always is the key. Whether you’re interested in the Costco Anywhere Visa® Card by Citi or the Costco Anywhere Visa® Business Card by Citi, your personal credit standing will largely dictate your odds of approval. All business credit cards base approval decisions on applicants’ personal credit history because it tends to be longer and more predictive. They don’t ask for your Social Security number for nothing!
Income & assets are your friends. Income and assets speak to your ability to pay a new credit card’s bills. The more money and valuable items you have to your name, the less risky you’re generally considered to be. But these factors aren’t viewed in a vacuum. They’re compared to your existing debt obligations.
Existing debt counts against you. Lenders want to know they’ll get paid. And the more debt you have relative to your income, the less confident they’ll be about that happening.
Take anecdotal evidence with a grain of salt. Some members of the community report getting approved for a Costco Anywhere Visa® Card by Citi with a credit score in the low 700’s. But since a lot of other factors are in play, you shouldn’t assume that you will be approved just because they were. Plus, getting turned down for a credit card can lead to temporary credit score damage.
If your credit score is already 750+, you have a steady income and few debts, and your financial situation is in order, you’ll have a better chance of approval. If not, you could dramatically increase your chances of being approved for a Costco credit card by delaying your application and spending some time focusing on credit improvement. This includes things like catching up on your current payments, utilizing less of your current credit lines, and building a longer history.
Finally, don’t forget that you have to be a Costco member to apply. That will cost you $60+ per year in membership dues.
Yes, the Costco credit card is worth it because it gives 1 - 4% Cash Back in rewards on purchases, you can use it anywhere Visa is accepted, and there’s a $0 annual fee. So it’s pretty much a must-have for Costco members, if you can get it. You need excellent credit (a score of 750+) to qualify.… read full answer
That’s the short story. Below are some specific reasons why the Costco credit card is worth it:
Tons of cash back. You’ll earn 4% on the first $7,000 spent per year on gas. You’ll also get 3% at restaurants and on travel expenses, along with 2% at Costco and Costco.com, and 1% on all other purchases. Rewards get delivered once a year in the form of a certificate included with your February billing statement, and you have a year to redeem.
No annual fee. While you will have to pay $60+ per year for a Costco membership, you won’t have to spend any additional money just to have the card.
Insurance. The Citi Costco card provides several types of insurance at no extra cost to you. The travel insurance policies include compensation for trip cancellation and damage/theft of rental cars. Items you buy with your card can also be replaced/reimbursed with purchase protection, and you’ll get extended warranties.
Retroactive savings. The Citi Price Rewind tool will search for better prices on items after you’ve bought them. If it finds the same item for a lower price within 60 days of purchase, Citi may reimburse you up to $200 per item and $1,000 per year.
There’s a lot to love about the Citi Costco card. But since Costco will accept any card on the Visa network (plus cash and checks), you have other options. Chase Sapphire Preferred, Capital One Venture Rewards and the Wells Fargo Cash Wise Visa are just a few good Visa cards to use when shopping at Costco.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.