What's the best credit card for Costco?

The Costco credit card credit score requirement is 750 or higher, as applicants need an excellent credit score to qualify. That’s the case for both the Costco Anywhere Visa® Card by Citi by Citi and the version for small business owners.

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.… read full answer

Still, if you don’t know how your credit is doing these days, you should definitely check your latest credit score for free on WalletHub before applying.

• 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 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

Reasons Why the Costco Credit Card Is Worth It

• Cash back on popular spending categories: You’ll earn 4% cash back on certain categories. You’ll also get 3% at restaurants and on eligible 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.
• $0 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.
• $0 foreign fees: You can use your card on purchases throughout your travels, knowing that there are $0 foreign transaction fees on purchases.
• Insurance: The Costco Credit Card provides several types of insurance at no extra cost to you. The travel insurance policies include compensation for emergency assistance and damage/theft of rental cars. Items you buy with your card can also be replaced/reimbursed with purchase protection.

The Costco Credit Card clearly is worth it when used responsibly by the right type of person. But since Costco will accept any card on the Visa network (plus cash and checks), you have other options.