No, not just anyone can get a Costco Credit Card. To qualify for the Costco Anywhere Visa® Card by Citi, you must have an active Costco membership, which costs $60 to $120 per year, as well as a 750+ credit score and enough income to afford monthly bill payments. If you don’t currently have a Costco membership, you can get a membership and apply for the Costco Credit Card at the same time.
What You Need to Get a Costco Credit Card
Active Costco membership
Social Security number (or Individual Taxpayer Identification Number if applying in-store)
Low debt-to-income ratio
U.S. mailing address
At least 18 years old
These requirements apply to both the Costco Credit Card and the Costco Anywhere Visa® Business Card by Citi. The Costco Business Credit Card also requires applicants to be business owners with at least 25% control or ownership of the business.
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:
A high personal credit score. 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.
Enough income & assets. Income and assets shows 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 are compared to your existing debt obligations.
Low existing debt. Lenders want to make sure you’ll be able to make your credit card payment each month. And the more debt you have relative to your income, the less confident they’ll be about that happening.
Other things to keep in mind. Some online reports mention that people are 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+ and you have a good debt-to income ratio, , you’ll 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 credit utilization below 30%, and build 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 Citi Costco will do a hard pull. You will need a credit score of at least 700 to get it and there is no way to get pre-approved.
A hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months. You can learn more about how to minimize the credit score damage … read full answerhere.
Keep in mind that aside from the membership status, the Costco Credit Card also requires excellent credit for approval. You can check your credit score for free right here on WalletHub, if you don’t know where you stand.
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