The Costco Credit Card interest rate is 15.24% (V). The V stands for variable – which means the rate is tied to an index, such as the prime rate that banks use to lend to their most creditworthy customers. As the market fluctuates and that rate changes, so will your card’s interest rate.
There are other Citi Costco Credit Card APRs you should be aware of, too. If you take out a cash advance, the APR is 25.24% (V). The Costco Credit Card may also charge a maximum penalty APR of around 29% for late or returned payments.
To avoid these APR charges, it’s best to stay away from cash advances and to pay your bill in full and on time every month.
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.
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.
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