The Costco Credit Card APR is 19.49% (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.
Other Costco Credit Card APRs
There are other Costco Credit Card APRs you should be aware of, too. If you take out a cash advance, the APR is 29.49% (V). The Costco Credit Card may also charge a maximum penalty APR of almost 30% 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.
The Costco Credit Card credit score requirement is 750 or higher, which means applicants with excellent credit should have good odds of approval. That’s the case for both the Costco Anywhere Visa® Card by Citi and the Costco Business Credit Card.
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.
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. This question was posted by a WalletHub user. 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.