There's no way to tell exactly what your Costco Anywhere card credit limit is going to be, but the minimum is $500.
A credit card credit limit is a product of your current debt-to-income ratio as well as payment history on your existing credit accounts. Plus, the higher your credit score, the higher your credit limit.
The Costco Credit Card limit is at least $500 for all cardholders, according to the Costco Anywhere Visa terms and conditions. It is possible to start with a limit above $500, though, and some cardholders report limits as high as $10,000+. Your exact credit limit will be determined upon approval, and it will be heavily influenced by your credit score and income. If you only barely meet the card’s requirements, you should expect to get the minimum credit limit. If you have a stellar credit profile and a high income, you’re likely to get more.
It’s important to note that your Costco Credit Card limit can change over time. You can call Citi at 1-855-378-6467 to request a credit limit increase, or ask for one through your online account (click “Services,” then “Credit Card Services,” then “Request a Credit Limit Increase”). This will usually result in a harmless soft inquiry into your credit, but Citi may ask your permission to do a hard pull, which would likely drop your credit score by a few points. Hard pulls are usually reserved for if you ask for a higher credit limit increase than Citi originally offers. And as with any credit card, you’ll typically have a better chance of getting an increase if you have at least half a year of on-time payments under your belt.
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.
You need an excellent credit score for Costco credit card approval. And that’s the case for both the Costco Anywhere Visa 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 credit card 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 or the Costco Anywhere Business Visa, 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 credit card 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 $55+ per year in membership dues.
The Sapphire Preferred requires good credit (i.e. a credit score of 700+), but the Citi Prestige and the Altitude Reserve only accept applicants with excellent credit (i.e. a credit score of 750+).
The minimum credit limit of $5,000 is guaranteed for these cards, but as with most cards, the credit limit you ultimately get will depend on your creditworthiness, with an emphasis on your credit scores and income. In general, the better your credit and the higher your income, the higher your credit limits will be.
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