WalletHub, Financial Company
@WalletHub
It’s a lot harder to redeem Citi Costco rewards than you might think, thanks to a couple of key restrictions. For starters, you will only receive your Costco Visa cash back once per year, in February. It comes in the form of a rewards certificate, which you have to actually go to a Costco location to spend. And you have to do that by the end of the year, when the certificate expires. In contrast, most rewards credit cards allow you to redeem whenever you want, with just a few clicks or a phone call.
So while it’s very easy to quickly rack up a lot of rewards with the Citi Costco Credit Card, you’ll have to wait quite a long time to see any real savings. Once February rolls around, though, using your rewards is simple.
Here’s how to redeem Citi Costco rewards:
1. Each February, once your account has been open for at least a year, you’ll receive a “credit card reward certificate” along with your monthly billing statement. This certificate will be redeemable for all the cash back you’ve earned since the last February.
2. Bring the certificate the next time you go to Costco.
3. Redeem the certificate at the register for Costco merchandise, cash or a combination of the two.
Unfortunately, the fact that you’ll receive your Costco rewards just once per year isn’t the only restriction you should be aware of. You should also consider the following rules before submitting an application.
Rules for redeeming Citi Costco rewards:
- You must redeem each year’s rewards before December 31. Otherwise, they expire.
- Only you and authorized users on your card can redeem your certificate. You can’t give it to someone else.
- If you’ve earned less than $1 in rewards, you won’t get a certificate and will lose that money.
- If you close your account (or Citi does), you forfeit any rewards that haven’t already been sent to you. In other words, you can still use a reward certificate after your account closes.
Keep these restrictions in mind so that you don’t lose any of your cash back. While Costco’s process may not be the ideal situation for redemption, good things come to those who wait. So have patience.
Costco Anywhere Visa® Card by Citi
Rose Sink, Member
@math48teach
You can redeem it for cash at Costco through December, then walk out the door. How is that a hassle? That you get a rebate is awesome, and if you get less than $1, you haven't been there much.
Yes, thank you for saying it! It’s just like the check you get for being an executive member. Once per year you get your check and you have one year to take it with you and either use it or cash it. Not too difficult, nor a hassle. My big question and why I wound up here...I have the citi bank Costco credit card, which has the same reward programs and even more. Do I get 2 reward checks? One from my CC and one from my executive member Costco card? Or is my citi bank card my sole Costco card and that is the only reward I get? I’m new to the citi bank Costco card and am confused and wondering.
Frieda Reiss, WalletHub Credit Card Analyst
@freiss
You do get it in the mail, along with your statement, but it is a bit of a hassle. You can only redeem it in February of each year, and you have to do it at Costco.
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Gary Nice, Member
@gary_nice
No, it's not true. You can do it at Costco.
Did we answer your question?
Account does need to be open a year to receive a certificate. I opened my card last April, and got a rewards certificate in February.
if you have debts then they weigh on you for years even if it's $ 1 but the reward disappears immediately after the first of December. This is a huge robbery imagine if a million buyers do not get their $1 reward or if they do not redeem their $ 100 reward this is a very large amount of money
@mor_in4mation: If your friend is listed as an authorized user on your account, then yes, he can. You should make sure he is listed as an authorized user of your BANK account. Unfortunately, this generally means he has access to your bank account, and would receive a credit card that draws from your account. If you trust him, this is a good option. If not, I think you are out of luck -- HOWEVER, you can always talk to the bank, and to costco itself, and inform them of your situation. See if they can make a one-time exception and allow your friend to cash it out on your behalf. Your final option if the above doesn't work, is to give your friend or someone you trust power of attorney. This would enable them to legally be you in your absence. Check with volunteer lawyers in your city's downtown city hall. Or ask your bank to give you a draft for this power of attorney and fill it out. This option is a last resort. Citi is a reasonable bank and I don't see why they wouldn't allow your friend to cash it out for you if you give prior authorization.