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.