What's the Costco credit card credit score requirement?

Question

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.

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Answer 1 · 2021-01-22 01:25:06

Syd Jones, World Traveler

@syd.jones 01/22/21 This answer was first published on 10/18/17 and it was last updated on 01/22/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

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.

Still, if you don’t know how your credit is doing these days, you should definitely check your latest credit score for free on WalletHub before applying.

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.

Answer 2 · 2017-11-10 13:32:43

Debbie Fischer, Working Mom

@globetrotter4li 11/10/17 This answer was first published on 11/10/17. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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It's not just score they're looking at, you know. They also check your income and existing debt, and most likely a bunch of other elements that they won't disclose. In any case, it's safe to say you need at least 750 to be sure you'll be approved.

Answer 3 · 2019-11-09 07:11:51

dgray, Member

@dgray 11/09/19 This answer was first published on 11/09/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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I applied yesterday with an EX score of 739, a salary well over 6 digits and less than 1% credit utilization of around $15k (credit cards; no other debt) and I was turned down. My TU and EQ are also in the mid 700s so I guess getting this card is only for those that spend a ton of money at CostCO (I don’t) and have excellent credit. I don’t use a lot of credit (never have) so I will most likely never have a score high enough to qualify for this card and won’t be buying from CostCO. The Executive Business Membership I bought was a waste of money since I will most likely never ship at CostCO now because my AMEX gives me better deals elseware. :-(

Answer 4 · 2018-12-26 12:03:14

Evelyn Romero, Member

@Evelyn1965 12/26/18 This answer was first published on 12/26/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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What's the Costco credit card credit score requirement?

Syd Jones, World Traveler

Here’s what you should know about Costco’s credit card credit score requirement:

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Debbie Fischer, Working Mom

dgray, Member

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