What's the Big Catch with Citi Costco Anywhere Card

Is Citi Costco Anywhere Card Better than BJs

Introduction on Citi Costco Anywhere Card

I’m going to break down a card that looks really awesome on the surface. But once you dive a little bit deeper into the details of how the card actually functions you realize it’s not exactly what it seems. Of course I’m talking about the Citi Costco anywhere visa card. Looking at just the multipliers this card is one of the best on the market. But once you learn about how that card actually truly functions and how you’re going to get the value out of it, it’s a major red flag at least for me.

Benefits of Citi Costco Anywhere Card

Here is the first look at the design of the card, it is plastic and mostly silver has some red dots on the side and it is a visa card. So it’s obviously going to be accepted at Costco because remember Costco doesn’t take MasterCard. This is a Costco Co-branded card so that just kind of makes sense. There is no annual fee on this card.

Is Citi Costco Anywhere Card worth it
Credit Card

However the only way you can get this card is if you are a Costco member and a Costco membership either cost $120 or $60 depending on the level of membership you get. So you do have to pay like the amazon prime visa rewards card. If you’re not an amazon prime member you just get kind of the lower level version but if you are an amazon prime member you get the higher level the higher multiplying version. This is kind of the same thing except there’s no lower level version. You just have to be a Costco member.

Unfortunately with cards like this usually there are no welcome offers and that is the case for this Costco anywhere card. It’s not a huge deal but I would love to see a welcome offer or something like that added in the future. Especially because of how bad we’ll hold on to this card. This is one of the best cards on the market which gives 4% on gas worldwide. You can go to any gas station on the entire planet for at least the first seven thousand dollars a year and you’re going to get four percent cash back. That’s awesome and also 3% on restaurants and travel.

Additional Benefits with Costco Executive Membership

But if you have the Costco executive membership which costs $120 a year, you actually get an additional 2%. So you would be getting five percent back on restaurants and travel. Same thing down there with the Costco and costco.com, 2% back if you have that executive Costco membership. You would get the additional two percent so it’s actually four percent cash back on all your in-store and costco.com purchases. Costco.com purchases. You get one percent back on everything else without any cap. Those are some of the strongest best multipliers ever.

What I don’t like in Citi Costco Anywhere Card

Look at these extra perks you got – no foreign transaction fees, extended warranty, damage and theft protection and also travel accident insurance. There’s really no downsides right now. But I’ve been hinting at there is a fatal flaw in this card and will discuss on that negative part. We’re earning all of these cash rewards buy are distributed annually in February.  It means all of the points that you’re earning all of the cashback that you’re earning from January of 2021 all the way through December of 2021 cannot be accessed till February 2022.

Also with that there’s actually an additional step you have to take. In February you’ll be given a reward certificate which has to be taken in person to Costco. Then get either a paper check or to set up an electronic transfer to your checking account. Of course you could redeem your cash back for merchandise at the Costco store. Its obnoxious that to process cash back which you earned from January of 2021, you have to wait for a 13 month period to access it. A cash in hand today is more valuable than cash in hand tomorrow. Also Costco at any time could change their entire process of how this works.

They say in their terms of services that they have to give you a 30-day notice which is not likely. It’s terrible that you are racking up all this cash back and then all of a sudden they could change something. I’m not saying that’s going to happen. But when you can’t access your points or cashback immediately or at least at the end of the statement period which is very typical on most cards.

Final Thoughts on Citi Costco Anywhere Card

Major Costco shoppers spend a ton of money at Costco and you don’t mind waiting an entire year to receive your cash back and you just don’t care if you have to wait almost 13 months, then it’s a best choice for you. This card is not super hard to get if you applied with about a 680 fico score you’d probably be approved for this card.

Alternate Options for Costco Credit Card

I would honestly rather earn 1.5 cash back uh with my chase freedom unlimited card at Costco but then be able to access that cash back within a couple weeks. That is more enticing to me as opposed to waiting for up to 13 months just to get a slightly higher multiplier back. So cards like the chase card the chase freedom flex, chase freedom unlimited or even the chase sapphire preferred and reserve are much better for cash back.

Even a card like the U.S. bank altitude reserve which earn three percent cash back by using your mobile wallet access that cash at the end the statement period. I’m honestly curious why you would have this card. Citi Costco Anywhere Card would be easily one of the best cards on the market in terms of cash back if you were able to redeem your cash back normally like any other card. If you live in a area where you have BJs Wholesale club you can consider BJs Perks or BJs Elite Mastercard which is a great alternative.

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