Costco Anywhere Visa Business Card by Citi
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If your business spends a ton on gas, or at Costco, and you don’t mind waiting to get your once-a-year disbursement, the Costco Anywhere Visa Business Card by Citi offers one of the industry’s highest payouts at the pump and is the only business card offering year-round rewards for shopping at Costco.
Most rewards cards exclude the big warehouse clubs, but the Costco Anywhere Visa Business Card by Citi pays 2% back for every $1 spent at the shopping behemoth. You also can earn fat rewards on everyday spending in other places like 4% back on gas up to $7,000 a year (then 1%), 3% back on restaurants and eligible travel purchases and 1% on all other spending.
The card is free, but you have to be a Costco business member to apply, which will cost you $60 annually to join. If you max out the gas spending cap of $7,000, you’ll earn $280 back just for fueling up. And you’ll still earn 3% dining out and on travel, plus 2% on Costco purchases and 1% everywhere else.
There’s an OK 0% APR intro offer for seven months on purchases, which could be helpful if you’re planning to purchase a big-ticket item and want a few extra months to pay it off.
If you already have a Costco membership, it’s worth considering adding this card to your wallet for cash-back rewards you’ll earn at its warehouse stores. If your business doesn’t have a Costco membership, but you know you’ll spend at least $7,000 a year on gas, it may be worth it to you to join just to get this card.
This otherwise excellent credit card loses points because the Costco Anywhere Visa Business Card by Citi comes with no sign-up bonus. That’s something consumers have come to expect from a quality business credit card. We rate this card quite high in all other areas.
Who should get this card
Businesses who spend heavily on gas and bulk purchases on items carried at Costco are most likely to benefit from the rewards structure of this card.
Fees and APR
• There’s an introductory 7-month 0% APR offer on purchases, after that a variable 16.24% will apply.
• There’s no fee to own this card, but Costco membership is required, which starts at $60 annually for a basic membership.
• If you miss a payment or pay late, a penalty APR of up to 29.99% may apply indefinitely, plus you may incur a late fee of up to $37.
• You’ll pay a 3% foreign transaction fee on all purchases made outside the U.S.
Extras, perks and using rewards
This card comes with all Citibank card benefits, which include travel and emergency assistance, trip cancellation and interruption protection, lost and delayed baggage protection, roadside assistance and worldwide travel accident assistance.
Citi business cardholders also get price protections with Citi Price Rewind, extended warranty protection and damage and theft purchase protections.
You’ll need to be patient, though, as you’ll only get your rewards once a year in February when Costco mails a redeemable certificate. You’ll need to bring that certificate to Costco to redeem for merchandise or cash at checkout.
How this card compares
Business owners who spend big on mobile phone service, gas and office supplies can save big with unlimited 3% cash-back rewards on the U.S. Bank Business Edge Cash Rewards World Elite MasterCard. This is the only card we know of that offers high category rewards without a spending cap.
The Ink Business Preferred Credit Card has one of the best sign-up bonuses of any small business card, worth well more than the annual fee. The on-going perks are also excellent for tech and travel-heavy businesses.
Of course, this card is only a great choice if your spending habits align with the rewards categories of this card. If most of your spending is on office supplies or gas, for example, you may be better off with U.S. Bank’s Business Edge Cash Rewards World Elite MasterCard.
If you’re just starting out and you aren’t sure what your spending patterns will be, the Ink Business Cash Credit Card is like a small rectangular mentor. The no-fee card will reward you for spending in the areas you’ll most likely need to get your business off the ground and gives you a full year break on interest for purchases and balance transfers. Who couldn’t use a little breathing room when launching a new venture?
In just about every respect — from rewards to the annual fee — the SimplyCash Plus Business Credit Card from American Express card stands tall among the elite business cards on the market.
The only reasons to shy away from this card would be if your work requires significant overseas travel or if your biggest expenses don’t match up with the bigger cash-back savings categories.
Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.