- Rewards rate: 4 percent cash back on eligible gas and EV charging purchases (for the first $7,000 per year, then 1 percent), 3 percent cash back on restaurant and eligible travel purchases, 2 percent cash back on all Costco and Costco.com purchases and 1 percent cash back on all other purchases
- Welcome offer: N/A
- Annual fee: $0 (not including a Costco membership)
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 20.49 percent variable
Current welcome offer
Disappointingly, the Costco business credit card doesn’t offer a sign-up bonus.
This is surprising since many other cash back business cards extend bonuses worth $300 to $500. Other retail credit cards may even offer credits, like the Prime Visa card: Get a $100 Amazon Gift Card (or more) instantly upon approval exclusively for Prime members.
The Costco business card offers bonus category cash back, which may help earn rewards on other business expenses. Since it’s co-branded, you can use this card with other merchants that accept Visa credit cards.
Earning cash back
Although you may have initially looked into this card for its 2 percent cash back on Costco and Costco.com purchases, the Costco Anywhere Business card also holds one of the highest cash back rates on gas. You can earn 4 percent cash back on eligible gas and EV charging purchases (up to $7,000 in purchases per year, then 1 percent), except for other store-branded gas stations like Walmart. Another strange restriction worth noting — you won’t earn 4 percent back on fuel for non-vehicle purposes either.
In case your business needs call for travel and dining, you’ll also earn unlimited 3 percent back on restaurant and travel purchases, plus 1 percent back on all other purchases. The travel category covers airfare, hotels, car rentals, travel agencies, cruise lines and Costco Travel purchases.
These are fantastic reward rates even compared to non-branded cash back cards. Ironically, the Costco cash back is a bit lower than other store cards typically offer.
For instance, the Prime Visa card earns unlimited 5 percent cash back on Amazon.com purchases. The Capital One® Walmart Rewards® Card earns unlimited 5 percent cash back on Walmart.com purchases (cash back earned at their brick-and-mortar stores is limited to 2 percent).
How to redeem
Here’s the kicker to the high rewards rate: Cash back is only redeemed once per year after your February billing statement as one “credit card reward certificate.” You must then redeem your certificate at a physical U.S. or Puerto Rico Costco store before December 31 of that year, or you lose those rewards.