Costco Visa Benefits Review
The Costco Anywhere Visa is a Visa credit card offered to paid Costco members. The card is issued by Citibank. On this page, we are going to exhaustively review the benefits offered by the Costco Visa, so you can understand exactly what the “upside” is to this card.
The most obvious benefit of the Costco Visa is its rewards program. You can earn cash back on all of your Costco purchases. It’s important to note, however, that you only get your cash back “as an annual credit card reward certificate once your February billing statement closes”, which is “redeemable for cash or merchandise at U.S. Costco Warehouses.” In other words, you can’t access your rewards more than once per year.
How much cash back do you earn?
- 4% cash back on gas, for the first $7,000 per year in gas purchases (1% on such purchases after reaching $7000)
- 3% cash back on restaurant and travel purchases
- 2% on purchases from Costco and Costco.com
- 1% on all other purchases
In addition to the 3% cash back you get on travel purchases with the Costco Visa, you receive the travel benefits listed below. Be sure to check the documents you receive from Citibank with your Costco credit card to understand restrictions on these benefits, as certain insurance benefits may be secondary to policies you already hold or may not cover damages caused by reckless behavior on your part.
No Foreign Transaction Fees – The Costco Anywhere Visa does not charge an extra fee on transactions made outside of the United States. (Many credit cards charge an extra 3% on such purchases.)
Trip Cancellation & Interruption Protection – If you paid for your travel with your Costco Visa, you may be reimbursed for non–refundable trip expenses if you have to cancel or reschedule travel due to unforeseen events such as sickness/injury, weather, etc. For example, if you have to pay change fees to an airline for changing your flight, those change fees may be reimbursed.
Worldwide Car Rental Insurance – If you paid for a rental car with your Costco Visa, you may be covered against theft or damage to the car, provided you’ve declined the rental company’s collision loss/damage insurance.
Worldwide Travel Accident Insurance – If you’ve paid for your trip with the Costco Anywhere Visa and some sort of travel event (on a plane, train, or other ticketed transportation) happens that leads to your death or a severe injury such as loss of a limb or loss of speech/sight/hearing, you or your family may be eligible for compensation.
Travel & Emergency Assistance – Citibank will provide emergency assistance services to Costco cardholders before or during their travels, to help with travel complications, medical and legal referrals, etc., which can be helpful when you’re away from home, especially in a foreign country. Note that referrals and assistance from Citi are free, but you will pay for the use of actual services by local providers. (For example, you may get a medical referral for free, but the actual cost of medical care is your responsibility.)
Purchase Protection Benefits
The Costco Visa offers these purchase protection benefits, which are standard among almost all Citibank credit cards:
Damage & Theft Purchase Protection – If purchases you’ve made with your Costco Visa are damaged or stolen within 90-120 days (depending on your location), you may be covered for repairs or a refund. Limit of $1000 reimbursement for any single item, and be sure to check the card agreement documents you receive for other restrictions.
Extended Warranty – Extends the manufacturer’s warranty on purchases made with your Costco Visa. In most cases, your warranty is extended for an additional 24 months. Note that the item purchased must have a manufacturer’s warranty to be eligible; this service extends warranties but does not provide an original warranty where none previously existed.