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Do I Need a Costco Membership For The Costco Anywhere Visa?

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Q: I want to apply for the new Costco Anywhere Visa Card. But I heard that I would also need a Costco Membership, which I don’t have. Is this true?
A: You do need a Costco membership to receive the Anywhere Visa Card.
In fact, the terms of the card explicitly say:

“The Costco Anywhere Visa Card by Citi is only available if you have a current Costco membership in your name. We may cancel your Card Account and participation in this program if you do not maintain your Costco membership. You must maintain your Costco membership to redeem Costco Cash Rewards earned with the Card. Each Authorized User must also have a Costco membership in their name.”

However, if you do purchase a membership for Costco and apply for this card, you will receive some great benefits:

  • 4% cash back on gas for the first $7,000 per year, and then 1% thereafter (at Costco and standalone gas stations)
  • 3% cash back on restaurants and travel
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases

But note that while this card has no annual fee, the lowest priced Costco membership is $55 per year.
I think most people save way more than $55/year by being able to shop at Costco. I know we save on everything from groceries, to clothing, to office supplies, and more when we shop there. But that is a decision that you need to calculate on your own.
For instance, if you live alone and do not have space to store stuff you buy in bulk (like 20 paper towel roles at a time), a Costco membership make not make sense for you.
Alternatively, you may want to consider a Sam’s Club membership. You can learn more about Sam’s Club, and how its branded credit card compares to Costco, in this article.
 

Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.

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