Costco Anywhere Visa Business Card by Citi Review

• Pros:
• No annual fee with your paid Costco membership
• Solid cash-back rates on gas, dining, and travel
• No foreign transaction fees, making it a good choice for international travel
• The card doubles as your Costco membership ID

• Cons:
• Rewards are only distributed once a year as a certificate
• The rewards certificate must be redeemed in person at a Costco warehouse
• A Costco membership is required for the primary cardholder and any authorized users

The Costco Anywhere Visa® Business Card by Citi does not have a publicly available welcome offer. However, there have been reports of targeted offers available in Costco warehouses, sometimes tied to signing up for a new membership. If you're considering this card, it might be worth checking for any in-store promotions before you apply online.

Sure, the cash back is the star of the show, but the Costco Business Card has a few other tricks up its sleeve. One standout perk? It doubles as your Costco membership card. One less card to carry is always a win.

If you find yourself on the road for work, the card's travel benefits are pretty decent. You're covered with worldwide car rental insurance, travel and emergency assistance, and travel accident insurance. And a big one : no foreign transaction fees. If you do any business internationally, you know how much those little fees can add up. You also get damage and theft purchase protection, which is always nice to have for those larger, more expensive business purchases.

The rewards on this card are set up in tiers, and it's a goldmine for businesses that burn through a lot of gas and have high spending on restaurants and travel.

Here’s a breakdown of the earning rates:

• 5% cash back on gas at Costco and 4% cash back on other eligible gas and EV charging. This high rate is capped at the first $7,000 in combined gas purchases per year, after which you'll earn 1%.
• 3% cash back on restaurant and eligible travel purchases worldwide, including flights, hotels, car rentals, and cruises. This also includes purchases made through Costco Travel.
• 2% cash back on all other purchases from Costco and Costco.com.
• 1% cash back on all other purchases.

Honestly, the gas rewards are top-notch. It's hard to find another card that can consistently beat it. The 3% back on dining and travel is also very competitive. And getting 2% back on your Costco runs is a solid deal, especially when you consider that most other credit cards give you a big fat zero in terms of bonus rewards at warehouse clubs.

Alright, let's talk about the weird part. With the Costco Anywhere Visa® Business Card by Citi, you can't just cash in your rewards whenever you feel like it. Nope. You get paid out once a year.

After your February billing statement closes, you will receive an annual credit card reward certificate for the cash back you earned during the previous calendar year (January through December billing statements). You must then take this physical certificate to a U.S. Costco warehouse to redeem it for either cash or merchandise. The certificate must be redeemed by December 31st of the year it is issued.

To be blunt: this system is rigid. If you're the type of business owner who likes to use rewards to chip away at your monthly statement, this card will drive you crazy. But, if you can handle delayed gratification, getting a fat check from Costco once a year can feel like a nice little bonus.

Let me be crystal clear: this is a cash-back card, pure and simple. You're not going to be transferring your rewards to any fancy airline or hotel programs. What you see is what you get.

Look, the Costco Business Card is a great tool for the right person. But if you're not a die-hard Costco fan, or if your business spending is a bit more...chaotic, there are probably better options out there for you.

• Ink Business Unlimited® Credit Card: This card offers a simple, flat 1.5% cash back on all purchases with no annual fee. It provides more flexibility in redeeming rewards and is a better choice for businesses with spending that doesn't align with the Costco card's bonus categories.

• Capital One Venture X Business: For businesses that travel frequently, this card offers a premium experience. It earns a minimum of 2 miles per dollar on every purchase, with higher rates on travel booked through Capital One. While it has a $395 annual fee, it comes with a suite of premium travel benefits, including lounge access and an annual travel credit, that can easily offset the cost.

So, what's the final verdict? Who is this card for? It is a match made in heaven for business owners who are already deeply invested in the Costco ecosystem. If you're dropping serious cash on gas, dining, and travel, and your business basically runs on stuff you buy at Costco, then this card will be your best friend. The no-annual-fee (with membership) and no-foreign-transaction-fee policies are just the icing on the cake.

But, and this is a big but, if you need to be able to access your rewards on your own terms, or if your spending is all over the map, you're going to want to look elsewhere. And for all you travel rewards enthusiasts out there who live for transfer partners, just walk away. This is not the card you're looking for.

At the end of the day, the Costco Anywhere Visa® Business Card by Citi is a fantastic card for a very specific type of person. If you're a Costco loyalist and your business spending aligns with the card's bonus categories, you'll be swimming in cash back without having to shell out for an annual fee. But that yearly rewards payout is a major drawback, and for many, It is a deal-breaker that makes other business cards a much more attractive option.