Costco Credit Cards: An In-Depth Review

Estimated read time: 2 minutes

If you're already shopping at Costco and you're not earning cashback rewards yet, you may be missing out on the major perks of carrying their credit card. Costco is a membership wholesale club, which makes it more akin to a Sam’s Club than a Walmart. That is to say that, unlike traditional stores, you have to be a member—not just a customer—to shop there. This means you must pay a small annual membership fee before you're allowed to make any purchases, but once you do you’ll have access to a ton of cool wholesale products for the home. Good deal, right? Costco sweetens the pot by offering two carefully curated credit cards for users to choose from: Costco Anywhere Visa and Costco Anywhere Visa Business. Come to Costco for the credit card offer and stay for the unparalleled wholesale deals. Here’s what you need to know:

The Costco Anywhere Visa credit card for personal use is ideal for individuals looking to earn cash back while saving money at Costco. Since you can use the card anywhere Visa is accepted, you'll rack up Costco rewards on everyday purchases both in and out of the Costco club. The Costco Anywhere Visa Business card works the same way. In both cases, the points structure is exactly the same, offering the most cashback incentives for purchases made in categories like gas, dining, travel, and what you actually buy at Costco. It has a smaller flat rate for rewards on all other purchases.

Clearly, both cards are very similar. The major difference in the business card is that it’s geared toward business users by offering no balance transfer options in exchange for a smaller variable APR on cash advances. On the other hand, the Costco Anywhere Visa geared at personal use has a higher APR on cash advances, and does allow balance transfers to occur with a small fee. Overall, the Costco credit cards offer competitive perks, average interest rates, and low penalty fees making them good cards to consider using. However, depending on your credit score and options, another rewards card that offers a more robust menu of perks could better suit your needs. Costco superfans have no shortage of praise for the iconic wholesaler, and for those people who spend a lot at Costco but want a card they can use anywhere, this is a sound choice.