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Citi and Costco unveiled the details of the new Costco Anywhere Visa Card this week, including some lucrative bonus categories. Beginning June 20, the wholesale chain will start accepting Visa cards exclusively, marking the end of its partnership with American Express. Current holders of the Amex-Costco co-branded card will have their accounts automatically switched over to the new card from Citi. Other Visa cards, such as the Chase Freedom, can also be used to make purchases.
Here are the updated cash back categories:
- 4% cash back on eligible gas worldwide, including gas at Costco (up to $7,000 per year, then 1% back)
- 3% cash back on restaurant and eligible travel purchases worldwide
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
These new perks are an improvement over benefits from the current Amex-Costco card, which only offers 3% cash back on gas (with a lower $4,000 limit), 2% on restaurant and eligible travel and 1% on Costco purchases. If you’re already using this card for everyday spending, these changes are obviously better. Citi will automatically make the switch and mail you a new card in May. The new Citi card will also not have an annual fee.
If you’re a Costco shopper, this card obviously has some benefits. You might be able to get a better return with other cards (especially for everyday purchases), but depending on your spending habits and current strategy, this card is worth considering.
H/T: One Mile a Time
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