Costco Anywhere Visa® Business Card by Citi review

The Costco Anywhere Visa Business card is a no-brainer for existing Costco members looking to capitalize on a hefty cash back rate that outdoes most other business credit cards. Further, the card’s additional protections offer peace of mind to business owners with lots of travel on the books or a list of large purchases that needs crossing off. With Costco expanding the number of its business-focused locations, it’s clear the warehouse chain is committed to serving business customers in addition to everyday consumers.

On the other hand, being unable to redeem rewards more than once a year – or for anything other than Costco merchandise and cash – could be a major turnoff. While there’s something to be said for a transparent redemption policy, cardholders who prefer versatility over simplicity are likely to be disappointed with this card.

Generous earnings scheme

A great rewards rate is where the Costco Anywhere Visa Business card really stands out. If you or your employees do a lot of driving, you’ll especially love the card’s 4-percent cash back rate on eligible gas and EV charging purchases for the first $7,000 per year (after that, the cash back rate on gas purchases is 1 percent). Including 3 percent back on travel and restaurants; 2 percent on all Costco and Costco.com merchandise; and 1 percent on general purchases, the card offers one of the highest cash back rates around.

However, keep in mind there are exceptions to the rewards program in the way of non-qualifying purchases. For example, the 4 percent rate doesn’t apply to gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco. So, if you tend to fill up at the same chain of gas stations, you’ll need to switch to Costco to maximize your earnings.

Limited redemption options

Excellent rewards are even better when you can cash them in on an ongoing basis, but unfortunately, the Costco Anywhere Visa Business card’s rigid redemption rules eliminate that ability. Cash rewards are issued just once per year, in the form of a certificate included with your February billing statement. The certificate itself is only redeemable at Costco and also comes with a short shelf life – if you don’t use it by Dec. 31 in the same year, your rewards will be forfeited.

One bright spot? Should you only use a portion of the certificate to pay for merchandise, you’ll get the rest in cash at the register upon checkout. But if you want the option to redeem cash back for a statement credit or to make purchases anywhere other than Costco, this may not be the card for you.

Nonexistent sign-up bonus

Despite a strong earnings rate, the Costco Anywhere Visa Business card lacks any kind of sign-up bonus, which is especially disappointing when compared to other business rewards cards. For example, the Ink Business Preferred® Credit Card bestows 90,000 bonus points on new cardholders who spend $8,000 in the first three months.

Of course, the Chase Ink Business Preferred card comes with an annual fee and has different rewards rates/categories. It all depends on your business needs and where you spend the most money, so be sure to weigh your long-term earnings potential against the instant gratification of an introductory bonus.

Why get the Costco Anywhere Visa Business Card?

• You already have a Costco membership and use it frequently for business-related needs.
• You’re located near a Costco Business Center that caters to companies over consumers.
• You need easy access to affordable short-term financing and don’t want to apply for a separate business loan.
• You want to buy high-quality products for your business in bulk versus making several smaller shopping trips.

How to use the Costco Anywhere Visa Business Card:

• Have your road warriors use the card to pay for gas or electric vehicle charging when traveling for business.
• Use the card to pay for business dinners and other related meetings held at restaurants – the same goes for catered meals and events.
• Keep your account open through February so you don’t forfeit your rewards.
• Redeem your rewards certificate before it expires on Dec. 31.
• Need to buy something big for the office? Put it on the card to reap the benefits of purchase protection.
• You can use this card while traveling abroad — it doesn’t charge a foreign transaction fee.

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