Is the Anywhere Visa the Card for You
Cash Back Formula Explained
Earn cash back using this Costco credit card by following methods:
- Cash back of 4% for gas purchases made at Costco and other gas stations on up to $7000 per year in gasoline (1 percent above that)
- Cash back of 3% on travel and restaurant purchases
- Cash back of 2% on Costco purchases
- Cash back of 1% on any other purchase
There’s no chance to earn an opening bonus for this card, which means you won’t be able to earn an instant $200 or $100 upfront, as you can with other cash-back cards. Is the Anywhere Visa
Redemption Procedure Gets A Thumbs Down
You can only receive your accumulated cash back only once each year, during February, based on your earnings during the previous calendar year. In addition, you will receive an incentive certificate that is delivered to you which you have to bring to the Costco store to collect your cash back , or to apply to your Costco purchases for the day.
We’re not happy with this. The first reason is that most people prefer having the option to redeem rewards more often than once per year, even if the rewards aren’t that big. Furthermore, by requiring customers to use their rewards at the Costco store, Costco seems to be deliberately trying to convince customers to spend their rewards for additional Costco purchases. It is possible to provide you with those rewards as a credit to your statement which allows you to use them towards all of your credit card purchases.
In the majority of cases there’s only a tiny issue. The majority of people only redeem their rewards less than once per year and the process that brings you to visit the Costco store is more likely to be about giving you the opportunity to “feel” the reward (and feel happy about it) instead of the pressure to purchase more items from Costco. (The fact is, you’ll likely purchase more items at Costco than your rewards , and you wouldn’t be paying for the Costco membership at all I’m sure you’re thinking, right?)
This Costco Anywhere Visa also:
- There are no foreign transaction charges on purchases that are made outside of within the United States.
- Doubles as the Costco Identification Card meaning there is no requirement to show each card at the counter.
- There is no annual cost above what you’ve already paid to become an Costco member.
A Closer Look at the Rewards
Now let’s look at how effective these cash back rewards are in comparison to other credit cards in the market.
- Cash back of 4% when you purchase gas is exceptionally robust, and is probably the highest gas rebate you’ll receive in the present. (The Pen Fed Rewards Visa has a points-based program that gives around the equivalent of 4.25 percent bonus for gas, slightly higher.) The 4% cashback is only available for Costco or gas station sales but not on purchases from the supermarket chain or similar warehouse stores. The place where you purchase the fuel must be “coded” as a gas station once the transaction has been made public to earn the 4% rebate..
- percent back on dining out and travel. It is also competitive, and is better than similar rebate credit cards. (One card that beats or surpasses the card’s performance in both areas can be Uber Visa, which offers Tuber Visa card, which gives percent on restaurant meals and 3% back on travel.)
- 2.2% cash back at Costco. We normally think that it’s not a big deal. There are several cards that offer cash-back of 2% on all purchases. But, Costco does not accept Visa at its locations (though other cards can be purchased online) We aren’t aware of any mainstream Visa cards that provide two percent rebates.
- Cash back 1% on any other purchase. Boo! This is not a reason to use the card for other purchases.
Overall The Costco Anywhere Visa is a solid cash-back credit card that lots of Costco customers appreciate. In order to maximize your rewards, however, you should combine it with the 2-percent rebate card like one like the Citi Double Cash MasterCard or PayPal Cashback MasterCard to increase the amount of rewards you earn on purchases that otherwise earn you only 1% on Costco’s Costco card.