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Details on new Citi Costco VISA.

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Details on new Citi Costco VISA.

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Old Oct 4, 20, 3:58 am   -   Wikipost
Please read: This is a community-maintained wiki post containing the most important information from this thread. You may edit the Wiki once you have been on FT for 90 days and have made 90 posts.
  
Last edit by: pseudoswede
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FAQ on the Costco Anywhere Visa card: Your Costco Credit Card Account is Being Replaced by Citi

Transition date was June 20, 2016.

- 4% back on gas (up to $7k per year)
- 3% back on travel & dining
- 2% back at Costco and Costco.com
- 1% back elsewhere


From the Citi Costco Site:
Will my Costco Anywhere Card have foreign purchase transaction fees?
Yes. A fee of 3% of the amount of the transaction in US Dollars will be applied to purchases made in a currency other than US Dollars.
There are no foreign transaction fees for purchases made at Costco warehouses worldwide when you pay with your new Costco Anywhere Card.
Please note: not all international Costco warehouse locations accept Visa cards.
Announced 3/1/2018: There will be no foreign purchase transaction fees.
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Old Jan 12, 16, 1:25 am
  #1  
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Details on new Citi Costco VISA.
(Hat Tip to Doctor of Credit)

Per public filings at sec.gov the following details have been revealed:

Starting in April 2016, Costco will start a new partnership with Visa and Citi; only Visa credit cards will be allowed at the warehouse and Citi will issue a Costco co-branded credit card under the Visa network.

Personal credit card details
  • No annual fee
  • 3% on the first $4,000 of gas, 1% thereafter
  • 2% on travel and at US restaurants
  • 1% on all other purchases including Costco

Business credit card details
  • No annual fee
  • 4% on the first $7,000 of gas, 1% thereafter
  • 2% on travel and at US restaurants
  • 1% on all other purchases including Costco

My view: Useful if you do not have another reward card that provides a bonus for gas and travel spend (or don't want to pay an annual fee) and for those who value costco credit (same as cash IMO) over funny money points.
A bit disappointing that there is no bonus for Costco spend.

Personally I would rather have Chase UR points so I see no reason to apply for another card.
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Old Jan 12, 16, 1:44 am
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Originally Posted by Boraxo View Post
(Hat Tip to Doctor of Credit)

Per public filings at sec.gov the following details have been revealed:

Starting in April 2016, Costco will start a new partnership with Visa and Citi; only Visa credit cards will be allowed at the warehouse and Citi will issue a Costco co-branded credit card under the Visa network.

Personal credit card details
  • No annual fee
  • 3% on the first $4,000 of gas, 1% thereafter
  • 2% on travel and at US restaurants
  • 1% on all other purchases including Costco

Business credit card details
  • No annual fee
  • 4% on the first $7,000 of gas, 1% thereafter
  • 2% on travel and at US restaurants
  • 1% on all other purchases including Costco

My view: Useful if you do not have another reward card that provides a bonus for gas and travel spend (or don't want to pay an annual fee) and for those who value costco credit (same as cash IMO) over funny money points.
A bit disappointing that there is no bonus for Costco spend.

Personally I would rather have Chase UR points so I see no reason to apply for another card.
Depends - hey Citi: you got a nice sign-up bonus for those new Costco Visa cards?
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Old Jan 12, 16, 9:05 am
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Any word on whether the rewards are only available in a once per year check cashable only at Costco? Would be a big improvement if you could at least use them as a statement credit, IMO.
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Old Jan 12, 16, 9:32 am
  #4  
 
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bigger win for Visa than for Citi.
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Old Jan 12, 16, 9:59 am
  #5  
mia
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Originally Posted by runb4fun View Post
bigger win for Visa than for Citi.
Because ... ?
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Old Jan 12, 16, 10:37 am
  #6  
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Not worth getting the card.

Citi gives me 2% on all purchases. They should give back 2% on Costco purchases.
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Old Jan 12, 16, 1:34 pm
  #7  
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Originally Posted by Boraxo View Post
(Hat Tip to Doctor of Credit)

Per public filings at sec.gov the following details have been revealed:

Starting in April 2016, Costco will start a new partnership with Visa and Citi; only Visa credit cards will be allowed at the warehouse and Citi will issue a Costco co-branded credit card under the Visa network.

Personal credit card details
  • No annual fee
  • 3% on the first $4,000 of gas, 1% thereafter
  • 2% on travel and at US restaurants
  • 1% on all other purchases including Costco

Business credit card details
  • No annual fee
  • 4% on the first $7,000 of gas, 1% thereafter
  • 2% on travel and at US restaurants
  • 1% on all other purchases including Costco

My view: Useful if you do not have another reward card that provides a bonus for gas and travel spend (or don't want to pay an annual fee) and for those who value costco credit (same as cash IMO) over funny money points.
A bit disappointing that there is no bonus for Costco spend.

Personally I would rather have Chase UR points so I see no reason to apply for another card.
It's better than the old Amex, but there are so many better Visa cards out there.
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Old Jan 12, 16, 2:53 pm
  #8  
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Originally Posted by nwflyboy View Post
Depends - hey Citi: you got a nice sign-up bonus for those new Costco Visa cards?
Don't expect anything. The best [email protected] I have ever seen was $50 statement credit.

Originally Posted by jamesteroh View Post
Not worth getting the card.

Citi gives me 2% on all purchases. They should give back 2% on Costco purchases.
+1 Depending on the refilling pattern, somehow Citi Double Cash can do better than the new Citi Costco Visa.

Originally Posted by NDN View Post
It's better than the old Amex, but there are so many better Visa cards out there.
No. It is not. It is the same.

It is apparent that Costco, not Citi, designs the credit card products.
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Old Jan 12, 16, 2:59 pm
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Originally Posted by jamesteroh View Post
Citi gives me 2% on all purchases. They should give back 2% on Costco purchases.
It's inexcusable given that Citi offers a double-cash back card (1%+1%) but will only provide 1% on the Costco card, with no other perks to compensate.

They must think Costco shoppers are dumbkopfs.
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Old Jan 12, 16, 3:00 pm
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Originally Posted by Boraxo View Post
It's inexcusable given that Citi offers a double-cash back card (1%+1%) but will only provide 1% on the Costco card, with no other perks to compensate.

They must think Costco shoppers are dumbkopfs.
And, based on the percentage of Amex's business that was on Costco Amex cards, they are correct.
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Old Jan 12, 16, 3:04 pm
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Originally Posted by Boraxo View Post
It's inexcusable given that Citi offers a double-cash back card (1%+1%) but will only provide 1% on the Costco card, with no other perks to compensate.

They must think Costco shoppers are dumbkopfs.
Maybe the folks at the Costco-Citi team didn't really think this one through. While I was happy with my Costco Amex card, it was because I have very few Amex cards in general, and this was the only one with cash back (the others are hotel cards). I have a dozen (maybe more) Visa cards that give me better cashback than the Costco card. There's really no reason to apply for a Costco card unless they offer card-specific offers like Amazon does.
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Old Jan 12, 16, 3:25 pm
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Originally Posted by dougef View Post
Any word on whether the rewards are only available in a once per year check cashable only at Costco? Would be a big improvement if you could at least use them as a statement credit, IMO.
Doesn't look good. Further down in the article it says it will be the same annual costco rebate check.
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Old Jan 12, 16, 3:49 pm
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Originally Posted by unitedfflyer View Post
Doesn't look good. Further down in the article it says it will be the same annual costco rebate check.
In the past, those rebates could be converted to cold, hard cash at any Costco customer service counter. But yes, you have to wait until the end of the year.
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Old Jan 12, 16, 4:07 pm
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Originally Posted by Boraxo View Post
A bit disappointing that there is no bonus for Costco spend.
Why is that disappointing, or even surprising? The existing Amex card doesn't provide any bonus for Costco spend.

If you are a Costco Executive Member, you get a separate rebate from Costco for regular spend.
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Old Jan 12, 16, 6:54 pm
  #15  
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Originally Posted by nwflyboy View Post
Depends - hey Citi: you got a nice sign-up bonus for those new Costco Visa cards?
Originally Posted by garykung View Post
Don't expect anything. The best [email protected] I have ever seen was $50 statement credit.
American Express was making a payment to Costco, rather than to the cardholder, each time a new card account was opened:

Richard Galanti, Costco's finance chief, said co-branded customer sign-ups during the quarter ended Nov. 22 had "greatly slowed and now ceased." That reduced the company's quarterly earnings by $15 million - See more at: http://paymentsjournal.com/Content/F....uRWoVA3z.dpuf
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