Costco Visa Card Overview

Introduction

• Costco Visa card is often promoted at Costco stores.
• Some find the promotion annoying due to timing.
• The card is worth considering for its benefits.

Personal Experience

• Presenter was initially against getting the card.
• Eventually saw benefits and got the card.
• Transitioned from American Express to Costco Citibank Visa.

Application Process

• Apply at the membership desk during store hours.
• Application involves a soft credit check.
• Temporary card provided upon approval.
• Rejection may occur due to lack of credit history.
• Some may need to provide additional information (e.g., pay stubs).

Application During Campaigns

• Occurs during campaigns with promotional incentives.
• Incentives may include Costco items like protein shakes, energy drinks, etc.

Benefits of Costco Visa Card

• No Annual Fees: No fee as long as you're a Costco member.
• Cash Back Rewards:
  • 4% on gas and EV charging.
  • 3% on restaurants and travel (not limited to Costco purchases).
  • 2% on Costco purchases (excluding pharmacy and gas with executive membership).
  • 1% on all other purchases.
• Combined with Membership Card: Simplifies carrying cards.
• No Limit to Cash Back Rewards: Significant rewards potential (e.g., $3,000-$5,000).

Costco Citibank Visa App

• Allows same-day payments.
• Supports financial discipline by encouraging spending money you have.
• Features include FICO score viewing, alerts, anti-theft.

Cons of the Costco Visa Card

• Cancellation Fees: $85 fee if Costco membership is canceled but Visa is not within 30 days.
• Customer Service Handling: Costco does not handle card payments or issues; contact Citibank directly.

Conclusion and Recommendations

• Weigh benefits against personal spending habits.
• Potential alternative: Amazon card with 5% cash back.
• Engage with presenter for more information via comments.