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Costco Anywhere Visa® Card by Citi Expired

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Citi is offering 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter with the Costco Anywhere Visa® Card by Citi for Costco Members. No annual fee.


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Edited Today at 07:51 AM by
Citi is offering 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter with the Costco Anywhere Visa® Card by Citi for Costco Members. No annual fee.

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Created 03-24-2016 at 09:06 AM by leehg69
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I'm sure it's been mentioned and buried but extended warranty benefit goes away next month which sucks
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Uhh yeah I have an Amex, this is not true lol
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I'm sure citi fought hard in the bidding process to beat Amex to get the Costco account. Part of the terms were probably to offer better benefits for the customer....
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Joined Jun 2008
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bodybag01
03-25-2016 at 05:27 PM.
03-25-2016 at 05:27 PM.
people act like a credit pull is the end of the world. if you're an 800 why would you care... well if you plan on opening up 5 other credit cards, buy a car, apply for a mortgage, and a new home entertainment center all in the same month.
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Joined Jun 2010
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> bubble2 5,693 Posts
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rsveteran
03-25-2016 at 05:40 PM.
03-25-2016 at 05:40 PM.
Quote from unlimitedx :
Thanks. Any idea what was the non-member fee for the Amex?
OK, I looked it up and what I was considering an annual fee was the basic Costco membership being presented as an annual fee for this card ($55.) Now whether that meant this card couldn't be applied for independently or that it just made sense to get the "free" Costco membership that came with the $55 "annual fee," I don't know.
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Joined Aug 2007
L3: Novice
> bubble2 271 Posts
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The WalL
03-25-2016 at 05:48 PM.
03-25-2016 at 05:48 PM.
Quote from clarkkent06 :
I don't think so, 3% is pretty high on restaurants, and 4% on gas. The cards with rotating categories will beat these for 1/4 of the year, for example Freedom offers 5% on gas right now until April 1, but I don't think there's a 4% yearly gas card for no fee.

Pretty good card, it looks like
Citi Forward still offers 5% cash back...but its no longer available to apply for. You had to have it before they shut it down for new applications.
Although given the heatng up of employment, I do think there is a wave of some really good credit card programs starting to take shape. This card should be the first of many.
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Joined Jun 2010
L9: Master
> bubble2 5,693 Posts
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rsveteran
03-25-2016 at 05:51 PM.
03-25-2016 at 05:51 PM.
What's Citi's online account management like? AmEx's has been superb this far--monitor pending charges, get notified when they post, tag transactions, order them by date, annual summary, etc.
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Joined Aug 2007
L3: Novice
> bubble2 271 Posts
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The WalL
03-25-2016 at 06:01 PM.
03-25-2016 at 06:01 PM.
Quote from padmanabhuni :
how is citi able to give these benefits and amex couldnot
Costco generates over $100Billion in sales in the US. Nearly all of that is on AmEx credit cards right now. When it switches over to Citi, they will gain instantaneous marketshare. Remember, Costco isn't really negotiating with these banks for offering you a product; instead they're negotiating with these banks for a payment provider service for themselves to process those credit transactions. If Costco ends up paying 50 basis points for each transaction, then that's $500M in revenue for Citi.

The rewards Citi pays out can always be de-valued later on if it feels the heat. Also, its banking on the typical attrition rates for memberships and might even apply its draconian account closure policies (12 months of inactivity) to reduce its liabilities on that front. We wont ever know the full details behind whats been negotiated for Citi to win this major deal.
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Joined Jul 2010
L4: Apprentice
> bubble2 332 Posts
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wint33
03-25-2016 at 06:11 PM.
03-25-2016 at 06:11 PM.
Quote from The WalL :
Citi Forward still offers 5% cash back...but its no longer available to apply for. You had to have it before they shut it down for new applications.
Although given the heatng up of employment, I do think there is a wave of some really good credit card programs starting to take shape. This card should be the first of many.

I actually got a mailer saying that starting June they are lowering the cash back bonus to 2%..Mad
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Joined Dec 2012
L1: Learner
> bubble2 5 Posts
10 Reputation
GaryD
03-25-2016 at 06:17 PM.
03-25-2016 at 06:17 PM.
I was worried about recurring/automatic payments I have tied to my AMEX and the hard June 19th/20th dates. If I'm going to take advantage of the new Visa card, I want to be able to move my payments to the Citi Visa and not have any of them messed up. If I read the announcements correctly, I will have to move recurring payments from AMEX to a card I already have before June 19th. Then after June 20th, I can move the recurring payments a second time to the Citi Visa. This will be a pain in the ass.

I contacted AMEX and they say they're working on an offer that will allow current Costco AMEX card holders to transition to a new card, with the same card number. The details are still being worked out and the offer will be mailed out soon. Watch you maile.

This is going to be a lifesaver for me.

I hope you find this information helpful.
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Joined Jun 2010
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> bubble2 5,693 Posts
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rsveteran
03-25-2016 at 06:32 PM.
03-25-2016 at 06:32 PM.
Quote from GaryD :
I was worried about recurring/automatic payments I have tied to my AMEX and the hard June 19th/20th dates. If I'm going to take advantage of the new Visa card, I want to be able to move my payments to the Citi Visa and not have any of them messed up. If I read the announcements correctly, I will have to move recurring payments from AMEX to a card I already have before June 19th. Then after June 20th, I can move the recurring payments a second time to the Citi Visa. This will be a pain in the ass.
This will only be a major hassle if you have recurring payments due on the 20th (and only the 20th.) The Costco AmEx will work through June 19th, and you will receive the Citi card well before that. So, after your last automatic payment is made on/prior to June 19th, you can switch the payment method to your Citi card on June 20th (maybe even earlier, if the merchant isn't going to be sending a test charge through.)
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Joined Mar 2007
L6: Expert
> bubble2 1,596 Posts
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agent099
03-25-2016 at 06:46 PM.
03-25-2016 at 06:46 PM.
These benefits are insane. Too good to be true?
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Joined Jan 2012
L7: Teacher
> bubble2 2,226 Posts
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logicpad
03-25-2016 at 07:28 PM.
03-25-2016 at 07:28 PM.
Quote from screenname :
AmEx will offer you a new AmEx card to replace your Costco branded card. If you take the new card, your age of credit history will be not be impacted.

not without a hard pull on credit and that will be considered a "new" card
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Joined Aug 2007
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> bubble2 37,299 Posts
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fyu
03-25-2016 at 07:54 PM.
03-25-2016 at 07:54 PM.
Quote from logicpad :
not without a hard pull on credit and that will be considered a "new" card
And you know this how?
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Joined Jan 2006
L10: Grand Master
> bubble2 8,406 Posts
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screenname
03-25-2016 at 08:06 PM.
03-25-2016 at 08:06 PM.
Quote from logicpad :
not without a hard pull on credit and that will be considered a "new" card
I got an AmEx Premier Rewards Gold through a targeted offer recently and there was no hard pull on my credit. The "member since" on the card is the same as my AmEx Costco card.
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Joined Sep 2009
L10: Grand Master
> bubble2 15,364 Posts
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Knightshade
03-25-2016 at 08:21 PM.
03-25-2016 at 08:21 PM.
Quote from bodybag01 :
people act like a credit pull is the end of the world. if you're an 800 why would you care... well if you plan on opening up 5 other credit cards, buy a car, apply for a mortgage, and a new home entertainment center all in the same month.

and even then...

Mine is over 800, I've gotten at least 10 new cards in the last 6 months- and it's not only still over 800, it's actually higher than when I started... (because my utilization to available credit is insanely low now)
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Joined Sep 2009
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> bubble2 15,364 Posts
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Knightshade
03-25-2016 at 08:24 PM.
03-25-2016 at 08:24 PM.
Quote from The WalL :
Citi Forward still offers 5% cash back..

Uh, got some bad news for ya...

https://slickdeals.net/f/8610362-fyi-citi-forward-switching-from-5-points-to-2-points-for-bonus-categories-starting-june-4-2016?v=1
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SkyKing02
03-25-2016 at 08:24 PM.
03-25-2016 at 08:24 PM.
Quote from The WalL :
Costco generates over $100Billion in sales in the US. Nearly all of that is on AmEx credit cards right now. When it switches over to Citi, they will gain instantaneous marketshare. Remember, Costco isn't really negotiating with these banks for offering you a product; instead they're negotiating with these banks for a payment provider service for themselves to process those credit transactions. If Costco ends up paying 50 basis points for each transaction, then that's $500M in revenue for Citi.

The rewards Citi pays out can always be de-valued later on if it feels the heat. Also, its banking on the typical attrition rates for memberships and might even apply its draconian account closure policies (12 months of inactivity) to reduce its liabilities on that front. We wont ever know the full details behind whats been negotiated for Citi to win this major deal.

there is no way Costco is paying 50bp. I think it's either half a cent or a penny per transaction.
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