The New Costco Credit Card is Coming Soon - Card Issuers News

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Credit Card Applications » News » Card Issuers » The New Costco Credit Card is Coming Soon

The New Costco Credit Card is Coming Soon

The New Costco Credit Card is Coming Soon
April
11
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

People with the Costco American Express cards will be receiving the new Costco Anywhere Visa credit card in late May or early June, offering up to 4% cash back. They will get them in time for the June 20 changeover. Another big change for everyone is that Costco will begin taking all Visa cards at their registers and on their website.

Last year Costco announced that it would be parting ways with American Express, and partnering up with Citi. In early March 2016 Citi and American Express came to terms so that Citi could purchase the Costco portfolio, and move on with the transaction.

Cash back with Citi

When pumping gas anywhere in the world including Costco gas stations cardholders will earn 4% cashback on up to $7,000 cash back, and from that point on they get 1% back.

When traveling, whether booking airline seats or hotel rooms cardholders will earn 3% back. And they will earn the same percentage back when eating out at restaurants, whether that means booking dinner at a four-star restaurant or hitting a fast food restaurant on the fly.

What about when they shop at Costco? They will earn 2% back when they shop in the store or when they check out the website. All other purchases earn 1% cash back.

What about your American Express points? Any rewards that cardholders have accrued and do not use by June 20 will automatically be transferred to their new cards, and they can begin claiming their rewards through the Citi rewards program.

What cardholders can expect

Already existing cardholders don’t have to do anything, according to the Costco website, their new Citi Costco Anywhere credit cards will arrive in the mail in the next month or two. Cardholders will receive additional information from Citi this month.

Costco confirms that cardholders will not have to go through the application process again. Some people may be worried that Citi will pull a new credit report when issuing the new cards, but that is not the case – a new credit report will not be requested or reviewed. After June 20 the older American Express cards will not be active, and only the new cards can be used both inside and outside of Costco.

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Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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