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Costco famously declared the price of its hot dog combo is staying at $1.50 forever, but the big-box store helps its members save money on more than cheap grub and bulk goods.
The Costco Anywhere Visa® Card by Citi earns cash back in the form of Costco Cash Rewards and offers users bonus rewards on a number of popular purchase categories, including gas, restaurants, travel and (of course) Costco spending.
Only Costco members can apply for the card, but membership doesn't guarantee approval. Below, CNBC Select details the credit score you'll need if you want to get approved for the Costco Anywhere Visa Card.
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Costco Anywhere Visa Card by Citi
The Costco Anywhere Visa has no annual fee, although you are required to have a Costco membership, which costs $60 or $120 depending on what level of membership you get. But if you already have a Costco membership, this isn't really an added cost.
It earns bonus cash back on the following purchases:
- 4% back on eligible gas and EV charging purchases for the first $7,000 per year (then 1%)
- 3% back at restaurants
- 3% back on eligible travel purchases
- 1% back on all other purchases
The cashback you earn is awarded via an annual reward certificate once your February billing statement closes. You'll need to take the certificate to a physical Costco store to redeem it for merchandise or cash. Learn more abouthow to redeem Costco credit card rewards.
Costco Anywhere Visa® Card by Citi
On Citi's secure site
Rewards
4% cash back on eligible gas and EV charging purchases for the first $7,000 per year (then 1%); 3% cash back on restaurants and eligible travel purchases; 2% cash back on all other purchases from Costco and Costco.com; 1% cash back on all other purchases
Welcome bonus
No current offer
Annual fee
$0, Costco membership required
Intro APR
N/A for purchases and balance transfers
Regular APR
20.49% variable
Balance transfer fee
5% of each balance transfer; $5 minimum
Foreign transaction fee
None
Credit needed
Excellent
See rates and fees. Terms apply.
Credit score needed for the Costco Anywhere Visa Card
In general, you'll need an excellent credit score (800 or higher according to FICO®) to get approved for the Costco Anywhere Visa.
FICO® scores range from very poor to excellent and fall into these categories:
- Very poor:300 to 579
- Fair:580 to 669
- Good:670 to 739
- Very good:740 to 799
- Excellent:800 to 850
Keep in mind that there are three main credit reporting agencies (Experian, TransUnion and Equifax), and each may calculate a different credit score for you. The agencies determine your score based on your:
- Payment history (35%)— If you've made your previous payments on time
- Amounts owed (30%)— Your credit utilization ratio, or the ratio of the amount of credit you're using to the amount that's been extended and owed on your accounts
- Length of credit history (15%)— The amount of time you've had credit
- New credit (10%)— How often you open new accounts
- Credit mix (10%)— Whether you have different types of credit, such as installment loans or revolving lines of credit
You could also benefit from signing up for a service such as *Experian Boost™, which uses your on-time payments for select subscription services and utilities to calculate your credit score.
Experian Boost™
On Experian's secure site
Cost
Free
Average credit score increase
13 points, though results vary
Credit report affected
Experian®
Credit scoring model used
FICO® Score
Results will vary. See website for details.
How to sign up for Experian Boost:
- Connect the bank account(s) you use to pay your bills
- Choose and verify the positive payment data you want added to your Experian credit file
- Receive an updatedFICO® Score
Learn more about eligible payments and how Experian Boost works.
Getting approved for a credit card can sometimes feel more like an art than a science. No single factor determines your eligibility — your income, debt, credit score and even your track record with the bank can all impact whether you're approved. Don't be surprised if you qualify for this card even if your credit score falls below the typical range. By the same token, you could be denied with a credit score higher than 800.
Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch™.
Bottom line
To get approved for the Costco Anywhere Visa® Card by Citi you'll typically need a FICO® score of 800 or higher. This cash-back card doesn't have an annual fee, but you'll need a Costco membership to apply. There are two levels of Costco membership which cost $60 or $120.
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*Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost™. Learn more.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
