Today we’re going to talk about the Costco anywhere visa cashback card. This is an option that if you shop at Costco a lot, you can reap a lot of benefits, but there are some rules which make it less flexible than it could be.
To begin with, we have 4% cashback up to a max of $7000 at Costco and regular gas station, then it goes to 1%. Now one rule they have is that if you go to Walmart gas station or a supermarket gas station, you only get 1%, which is unfortunate. If you go to Costco or regular gas station a lot, you are not going to have that problem because it’s $10 cheaper.
You also get 3% cashback on restaurants and travel purchases in worldwide, then 2% on purchases at Costco.com and in-store at Costco. I think that could be at least 3%, which is very competitive at a lot of places.
Now the downside about this whole cashback program is that you only get it all together at the end of the year, they give you a statement certificate credit, and then you can redeem it for cash or towards merchandise at Costco and that is on the basis of you having an active account, so you can’t take it out. If you’ve closed the account, you have to have the account open to get an access. Otherwise, you would lose that cash back. It is a nice program, but they are definitely trying to keep you shopping at Costco.
It’s like some cashback cards. Every month you can utilize your cashback towards something in terms of the finances. There’s no annual fee, but that’s not exactly true. Because you have to be a Costco member to get the card which means that you are paying Costco membership, but the nice thing about it is that you get the credit card, you can use that as your entrance to Costco.
You don’t have to use the membership card in terms of the additional financial factors, because a PR introductory is 0% for 7 months. After that, it goes to 15.74%, which is the same for the balance transfer APR, you have a C3 balance transfer of $5 or 3% cash advance APR of 25.74$ and a fee of $10 or 5%. Then you have a penalty APR 29, 2014 FIFA world wide is a little contradiction. Because you can use it worldwide, but then are you going to be hit with the foreign transaction fees which is going to cut into what you’re gaining? If you get 3% worldwide on travel or restaurants, you’re paying a 3% foreign transaction fees at a certain restaurant abroad.
It’s not a perfect system, but if you are a regular loyal Costco member, this is a good card because 4% consistently on gas is hard to get. There’s something comparable in American Express. You might get 5% with most cashback cards, but it’s only for a couple months. In this case, 4% throughout the year until you get to about $7,000, then it goes to 1% system. Now if you want to regular cash that card and you don’t always go to Costco, you might want to look at Chase freedom or discover it, but this is not a bad card depending upon what your shopping habits are.
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