Rates and Fees
|Purchase APR||15.24% (Variable)|
|Rewards Rate||4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurants and eligible travel purchases, and 2% cash back on all other purchases from Costco and Costco.com.|
- Discover the only business credit card designed exclusively for Costco members
- 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter
- 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
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Whether you’re traveling for business or pleasure, enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
This cash-back rewards card is exclusively for business owner Costco members and gives a percentage cash back on fuel purchases. There’s also no annual fee with club membership.
Pros and Cons
- for Costco members
- Doubles as your club membership card
- No sign-on bonus
- No lower, intro APR
- No spending bonus
For business owners who already take advantage of big savings opportunities offered by their local Costco warehouse club, it makes sense to use the to make these purchases, plus others in approved categories.
There is currently no limit to the rewards cardholders can earn, and payouts occur annually in the form of cash or merchandise at Costco locations nationwide. With no additional card fee, it’s an easy way to turn your existing Costco club business purchases into cash to reinvest back into your company. Its lack of intro offers and spending bonuses is typical for big-box retail club cards.
If you’re a frequent Costco shopper who happens to own a business, you’ve likely been asked to sign up for the . This card is marketed to be an automated approach to saving and earning for those who frequently use Costco business membership services, as well as use the card for things you buy every day. With no annual fee for members, it’s an attractive option compared to other business cards with annual fees reaching $125 or even higher.
While the percentages earned on select categories aren’t the highest in the industry, the APR is competitive. Compared to the 25% or more APRs or other retail and big box cards, it’s a steal at just . Pay it off monthly, and you’ll reap the rewards of savings on gas and travel, without putting a penny toward interest or fees. The credit card also doubles as your membership card, making it easy to swipe and pay at Costco locations, kiosks, and self-checkouts nationwide.
Since Visa issues this card, it can be used practically anywhere that accepts credit cards for business and personal purchases, while earning a solid cash back rate for the cardholder. For that reason, the card is a good addition to your business and personal wallet and offers some additional peace of mind. There are no foreign transaction fees with this card, and buying a range of products (from appliances to home goods) will extend the manufacturer’s warranty beyond what comes standard with the product.
How to Redeem your Rewards
Whenever you make a qualified purchase in a qualifying cash back category, you’ll see the balance to your rewards updated on your card statement. Like other club cards on the market, Costco issues annual rewards to its card members every February, in the form of a reward certificate. This certificate must be presented in-store to be used to pay for merchandise, with the balance of the certificate after purchase (if any) given to you as cash.
You may also, under certain circumstances, request the value of the certificate as a check. Only members with both an open credit account in good standing and a Costco membership will be eligible to redeem the rewards. Closing your credit card account or canceling your membership forfeits the balance of your reward certificate.
Is theRight for You?
If you’re already a business who uses Costco for supplies, resale merchandise, or even your own personal groceries, you can easily maximize your spending in-club and online with this card. The fuel perks, alone, are among the most competitive in the market, and Costco makes it easy to earn and redeem rewards automatically. (Unlike some other cards, there’s no need to keep signing up for savings offers or choose earning categories.)
For a truly automated way for Costco shoppers to save, this card is the real deal; if you’re a club a member in good standing, the perks are well worth opening up an extra line of credit.
If you’re a business owner who doesn’t often shop at Costco, or you prefer to earn cash back in other product categories, you may want to consider the Costco personal credit card, or a Citibank business card with different savings categories, such as the .
Frequently Asked Questions
Consumers commonly have the following questions regarding the :
What are the requirements to own one?
Because this is a business class credit card, there will be some additional application steps to apply. requirements are to provide:
- Verification that you are a business owner with 25% or more control or ownership
- Costco membership number
- Legal business name and DBA
- Business address and contact info
- Annual business revenue
- Business structure type
- Tax ID number
- Line of business
- Number of employees (and employee info, if you wish to add them as cardholders)
- Length of business
- Authorized officer information
- Personal earnings
The bank may request verification and ask additional questions at the time of the application or before making a final decision. Credit history and previous payments may affect the outcome of your approval.
Can I pay my Costco credit card at Costco?
Payments need to be made directly to Citi and can be done using their online payment portal or by calling 1-855-378-6468.
How long does it take to fill out theapplication?
If you have all your personal info handy, such as your name, mailing address, social security number, and information about your income and business, filling out the form should take no longer than five minutes.
What is a Costco credit card pre-approval?
If you’ve been notified that you’ve been pre-approved (either in-store or by mailer), you are likely to be approved for a credit card after completing the full application and provided nothing on your credit score or credit history has changed since the bank sent the pre-approval notice. Banks can change the terms of their offer at any time, however. There is no guarantee that a pre-approval will lead to an approved credit account.
Can I get a Costco business credit card with no pg (personal guarantee)?
Most business credit cards require the personal income of the cardholder to be taken into consideration for approval. This includes the , which asks in the application for this info. It will be used to guarantee the money borrowed, should that be required by the bank.
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