Costco visa foreign transaction fee

Costco visa foreign transaction fee

Costco visa foreign transaction feeIf you’re a Costco member, by now you’ve heard that Costco will begin accepting Visa cards this summer and no longer accept American Express cards. At the same time, Costco Amex cardmembers will also be transitioned to new Visa cards from Citi.

What are the benefits of the new Citi Costco Visa cards? Up until today that was a mystery. But finally, we know the details and quite frankly, they’re a pleasant surprise.

The new Costco Anywhere Visa Card by Citi, available beginning June 20, 2016, will earn:

  • 4% cash back on gas worldwide for the first $7,000 per year, then 1% after
  • 3% cash back on restaurant and eligible travel purchases worldwide
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases

Costco Anywhere Visa Card by Citi vs. Costco Amex

Compare that to the current Costco Amex, which earns 3% on gas, 2% at US restaurants and travel, and 1% on everything else and the new Costco Anywhere Visa card is clearly a step up.

Similar to the current Costco Amex, cash back will be provided annually as a rewards coupon redeemable for cash back or merchandise at Costco. The rewards coupon will be included in your February billing statement and expires on December 31 of the year it was issued.

The Costco Anywhere Card will also double as your Costco membership card. And if you currently charge your Costco membership fees automatically to your Costco Amex, these fees will continue to be automatically charged to your new Costco Anywhere card.

Transitioning your Costco Amex to the Citi Costco Anywhere Visa

Existing Costco Amex cardmembers should expect their new Costco Anywhere cards to be mailed in May. There is no need to apply for the card and your credit report will not be pulled as part of the account transition.

Through June 19, 2016, you should continue using your Costco Amex. On June 20, 2016, start using the new Costco Anywhere card and destroy your old card. Additionally, you can visit citi.com/CostcoSetup to register your account for online access.

Costco Business cardholders enrolled in American Express’ Membership Rewards program will require a separate American Express account to maintain their rewards after June 20, 2016.

The new Costco Anywhere Card does not have an annual fee with your paid Costco membership. For more information on the card, see this link.


The New Costco Anywhere Visa Card by Citi Is Good News for Costco Shoppers

Costco visa foreign transaction fee

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Costco visa foreign transaction fee

The Costco Anywhere Visa® Card by Citi from our partner Citi is the new Costco credit card, and there are many reasons why Costco members should rejoice. The card comes with great cash back benefits.

Cardholders will earn the following cash back:

  • 4% cash back on eligible gas worldwide for the first $7,000 per year. All gas purchases over that amount will earn 1% cash back.
  • 3% cash back on restaurant and eligible travel purchases worldwide
  • 2% cash back on all other Costco and Costco.com purchases
  • 1% cash back on all other purchases

With these high cash back percentages, it has become one of the highest cash back credit cards on the market. (See also: Best Credit Cards For Everyday Purchases)

You don’t have to even be a major Costco shopper to see the awesome cash back benefits. Families who spend $250 per month on gas, $150 in eating out per month, and $250 per month on Costco groceries will earn $234 in cash back at the end of the year. Basically if you use your Costco Anywhere Visa Card for your regular monthly spending, you will essentially earn a free Costco shopping trip. Your cash back reward coupon must be redeemed at Costco, but you can redeem the coupon for cash and spend your cash back elsewhere.

  • No annual fee with paid Costco membership
  • Purchase APR: 0% Intro APR for 7 months; after that, 16.24% variable
  • Balance Transfer APR: 16.24% variable
  • $5 or 3% Balance Transfer Fee (whichever is greater)
  • 3% Foreign Transaction Fee

The new card comes with worldwide car rental insurance and worldwide travel accident insurance. It also comes with damage and theft protection, which will cover repairs and refunds for items purchased with your Costco Anywhere Card.

If you are already a Costco member, then the Costco Anywhere Visa is a good deal. The card does not come with an annual fee, but you will have to maintain a Costco membership at $60 per year (or $120 for the Executive Gold membership).

Most credit cards that offer grocery rewards don’t include warehouse clubs as part of their “supermarket9rdquo; listing. The only way to get rewards on your Costco purchases is to use a flat rate rewards card (must be Visa), have an Executive Gold membership (2% cash back), or with this new card. In fact, if you use the new Costco Anywhere Visa card and have an Executive Gold membership, you’d essentially earn 4% cash back on your Costco trips. (See also: Best Credit Cards that Offer Rewards on Groceries)

If you are already a Costco member and do a decent amount of shopping there, the Costco Anywhere Visa Card is definitely worth it. Besides getting cash back on Costco purchases, it offers one of the highest cash back opportunities for gas, restaurant, and travel. So it’s not just a card for Costco purchases. This can be your go-to credit card for all your purchases.


Costco Anywhere Visa Business Card by Citi Review: 4% Cash Back on The First $7,000 Spent on Gas Purchases

Costco visa foreign transaction feeWhen you sign up for a Costco Anywhere Visa Business Card by Citi, you will earn 4% cash back on your gas purchases. If you are a business owner and this offer sparks an interest in you, please continue to read for more information.

Table of Contents

Costco Anywhere Visa Business Card by Citi Features

  • Earn 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter
  • 3% Cash back on restaurant and eligible travel purchases worldwide
  • 2% Cash back on all other purchases from Costco and Costco.com
  • 1% Cash back on all other purchases
  • 0% Intro APR on purchases for 7 months
  • Redeeming Costco Cash Rewards
  • No foreign transaction fees
  • No annual fee

Costco Anywhere Visa® Business Card by Citi: If you like the features this card has to offer, then click this link to learn more and apply.

With this offer, you must be a Costco member. If you meet the requirements, you will earn 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter.

If you’re a small business owner, you know that spending either gas, travel, dining, etc. can accumulate and be quite expensive. With the Costco Anywhere Visa Business Card by Citi, you can have flexibility on your earnings and start saving money on in those common spending categories. You must be a Costco member though to receive these earnings.

But the cash back earning with Costco is a bit different. They are very specific also about the kind of spending you get rewarded for. Additionally, with this particular card, you can not redeem whenever you want. You will only receive an annual cash back coupon every year in February. These are just some things to keep in mind when considering this card.

For the purpose of this post, business owners who travel and drive often for trips should take note of the 4% cash back for the first $7,000 you spend on gas purchases each year with a 1% for any additional gas purchases once you hit the spending cap. But to be clear, you will only earn 1% cash back on gas purchases at warehouse clubs except at Costco, where you will earn 4%. You will also earn just 1% cash back at gas stations that are part of superstores, convenience stores and supermarkets that aren’t Costco.

To help business owners who might not be too sold on Costco, this card can still be beneficial and should be considered because for example, a business membership at Costco will cost you $55. If you spend $7,000 on gas annually, you could potentially earn $280 cash back just on gas. That surely should compensate for an membership fee even if you don’t shop at Costco often.

Provide feedback in the comment section below by telling us your thoughts and experience with this card. Make sure to visit BankDealGuy to explore the Best Credit Cards for Gas Purchases.

Anthony Nguyen, founder of BankDealGuy.com, has a passion for finding the best bank deals and bank rates. With over 10 years of experience, he is dedicated to bring you the latest bank promotions! Contact Anthony for media/advertising.

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Costco visa foreign transaction fee

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Master List of No Annual Fee, No Foreign Transaction Fee Cards

In the comments of my Chase Amazon Prime Rewards Visa Signature Card review, reader jwl mentioned that one of the hidden benefits of the new card is that there is no longer a foreign transaction fee, which is rare among no-annual-fee cards from big issuers. This is an attempt to compile a comprehensive list of such cards, broken down by credit card network.

Where appropriate, I have split out specific banks to provide some necessary commentary. Elsewise, the cards are listed in alphabetical order within their card network. Noted in parentheses after the card is whether it is a student, business, or secured card, along with the type of card it is, such as World MasterCard or World Elite MasterCard. You can view Visa benefits by card type here and MasterCard benefits by card type here. Relevant rewards information is listed after that.

The intent of this post is to cover major issuers, so only the biggest federal credit unions are included. This excludes Andrews FCU & State Department FCU, for example, which both have no-AF, no-FTF cards. Other examples can be found in the comments: 1 (First Tech FCU), 2 (NASA FCU), 3 (Star One).

As always, remember that we do not use credit card affiliate links, so the inclusion or order of cards on this list is not biased by monetary incentives.

  • Bank of America Travel Rewards (World MasterCard). 1.5x miles on all purchases & an additional 1.5x miles on Bank of America Travel Center purchases; more for Preferred Rewards clients.
  • Barclaycard Arrival (World MasterCard). 2x miles travel and dining & 1x miles on all purchases.
  • Barclaycard JetBlue. 3x TrueBlue points on JetBlue, 2x TrueBlue points on restaurants and groceries, 1x TrueBlue points on all other purchases.
  • Barclaycard Ring. No rewards.
  • Chase Military cards (Army MWR, Air Force Club, Marine Corps MCCS, Navy MWR). 2% cashback at the Commissary, the Exchange, and MWR locations & 1% cashback on all other purchases.
  • First National Bank of Omaha Mlife Rewards. 3x Mlife points at Mlife, 2x Mlife points on gas and groceries, 1x Mlife points on all other purchases.
  • Sam’s Club. 5% cashback on gas, 3% cashback on dining and travel, 1% cashback on all other purchases.
  • Target REDcard. 5% cashback at Target & Target.com.
  • US Bank AAA Dollars Plus (World MasterCard). 3% cashback on AAA and travel; 2% cashback on gas, groceries, and drugstores; and 1% cashback on all other purchases. (Availability & issuing bank depends on location—thanks, reader jf!).

CapitalOne does not charge a foreign transaction fee on any of their cards, including their secured card. There are two versions of the Quicksilver & Venture cards. The Quicksilver has no annual fee while the QuicksilverOne has a $39 annual fee. The VentureOne has no annual fee while the Venture has a $59 annual fee. No, it doesn’t make any sense to me either!

  • Quicksilver (World Elite MasterCard). 1.5% cashback on all purchases.
  • VentureOne (World Elite MasterCard). 1.25x miles on all purchases.
  • Premier Dining Rewards (World Elite MasterCard). 3% cashback on dining, 2% cashback on groceries, 1% cashback on all other purchases.
  • Platinum (Platinum MasterCard). No rewards.
  • Secured (Secured, Platinum MasterCard). No rewards.
  • BuyPower. 5% on first $5,000 of purchases and 2% thereafter.
  • GM Extended Family. 1% on all purchases.

The HSBC Advance card has no annual fee if you are an HSBC Advance or Premier client, and has a $45 annual fee otherwise. The HSBC Premier has no annual fee if you are an HSBC Premier client, and has a $95 annual fee otherwise. In both cases, no annual fee will be assessed within the first year of card membership. I understand it is cheating a little bit to include the two cards, but I think they’re important for procuring a full list.

  • HSBC Advance. 2X Rewards Program Points on dining and select entertainment & 1x Rewards Program Point on all other purchases.
  • HSBC Platinum. No rewards.
  • HSBC Platinum with Rewards. 1x Rewards Program Points on all purchases.
  • HSBC Premier (World MasterCard). 1x Rewards Program Points on all purchases.

Navy Federal does not charge a foreign transaction fee on any of their cards, including their secured card. Two of their cards can be obtained in a MasterCard version.

  • Platinum. No rewards.
  • nRewards Secured (Secured). 1x points on all purchases.

  • Bank of America AAA Member Rewards (Visa Signature). 3x points on AAA and travel; 2x points on gas, grocery, and drugstore; and 1x points on all other purchases. (Availability depends on location).
  • Bank of America Merrill+ (Visa Signature). 1x Merrill points on all purchases.
  • Bank of America Travel Rewards (Visa Signature). 1.5x miles on all purchases & an additional 1.5x miles on Bank of America Travel Center purchases; more for Preferred Rewards clients.
  • Barclaycard Priceline (Visa Signature). 5x points on Priceline.com & 1x points on all other purchases.
  • Barclaycard Princess Cruises Rewards (Visa Signature). 2x point on Princess Cruises purchases & 1x points on all other purchases.
  • Barclaycard Wyndham Rewards (Visa Signature). 3x points on Wyndham and participating hotel stays & 2x points on gas, utilities, and groceries
  • Chase Amazon Prime Rewards (Visa Signature). 5% cashback at Amazon; 2% cashback at restaurants, gas stations, and drug stores; and 1% cashback on all other purchases.
  • Citi Best Buy. 2.5x point at Best Buy, 1x points on dining and grocery, 0.5x points on all other purchases (points worth 2¢ at Best Buy).
  • Comenity Orbitz Rewards (Visa Signature). extra 3-5% cashback in Orbucks for hotels through Orbitz (5% for mobile app bookings; you earn 5% automatically), 7% cashback in Orbucks at qualifying restaurants, 6% cashback in Orbucks on airfare, 2% cashback in Orbucks on all other purchases.
  • ICBC Preferred. 1% cashback on all purchases.
  • TD Cash (Visa Signature). 2% cashback on dining & 1% cashback on all other purchases.

CapitalOne does not charge a foreign transaction fee on any of their cards, including their student & business cards. There are two version of the Spark Cash & Spark Miles cards. The Spark Cash Select & Spark Miles Select have no annual fee while the Spark Cash & Spark Miles have a $59 annual fee. The CapitalOne cards available as a MasterCard may also be issued as a Visa.

  • Journey (Student, Visa Platinum). 1% cashback on all purchases, boosted to 1.25% if you pay on time.
  • Spark Cash Select (Business, Visa Signature). 1.5% cashback on all purchases.
  • Spark Miles Select (Business, Visa Signature). 1.25x miles on all purchases.
  • Spark Classic (Business, Visa Business). 1% cashback on all purchases.

Navy Federal does not charge a foreign transaction fee on any of their cards, including their secured card. All of their cards are available as Visa.

  • cashRewards (Visa Signature). 1.5% cashback on all purchases.
  • GO REWARDS (Visa Signature). 3x points on restaurants, 2x points on gas, 1x points on all other purchases.
  • Platinum. No rewards.
  • nRewards Secured (Secured). 1x points on all purchases.

PenFed does not charge a foreign transaction fee on any of their cards. The Platinum Cash Rewards card has a $25 annual fee and earns 3% cashback on gas, but the annual fee is waived and the card earns 5% cashback on gas if you qualify for the Plus version by having a qualifying product with PenFed.

  • Defender (Visa Signature). 1.5% cashback on all purchases.
  • Gold (Visa Gold). No rewards.
  • Platinum Rewards (Visa Signature). 5x points on gas, 3x points on groceries, 1x points on all other purchases.
  • Platinum Cash Rewards Plus (Visa Platinum). 5% cashback on gas.
  • Promise. No rewards.

USAA does not charge a foreign transaction fee on any of their cards, including their secured card. A complete list of USAA cards was written up by Will at this link.

  • Defender. 1.5% cashback on all purchases.
  • Premium Travel Rewards. 5x points on airfare & 1x points on all other purchases.

USAA does not charge a foreign transaction fee on any of their cards, including their secured card. A complete list of USAA cards was written up by Will at this link.

Discover does not charge a foreign transaction fee on any of their cards, including their student & secured cards. In addition, Discover has an agreement with Diners Club International, UnionPay, and JCB in certain regions—so you can use your Discover card at any merchant that accepts those networks, broken down by region as follows:

Diners Club International: Africa, Asia, Europe, South America, and Oceania.

Because this list covers cards issued in the US, these cards will not work with Alipay or WeChat. They also present difficulties when used in mainland China due to the lack of proper EMV support by many point-of-sale (POS) machines. Swiping would work, except that very few merchants have swipe-only POS machines. You can read more in this comment thread.

These debit cards do not charge a foreign transaction fee for debit card purchases, with the exception of the Fidelity debit card.

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