On June 20th, Costco will officially be switching to the new Visa network with issuer Citi.
This means all Costco credit cardholders will need their new Costco Anywhere Visa credit card on hand in order to shop at any of the Costco stores.
Costco announced it was ending its exclusive partnership with American Express back in March 2015.
The new Citi card has similar terms and conditions to the American Express card that include annual fee. You will however need a Costco membership, which costs at least $59 a year to qualify. Your new Citi card will also serve as your Costco membership card.
Citi’s new Costco card allows cardholders to earn 4% cash back on gas purchases (up to $7,000 per year, then 1% back); 3% back on restaurants and travel purchases; 2% back on Costco and Costco.com purchases and 1% back everywhere else. American Express offered 3% cash back on gas (up to $4,000), 2% back on restaurants and travel and 1% back everywhere else.
Citi has sent its Costco Anywhere Visa credit card out to existing TrueEarnings members back in May. If you haven’t received it yet, contact the issuer to verify your address and/or have a new one mailed out. Make sure to register your online account once you have the card.
Disclaimer: We have no position in Costco Wholesale Corporation (NASDAQ: COST) and have not been compensated for this article.