We’ve previously written about the Costco switch from Amex to a Citi Visa card. Those who have the Costco Amex card will be switched over to the new Costco Anywhere Visa Card by Citi and should start receiving their cards in the mail in May. You will be able to use Amex cards at Costco till June 19th, but the next day, only Visa cards will be accepted. Seems to be a nice and smooth process from Costco, with no hard pull necessary for current card holders who want to continue having a Costco card.
You won’t lose any of the cash back rewards you’ve already earned from your Costco card from American Express. Rewards that were not previously distributed to you will be transferred automatically to your new card on June 20, 2016, so you won’t lose any of the rewards you’ve already earned. Your February 2017 cash back rewards coupon from Citi will include cash back rewards earned on your Costco card from American Express during 2016 that were not previously distributed to you by American Express.
Now the details of the new cards are out and it is a better card than its Amex predecessor. There will be higher earning rates in every category and finally decent cash back rate on Costco purchases.
- 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
Compare these to the current Amex Costco card
- 3% Cash back at US gas stations and on gasoline at Costco up to $4,000 per year in purchases, (then 1%)
- 2% cash back at US restaurants and travel purchases, including at Costco
- 1% cash back on other purchases, including at Costco
There’s better earnings on gas, restaurants, travel and Costco purchases. The new card also has a higher annual limit of gas purchases.