Published on June 20th, 2016 | by Chuck10
Costco Switches to Visa, Costco Visa Cards now Available for Application
A lot of changes went into effect today (June 20, 2016) at Costco as they switch over from their Amex partnership to a Citi and Visa partnership.
Cards Now Available for Application
The new Citi Costco Visa cards are now available for application online.
The new card gets 4% on gas up to $7k, versus the 3% up to $4k on the old card. (The business card stays the same for gas at 4% on up to $7k.) The new card gets 3% at restaurants and certain travel purchases, versus the 2% on the old card. The new card gets 2% at Costco and costco.com, versus 1% with the old card.
Read our full review of the Citi Costco personal and business cards here. Before applying for a Citi card, it’s worth reading 16 Things Everybody Should Know About Citi Credit Cards.
- You should have already gotten your new card in the mail. If you didn’t, contact Citi.
- The old Costco Amex card won’t work anymore – at Costco or anywhere else.
- All balances and rewards balances should transfer over automatically to your new Citi Costco account.
- The terms imply that any extended warranties WILL work for items purchased before June 20, see also this Slickdeals thread
Payments Accepted In Costco Stores
As of today, June 20, 2016, Costco stores only accept Visa credit cards, whether they are issued issued by Citi or by any other bank.
They no longer accept American Express credit cards, and you also can not use Mastercard or Discover credit cards. Even Mastercard credit cards issued by Citi can not be used.
You can also use Visa or Mastercard debit cards, Costco Cash cards, cash, or check.
Payments Accepted on Costco.com
On costco.com you can use Visa, Mastercard, and Discover credit or debit cards. And Costco Cash cards.
Amex credit or debit cards can not be used.
We’ve covered the fact that Chase Freedom offer 5x points on Costco purchases (along with Sam’s and BJ’s) this quarter and for the rest of 2016. Costco.com will earn 5x as well.
If you shop heavily at Costco, consider maxing out $1,500 before the end of June by purchasing Costco Cash cards in store or online. Then put another $1,500 during July – September, and then another $1,500 during October – December.
It’s also possible to get up to 3.5% cashback with the BofA Cash Rewards card for those who get relationship bonuses with them, up to $2,500 per quarter.