No, the Costco credit card does not have an annual fee.
However, it’s important to note that this card is primarily available to Costco members. While the card itself carries no annual fee, you must maintain an active Costco membership, which does come with its own annual fee.
The Costco membership fee varies depending on the type of membership you choose. As of now, a standard Gold Star membership costs around $60 per year, while the Executive membership is about $120 annually.
Using the Costco credit card can be quite beneficial for members due to its cashback rewards. You get 4% back on eligible gas purchases, 3% on restaurant and travel, and 2% on Costco purchases.
This card really shines for Costco shoppers since the cashback rewards help offset the membership fee over time.
Many people find that the savings on their purchases make the membership worthwhile, especially if they frequently shop at Costco.
If you’re considering getting the card, just remember to factor in the membership cost for a complete picture of your expenses.
Does the Costco credit card affect my credit score?
Yes, applying for the Costco credit card can impact your credit score as it involves a hard inquiry. However, responsible usage can help improve your score over time.
Can I use my Costco credit card anywhere?
Yes, the Costco credit card can be used anywhere Visa is accepted. However, you’ll earn the most rewards when using it at Costco.
What happens if I cancel my Costco membership?
If you cancel your Costco membership, you won’t be able to use the Costco credit card anymore, and you will lose the benefits associated with it.
Are there any foreign transaction fees with the Costco credit card?
No, the Costco credit card does not have foreign transaction fees, making it a good option for international travel.
How do I redeem my cashback rewards?
Cashback rewards are automatically credited to your account once a year. You’ll receive a reward certificate that can be redeemed for cash or store credit at Costco.