Is The Costco CITI VISA Credit Card WORTH Getting?! | Benefits Explained by Employee
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- เผยแพร่เมื่อ 7 มิ.ย. 2024
- Let me tell you about the Visa Card and the benefits of it to help you determine whether it's worth it to get it or not
#costco #costcotips
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This card application is not a soft credit pull…it results in a hard inquiry.
You're absolutely right! I misspoke in the video. It IS a hard pull on credit!!
Thank you for the correction Alvin! 🙏
For some reason mine was actually a soft pull.
It’s good for three things. Groceries, gas, and travel have good multipliers. The card is free and points translate to cash. The con, as I see it is you can redeem it once a year, in February. The Executive Membership compounds, but is separate from the card. You can also hook the card into your electronic membership card with the app. For free, getting a card that combines grocery, gas, and travel is hard to find.
I got the Costco Visa card 2 years ago. It has been my most used credit card since! Thanks for this video.
I look at it as, you already shop at costco to save money, gas up at costco to save money, why not use the costco credit card when you go there to save even more money?
Get this along the executive membership... I get about 500 dlls, even after the membership dues. Love this card. Currently I'm taking advantage of 2.99 APR through Feb of next year, so this is my go to card at the moment for a good number of my expenses.
What would u say is ur average monthly spending on that card?
I would like to know an example of someone’s average monthly spending, and a general idea of what categories they are spending that in to compare with their yearly return.
I think that would be helpful for a lot of people and making their decision on this card.
the costco visa is definitely pretty solid. particularly if you have the executive membership, to get an effective 4% cash back. i suppose my main negative is that you can't redeem cash back every month
It would be really nice to get Cashback every month. I have a card that does that. Though I do enjoy getting a big check in February. It's like a second tax return, haha
@@CostcoDude do you really enjoy getting a big check in February you corporate shill? Pathetic.
Seeing I get 1.5x back from my chase unlimited card and can get 2 cents per point so that’s 5X
US Bank Altitude Reserve is 3% cash back on all mobile payments. Last time I checked 3% was better than 2%.
Ive had this card since 2019. The only thing i dont like is the app. Thats one of the reasons why i rarely use it. Either than that, yes good benefits
Great vid man, i jut mine today but I have some questions. I have two costco cards, for my girl and my self. i understand that i get the 4% cash back for gas when using the credit card, but what if my girl uses the extra card to get gas at Costco. Will i also get cash back from that since its linked to my membership or is it exclusive to only the credit card?
Good question! So the membership will see that you're both getting gas, but in order to get that 4% back she'll have to use the Citi Visa as payment. What I've done with my wife is I called the citi number in the back of the card, and added her as an approved user, and they sent her her own card with her membership number and now both card will pool the rewards under you :) Hope that helps!
That helps a lot, thanks man!!
While I do love the Costco Visa, and think it’s an overall good card, there are a few gripes that prevent it from being a great card in my opinion:
1. Having to wait until your February statement closes to get your cash back certificate, and having to go to a Costco warehouse to redeem it. I’d much rather be able to redeem the cash back whenever I feel like it rather than it being restricted for a year.
2. The lack of a monetary sign up bonus. Those SUBs really move the needle when it comes to credit card spend.
3. The 2% at Costco category. Citi and Costco should really consider making that a 3% category, especially when there are Visa cards that give you either a flat 2% cash back rate or 2% cash back at wholesale clubs.
If you’re not a credit card person, then it’s fine, and I’m probably being nit picky, but for those who like to maximize their credit card rewards, this card has so much potential, especially the 4% and 3% categories.
if you have the citi app, plus a checking account/high yield savings with citi you can redeem the costco cash back cert directly into your account without having to go to the costco location. Still have to wait till feb which sucks.
I understand your position. For someone using cash back just to pay for the yearly membership, it NOT a bad idea to do so. Now if I spend too much aka HIGH cash back at Costco that surpasses the yearly membership cost then yea it mildly annoying cuz waiting sucks.
Use it all the time since they launched it. Pairs best with the executive membership. Use mainly for dining, hotels and gas outside of Costco.
This is how I use mine too. Traveling, food, and gas
Hi I was thinking about getting a Costco credit card. I was thinking about doing the basic membership than sign up for the credit card. I have good credit, so I might be approved. But what will be the difference if I use executive membership? I hope I get some help.
I have the costco Goldstar membership
Is this still valid?
@@marylewis3068 the credit card rewards still apply even if you're on the gold star membership.
i called the customer service number and they hanged up on me in a few minutes.
What happens if you already have the citi card and you upgrade to an executive member how does your member number change
Your membership number shouldn't change when you upgrade (or downgrade) from Gold Star to Executive. So everything should remain the same including your Citi card number.
These numbers change only when your card is stolen and they issue a new one.
I'll have to wait until July but I'll definitely get it
Not into waiting for the payout at a certain time of year.
It's not for everyone. Personally I like getting a big check in February. But I know how nice it is to get monthly rewards, too.
I use my Venture X at Costco, it's 2x back like the Costco card is, but I get more value from capital one points.
It’s 4% back if you’re executive member
@@Kenz3the Costco card is 4% back on Costco purchase if executive member?
U need to be a die hard Costco fan to get the card. I’m considering 🇨🇦👽🥶
You’re correct, I filled out the application for the credit card and they didn’t approve me right then. The bank called me later that night to confirm everything (they said something about fraud protection that I have). I was approved and used my card the next time.
That's awesome! Congrats on your Citi Visa card. Spend wisely👍
I am still debating on getting the Costco Visa card because of the high credit score and history that you need in order to be approved for I find it very petty of Citibank and Costco to have such High requirements since they do not offer all of the travel benefits necessary.
What I find strange is how Visa Signature Status is not displayed on the Website for the personal, but a ton of people like my father still has Signature even if he is personal
The card itself may not have an annual fee, but it requires a paid store membership. So it’s not like it’s completely free.
That's definitely one way to look at it
Yeah but the membership almost pays itself if you think about it. If you get the executive membership you get 2x plus another 2x for using the credit card in Costco.
Hi. I am just wondering can the temporary card be used in international travel?
The temporary card is only usable at Costco. I'm sure if you bring it with you to a different country, the Costcos there should be able to use it. But I don't believe you would be able to use it otherwise until you get the physical card
I want to buy the new iPhone and finance it with a credit card so I can build my credit. Is this a good idea? My credit score is 694
Unfortunately I'm not a financial advisor so I can't answer this for you. If you feel confident you can apply and hope that you get approved.
Personally, I think your credit is high enough to get approved, but I wouldn't be able to tell you how much they would approve you for.
#notfinancialadvice
Right after I used my costco visa card, i went into the app to try to pay, and my purchase says pending, could i sill make that payment even tho my minimum, current and statement balance says $0?
Unfortunately the app won't let you do that before the balance has settled. So you'll have to wait a day or two to make your payment. :(
Oh! I guess I misunderstood. Around 6:40 you said you make the payment on the same day or right away after you used the card. What did you mean by that?
@@reynac5623 I keep a balance on my card at all times, never fully paying it off (at first it was not by choice). so whenever I make purchases I just pay it off right then. I was under the impression that even if there was a balance of $0 and you made a purchase you could pay it off right then, but after talking to the Citi Visa customer service, I found out that that is not true. I am sorry for the misinformation.
How do I add my wife as an approved user on my Costo Citi card so she can use it at Costco without me having to be there every time? She is my second member on my Executive Membership already.
Hi! You can call the Citi Visa number in the back of your card. And you can add her as an authorized user, and they'll send her her own card. Make sure you have her membership card handy so they can verify and attach it to the card.
Do I need a PIN to use the card at Costco?
For ANY Visa, no. You can run it as credit by pushing the green button. If it's a non Visa Debit Card, then you will need a PIN.
@@CostcoDude so I can use my credit card from Costco without a PIN right ?
Yes :)
Do you have to be a member to get the card?
yes, you need a membership and you can apply at the membership desk
This card is well worth it!! I love this card..I would receive a check from Costco every year..This card is awesome 👌
If you cancel the Costco membership or if you don’t renew it, Citibank will cancel your card.
Will your credit score go down if that happens?
I had it understood they give you some time before they charge you the annual fee for the card, but maybe their policy has changed. I will have to check on this.
@@CostcoDude nah they just drop you cold … bs card with bs perks. I have all the top tier card biz and personal. Costco is a bs company and their partnership with Citi is bs and predatory to customers.
I'd say no.. we have one got it before our eyes opened to better cards
What are better cards?
It’s important to note that it’s only 4% cash back at gas stations for ONE year. Then it goes down to 1%.
This is true only for the first $7,000 per year. It resets every year. This is a copy/paste from the Citi site:
"Cash back on eligible gas and EV charging purchases worldwide, including gas and EV charging at Costco, for the first $7,000 per year and then 1% thereafter"
@@CostcoDudeI stand corrected 🙏 good looking out! Thanks for clearing that up for me
@@toughguy8228so if i spent only $5,000 on gas within a year. Does it reset back to zero the next year and conitnue with the 4%?
@@CostcoDude"What do they consider "eligible" ?
You look like Markiplier
😂 I've heard this before, i wish I had his voice and charisma. Lol