How does Costco Visa work?

[veryHeavy]

Originally Posted By: Gary
Costco's Visa with 4% gas/max $1750 qtr(7000), 3% restaurants/travel, 2% Costco, 1% other. You have always been able to cash out the annual rebate at the store. $500 a yr avg here


The last sentence sounds wrong. The card agreement says you have to spend the Card rebate in the store, whereas I'd rather spend it somewhere else (like walmart or mcdonalds). Can anyone enlighten me how it actually works?

 

[MrHorspwer]

From the Citi site:

Quote:
Redeeming Costco Cash Rewards
Cash back will be provided as an annual credit card reward certificate in February billing statements, redeemable for cash or merchandise at US Costco Warehouses.

 

[JayhawkRoy]

You get a check that is spendable/cashable at Costco only. If you want cash, go to the Customer Service desk, and they will cash it for you, if the funds are available. I have been taking this approach since they came to my area, back in the 1990's. Only once has the store not had enough cash to redeem the check for me. It is very difficult for me to spend the $400 or $500 cash at one time, anywhere, let alone Costco. Costco has accommodated my wishes to get cash every time.

 

[EdwardC]

If I remember correctly, at least for the Amex card before, you could bring in the cash back check and they'll give you cash right at the store. I haven't gotten my rebate since the switch, so it could possibly have changed.

I like getting the cash as well, I'd rather deposit the cash and pay with the CC in the store so I can earn a few percent again!

 

[GenesisGuy70]

I don't have their card yet but I LOVE Costco.

Unhelpful I know. Just wanted to convey my feelings.

 

[Spooled]

There is a Citi rebate that is cash back and Executive Member rebate that is separate. The Executive rebate is the one that is only for Costco purchases.

 

[Oldmoparguy1]

Wonder if you can apply your rewards $$ against your CC bill? I can do that with my Amazon card.

 

[Brybo86]

My bro has a Costco membership, he also has a Costco credit card. Card acts as a membership card as well, you can use it at the register or pump then pay with a different card or cash if you want. Love it.

 

[JayhawkRoy]

Originally Posted By: Oldmoparguy1
Wonder if you can apply your rewards $$ against your CC bill? I can do that with my Amazon card.


To my knowledge no. However, I don't think any of us has redeemed the rebate checks under the new Citibank regime. My best recollection is that the rules are the same for the rebate checks as under AMEX. I would prefer to apply rebates to my credit card bill, but I don't think that is an option.

 

[NYSteve]

Originally Posted By: Spooled
There is a Citi rebate that is cash back and Executive Member rebate that is separate. The Executive rebate is the one that is only for Costco purchases.


You can take the executive rebate to the customer service desk and ask for cash as the above poster said...

 

[veryHeavy]

Originally Posted By: Throt
I don't have their card yet but I LOVE Costco.

I love their gas.
It's already very cheap, plus I get another ~6 cents per gallon with my AAA autoclub Visa. (In other words instead of paying $1.90, I pay $1.84 per gallon.) Even Arco is not that cheap.

 

[WishIhadatruck]

The only way to get your money is to get the check once per year. I always cash mine at the check-out when buying something else. They give me cash and I charge what I'm buying on my card again to earn more.

 

[CKN]

Originally Posted By: WishIhadatruck
The only way to get your money is to get the check once per year. I always cash mine at the check-out when buying something else. They give me cash and I charge what I'm buying on my card again to earn more.



+1 No need to go to the customer service desk. They will cash it at the register. You don't even have to buy anything.

 

[Yah-Tah-Hey]

Wish we had one closer than 100 miles. Sams Club just doesn't get it. Can't depend on anything being on the shelf the next time you need it.

 

[Nate1979]

Originally Posted By: HosteenJorje
Wish we had one closer than 100 miles. Sams Club just doesn't get it. Can't depend on anything being on the shelf the next time you need it.


Costco has certain items all the time but they also will rotate items in and out with no guarantee they will come back.

 

[bepperb]

The 2% executive membership gives a once a year check.

The credit card also does a once a year check, separate from the above.

Both are redeemable for cash, unfortunately you cannot redeem the card bonus against your balance. I just tried to see. The site showing my reward balance literally says:

Cash back rewards are issued annually as a credit card reward certificate redeemable for cash or merchandise at U.S. Costco locations.
This credit card reward certificate will be mailed with your February billing statement and expires on December 31st of the year issued.