What's The Difference Between The Costco Anywhere Visa Card And The Costco Executive Membership?

If you love a deal, you've probably well aware of Costco by now. And if you already love Costco, you've probably started looking into the wholesaler's various membership options. There are a few options to choose from, and to make matters confusing, there's also a co-branded credit card, the Costco Anywhere Visa Card. But, the Visa card is very different from a regular membership card, including the top tier Executive Membership. In fact, you can't even apply for the Anywhere Visa Card unless you're already a Costco member.

The Costco Anywhere Visa Card is only available to those with active Costco memberships, according to Citibank. So, you need to pay for a membership with the store before applying for the credit card. It's also worth nothing that the annual cost of your membership won't be covered by the credit card in the future, however, there is no annual fee attached to the Anywhere Visa Card, so at least it isn't an added cost.

There are three types of Costco memberships: Gold Star, Business, and Executive Membership. You can apply for the Anywhere Visa Card with any membership tier, but the Executive has the most benefits. It comes with discounts on Costco services, like insurance, and an annual 2% reward on qualifying purchases. There are also other small perks like lower prices on check printing, auto buying, and travel purchases. However, the annual fee is $130, which is double the price of Gold Star. Here's a breakdown of the other Gold Star and Executive Costco Memberships differences if you want to learn more.

The Costco Anywhere Visa Card is a payment card, rather than a membership card alone. All you do with an Executive Membership card is use it as proof of membership at a Costco store (as well as get all the perks, of course), whereas the Costco Anywhere Visa Card can be used to pay for purchases anywhere Visa is accepted. The Anywhere Visa Card also doubles as a Costco membership card for when you shop in the store. It will have your photo and membership number, so you won't have to carry both cards with you.

The Costco Anywhere Visa Card also has more benefits than the Executive Membership. There's 5% cash back on gas purchased at Costco and 4% back on gas or EV charging purchased at other eligible stations. There's also 3% back on restaurants and travel, 2% back on Costco purchases, and 1% back on all other purchases. Plus, there's no foreign transaction fees, so it's perfect to support those travel buys.

However, it's important to remember that the Costco Anywhere Visa Card is a credit card. You'll have a monthly bill and there's an 19.49% to 27.49% APR, which is determined by your creditworthiness. The only cost ever associated with your Executive Membership is the annual flat rate fee. And you don't need to only pay with a credit card at Costco — here's every way you can pay at Costco both in store and online. 

If you already use a credit card to shop at Costco, then the Anywhere Visa Card might not be a bad addition to your wallet. This is especially the case if you're trying to choose between either upgrading to an Executive Membership from a Gold Star Membership or applying for the credit card. The Executive Membership will cost you an extra $65 every year, whereas applying for the Visa card will be free — and it will come with more benefits. Downgrading from an Executive Membership can also be annoying if you end up changing your mind in the future. 

If you already have an Executive Membership and are wondering if you can get the Costco Anywhere Visa Card as well, then the answer is yes. And this might also be a good idea if you're a frequent Costco shopper, or use a lot of gas. You'll still get your 2% cash back from Costco, plus the cash back from Citibank, as they are separate entities. Both reward certificates will come once a year — after your February statement closes for Citibank and two months prior to your annual renewal month from Costco. 

That seems like a win-win if it suits your lifestyle — and let's face it, we can all spend some money at Costco, especially when it comes to underrated Costco snacks and Kirkland Signature items. You can even buy kitchen flooring at Costco, but we'll save that for another time.