By negotiating an exclusivity deal with Visa, though, Costco was able to drastically lower its interchange fees to below 0. With such low credit card fees, Costco is able to keep its prices low. At Costco and other warehouse stores, the revenue margin is fairly small, because they sell the goods for close to wholesale price. This means that every little bit of savings helps the company — and benefits you by keeping the prices low. Costco gas stations and Costco car washes, however, do not accept cash, checks or EBT.
If a Costco member buys you a store gift card, aka Costco Cash Card, you can use it in the store without a membership. Costco no longer accepts American Express cards. Click here to read our full advertiser disclosure. We may receive a commission when you click on links for products from our affiliate partners. Here are some cards that can be used at Costco warehouses:. Here's how to cancel your Costco membership New Google Pay app update offers more ways to pay, save and get insights into your money.
Here are the best ways to pay Brett Holzhauer Morgan Stanley, American Express announce new cash-back credit card for brokerage clients Elizabeth Gravier. They do not accept Mastercard, American Express, or Discover cards. History: For 16 years, Costco accepted only American Express credit cards due to an exclusive partnership.
But a few years ago, the retailer made the switch to Citi Visa. The branded cards also switched over at that time, and cardholders received the Costco Anywhere Visa Card. Here are some of the top contenders that can help you earn generous rewards on Costco purchases:. The generous bonus points on travel and dining make this card a great choice if you enjoy traveling and could take advantage of the extra perks, such as no foreign transaction fees.
That said, you could potentially earn more points by using a card with higher cashback value, like the Chase Freedom Unlimited, and then moving the points to your Chase Sapphire Preferred Card.
If you can remember to activate your bonus category each quarter, you can stack up a lot of rewards by using your Chase Freedom Flex for shopping in each category. Note: If you still have the older Chase Freedom Card, you can also take advantage of when the rotating bonus category applies to wholesale clubs. The card has an APR based on your creditworthiness of However, a sign-up bonus of no interest for 15 months also applies to balance transfers made in the first six months.
The U. This is a great option when you foresee spending more on certain items. Categories include furniture, electronics, sporting goods, select clothing and department stores, as well as utilities, streaming and internet service. You can earn two points for every dollar spent on travel or dining.
In addition, cardholders can earn 2X on grocery purchases through the end of the year. All other purchases accrue at 1. Interest varies between Cash out your rewards by applying the amount you choose to a statement balance, transferring to a Bank of America checking or savings account, choosing a gift card or redeeming for travel through the Bank of America Travel Center.
To start, Costco only accepts Visa as a credit card form of payment. To select the best Visa credit cards, we looked at over two dozen options and compared fees, rewards available and special features. The cards selected provided the best combination of factors. Some of the larger credit card providers such as Chase offer several rewards cards, all with attractive features.
To provide you with a variety of options from different financial institutions, we picked one "best" credit card per issuing bank based on the highest potential to earn rewards. When deciding on what type of Visa would complete your checkout journey at Costco best, there are several things to consider.
Credit score plays a big role on what type of card you'd be approved for. Premium Visa credit cards with travel perks and concierge service often require very good to excellent credit. However, there are rewards cards that allow you to earn miles and cash-back rewards with fair credit.
Think about how much spending you plan on doing at Costco and in general. Is an annual fee worth it? Unless you plan on regularly using the associated rewards, such as free travel redemptions, choosing a card with no annual fee may be the wisest choice. Otherwise, the rewards earnings could get swallowed up by the annual fee.
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