Costco Business Credit Card Review 2024

Unlike most credit cards, becoming eligible for the Costco Business Credit Card from Citi requires you to have a Costco membership. Once you’re a Costco member, you’ll need to ensure that you have an excellent FICO credit score and that you have all of the required documentation you’ll need to open up a credit card in your company’s name:

• FICO credit score ranging from 720–850 (i.e., excellent credit)
• Proof of business registration documentation
• Costco membership

Once these requirements have been met, you can submit your application and begin using your card. 

The Costco Business Credit Card has excellent cash back rewards when compared to other cards available on the market. If you frequently find yourself purchasing business equipment or inventory from Costco, a warehouse store, then this is a great card to consider having in your arsenal moving forward.

• 4% cash back on gas and electric vehicle charging with Costco
• Simple cash back rewards redemption process
• Citi entertainment and Citi concierge benefits
• $0 annual fees
• No foreign transaction fees
• Purchase protection and early fraud detection

• Requires an active Costco membership to apply and qualify
• Has a cap on gasoline rewards
• No welcome bonus included
• If you cancel your Costco membership, your credit card will be canceled, and you’ll lose accrued rewards

Let’s take a look at the features and fees of the Costco Business Credit Card and how they can impact your decision to obtain this card for you and your employees. It’s unquestionable that the cash back benefits the Costco Business card offers are nearly unmatched, especially if you frequently shop in the Costco ecosystem, whether that be inventory for your business, office supplies, or gasoline. 

The fact that this credit card has no annual fee is another bonus, and no foreign transaction fees make it a great option for anyone who travels internationally for business purposes. Let’s dive into this card’s fees and features.

• 4% cash back on eligible gas and electric vehicle charging purchases with Costco
• 3% cash back on eligible travel purchases and restaurants
• 2% cash back for purchases at Costco and Costco.com
• 1% cash back on all other purchases
• No foreign transaction fees
• $0 annual fee
• Early fraud warning detection and purchase protection
• Citi entertainment and Citi concierge benefits

• Purchase APR: 18.24% variable
• Cash Advance APR: 28.24% variable

• Cash Advance Fee: 5% of the amount or $10 (whichever is greater)
• Late Payment Fee: $41
• Returned Payment Fee: $41
• No annual fee

Choosing the right card for your business can be a daunting decision, but after looking at the rewards, benefits, interest rates, and fees — and weighing them against one another — the potential for cash back, no foreign transaction fees, and premium Visa benefits greatly outweighs the negatives. If your business doesn’t carry a large balance and doesn't make late payments, you should have no problems maximizing the rewards of this card.

To summarize the benefits of the Costco Business Credit Card for startup founders and entrepreneurs, we can confidently say that anyone who frequently purchases inventory, office supplies, gasoline, or other products from Costco warehouse stores will maximize their credit card benefits. 

The cash back rates available with this card are unmatched by most other cash back cards available to business owners today. The opposite also holds true for businesses that don’t frequently shop at Costco; if you currently fall into this category, it may be worth looking into more broad-based rewards business cards that’ll allow you to maximize your benefits year-round without having to worry about making a certain amount of purchase at Costco locations. 

All in all, the Costco Business Credit Card is an excellent option for business owners who want to maximize their cash back rewards and have the ability to take advantage of premium Visa benefits in the process.