Summary
Costco has increased the cashback rate for gas purchases using its Costco Anywhere Visa Card to 5% at its fuel stations, up from 4%. The change could allow cardholders to earn up to $350 in cash back annually on gas, compared to a previous $280. This incentive is part of Costco's efforts to enhance membership value and retain its paid membership base.
Key Facts
- Costco raised the cashback on gas purchases at its stations to 5% for its co-branded Visa card.
- The previous cashback rate for Costco gas was 4%.
- Cardholders can earn up to $350 annually in gas cashback, up from the previous $280.
- The offer applies only to gas bought at Costco stations, not elsewhere.
- After spending $7,000 annually on gas and EV charging, the cashback rate drops to 1%.
- Other cashback rates include 3% at restaurants and for travel, 2% at Costco stores, and 1% on other purchases.
- The Costco Visa card has no annual fee but requires a Costco membership.
- Rewards are issued yearly and can be redeemed for cash or merchandise at Costco.
