Update: This offer is expired.
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It’s now official, Costco no longer accepts American Express cards and has now switched over to Visa. Costco has also swapped the co-branded Costco True Earnings Card From American Express with the Costco Anywhere Visa Card by Citi. This new credit card, is available both in a personal version and a business version and is available only for Costco members.

The new Costco Anywhere card has some nice new benefits, including:

• 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter
• 3% cash back on restaurants and eligible travel purchases
• 2% cash back on all other purchases from Costco and Costco.com
• 1% cash back on all other purchases

As you can see, this card is especially good for gas spend, as you’ll get a whopping 4% cash back on the first $7,000 on most gas purchases per year! (You will only earn 1% cash back, not 4%, for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco or for fuel used for non-automobile purposes.)

You’ll also get a nice 3% back on restaurant and travel expenses and 2% back on all Costco purchases. Just bear in mind that rewards are only paid out once per year via a check that can only be cashed in Costco stores.

This card also offers an introductory rate of 0% for 7 months from date of account opening on purchases.

Downside to this card…no signup bonus.