I am also debt free! But, I don’t get to Costco as often as I would like. And I do use my Costco visa. At the end of the year my rewards barely cover my renewal fee.
@@mrsjasonvoorhees5267 I use costco for gas. The difference in gas price compared to a normal gas station makes up for the 60$ annual membership at costco and then like 3 times after that in only a year. 32$ versus 40$ to fillup and if I fillup once a week thats 8$ in savings times 52 weeks in a year? Yeah its quite a bit of money and then just add on the free benefit of 4% cash back up to 7000$ on refilling per year and it literally makes so much sense for me to use it.
I have joined Redstone FCU for the CD rates and their Visa Signature rewards card 5x on gas and 3x at wholesale clubs among other multipliers. It beats Costco and Sam's branded cards
Is it correct that buying gas anywhere but Costco earns less than the 4% cash back? Please distinguish between buying at Shell, Exxon, Valero, etc. versus convenience store, superstores, etc.
Not exactly correct. Superstores, supermarkets, and warehouse clubs are self-explanatory. Basically, any Costco competitor that sells food, essential goods, and gas are only eligible for 1% cash back on gas. Convenience stores are tricky because most gas stations have convenience stores on the premises. It boils down to how a particular gas station/convenience store is coded. Some are coded as gas stations, which will get you the 4% cash back; but others are coded as convenience stores, which will only get you 1% cash back. Unfortunately, you won't know by the naked eye pulling up to get gas how an establishment is coded. You would either have to check your credit card statement to see which percent you got back or call the credit card company to see how it's coded. It could be helpful to know the coding of the stations nearest your home and job, so that you know which ones to frequent for the full 4% reward. Hope this helps to clarify! 💚
Clark is taking a quick break this week. The next new podcast episode of his show will air on July 8. We hope you take the time to catch up on any episodes you may have missed!
I got it as a backup CC for traveling/driving trips on West Coast mostly to buy gas, but also having experienced MC shutting down my main card due to fraud elsewhere & they were mailing me a new card (5 days). I don’t usually carry the Costco membership card so I discovered the ID alternative.
Would you mind reposting your comment? Our team did not intentionally remove it! We welcome your opinion and there are certainly other credit cards out there!
@@Clark yes .. I’ve posted comments before that were very informative and helpful and they too were deleted ..I know it’s always YT doing this ..and it’s not even anything Clark Team wouldn’t want me to share.
Your final thought about gas cash back is somewhat incorrect. You get 4% cash back at almost all gas stations, not just Costco. No other card gives 4% everyday cash back on gasoline almost everywhere else that is a standard gas station, everyday.
The terms & conditions state: "You will only earn 1% cash back, not 4%, for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco." Convenience stores is the tricky part because most gas stations have convenience stores on the premises. It boils down to how a particular gas station/convenience store is coded. Some are coded as gas stations, which will get you the 4% cash back; but others are coded as convenience stores, which will only get you 1% cash back. Unfortunately, you won't know by the naked eye pulling up to get gas how an establishment is coded. Sounds like most of the gas stations in your area qualify. That's great! 👏👏💚
Once per year may seem rigid to people who are used to receiving their credit card rewards, monthly. Additionally, the hassle of taking your rewards certificate in-store and being at their discretion if you can receive cash or products may also feel rigid to some people. 💚
I've used Costco cards for years and love them. I pay it off immediately and am completely debt free as well (including house )
Way to go! 👏👏👏
😩🤣🥹
I am also debt free! But, I don’t get to Costco as often as I would like. And I do use my Costco visa. At the end of the year my rewards barely cover my renewal fee.
Is the cash back enough to be worth the interest charged?
@@mrsjasonvoorhees5267 I use costco for gas. The difference in gas price compared to a normal gas station makes up for the 60$ annual membership at costco and then like 3 times after that in only a year. 32$ versus 40$ to fillup and if I fillup once a week thats 8$ in savings times 52 weeks in a year? Yeah its quite a bit of money and then just add on the free benefit of 4% cash back up to 7000$ on refilling per year and it literally makes so much sense for me to use it.
Despite slightly better benefits, I felt the AMEX card was better as CITI's customer service is abysmal.
I have joined Redstone FCU for the CD rates and their Visa Signature rewards card 5x on gas and 3x at wholesale clubs among other multipliers. It beats Costco and Sam's branded cards
I learned a lot thank you! I thought I knew everything about my Costco Visa card.
Is it correct that buying gas anywhere but Costco earns less than the 4% cash back? Please distinguish between buying at Shell, Exxon, Valero, etc. versus convenience store, superstores, etc.
Not exactly correct. Superstores, supermarkets, and warehouse clubs are self-explanatory. Basically, any Costco competitor that sells food, essential goods, and gas are only eligible for 1% cash back on gas. Convenience stores are tricky because most gas stations have convenience stores on the premises. It boils down to how a particular gas station/convenience store is coded. Some are coded as gas stations, which will get you the 4% cash back; but others are coded as convenience stores, which will only get you 1% cash back.
Unfortunately, you won't know by the naked eye pulling up to get gas how an establishment is coded. You would either have to check your credit card statement to see which percent you got back or call the credit card company to see how it's coded. It could be helpful to know the coding of the stations nearest your home and job, so that you know which ones to frequent for the full 4% reward.
Hope this helps to clarify! 💚
There’s also no foreign transaction fees with this card.
Please do more credit card reviews, thanks
Thanks for your feedback! 💚
Great video, Michael! Nice presentation and very informative!!! Will be following for sure.
No Clark Howard show today?
Clark is taking a quick break this week. The next new podcast episode of his show will air on July 8. We hope you take the time to catch up on any episodes you may have missed!
I got it as a backup CC for traveling/driving trips on West Coast mostly to buy gas, but also having experienced MC shutting down my main card due to fraud elsewhere & they were mailing me a new card (5 days). I don’t usually carry the Costco membership card so I discovered the ID alternative.
This guy talks so much faster than Clark,mi had to slow him down😂 but I like his information
Crazy how my comment highlighting better card was deleted. Still love this show though 😊
Would you mind reposting your comment? Our team did not intentionally remove it! We welcome your opinion and there are certainly other credit cards out there!
@@Clark yes .. I’ve posted comments before that were very informative and helpful and they too were deleted ..I know it’s always YT doing this ..and it’s not even anything Clark Team wouldn’t want me to share.
Very informative video Michael. Thank you for sharing
Add the less known benefit of NO fees when you use the card outside the US.
My other grocery card is way better for gasoline, nearly a dollar off per gallon most times.
This card would be so much more attractive if it gave 2.5%-3% on Costco purchases.
I was thinking that.... the Amazon Credit card gives you 5% back on Amazon purchases! 2% is nothing..... but the 4% sounds good.
Good job uncle Michael!
Your final thought about gas cash back is somewhat incorrect.
You get 4% cash back at almost all gas stations, not just Costco.
No other card gives 4% everyday cash back on gasoline almost everywhere else that is a standard gas station, everyday.
Correction: I have a credit union credit card and it rewards me 4% for gas anywhere fill up.
The terms & conditions state: "You will only earn 1% cash back, not 4%, for gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco."
Convenience stores is the tricky part because most gas stations have convenience stores on the premises. It boils down to how a particular gas station/convenience store is coded. Some are coded as gas stations, which will get you the 4% cash back; but others are coded as convenience stores, which will only get you 1% cash back. Unfortunately, you won't know by the naked eye pulling up to get gas how an establishment is coded.
Sounds like most of the gas stations in your area qualify. That's great! 👏👏💚
I just used costco credit card to rent car. Save $15 a day on second driver charge.
Is this a card benefit, or just because you rented the car through Costco?
Nothing Rigid about the cash back rewards, it's simple, once per year.....how is that an issue in any way.
Once per year may seem rigid to people who are used to receiving their credit card rewards, monthly. Additionally, the hassle of taking your rewards certificate in-store and being at their discretion if you can receive cash or products may also feel rigid to some people. 💚
Seems you didn’t know every other card lets you get your rewards whenever you want ..
@@Clark
You don't have to take it to the store
IfItypeinthecommentssectionthewaythatsoftwareeditsoutthetimebetweenwords,woulditmakeadifference?
We don't have any credit cards & will not start any time soon. No Costco membership either! Oh, and we are debt free!
So you can’t use credit cards and pay them off before they’re due and be debt free?
I guess you don’t like cash back?
Debt free here too but have the CitiVisa Costco card and enjoy healthy cash back from using the card!
Kudos for being debt free! 👏👏👏
@@speedlever This is how you do it! 🙌
@@billmulvihill8452 💯 You sure can have credit cards and be debt free!
Nice job Team Clark .. .. great info and well presented by Michael Carvell.. more of these helpful segments please ..! 🩵 😊