Costco True Earnings Credit Card

By: EconomyWatch   Date: 6 October 2010

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Costco Wholesale Corporation offers the Costco Card in collaboration with American Express. Members can access Costco stores after depositing $50 as an annual membership fee.

Incorporated in 1983 in Seattle, Washington, Costco Wholesale Corporation is a chain of retail stores. The company sells food items, furniture, office supplies and jewelry in bulk. Apart from the US, Costco has also opened stores in Puerto Rico, Canada, Mexico, The United Kingdom, Japan, South Korea and Taiwan. As far as its sales volumes are concerned, Costco Warehouse is the world’s largest membership warehouse club chain. Costco Warehouse is also America’s fifth largest general retailer.

Costco True Earnings Credit Card: Features

The primary features of the Costco Card include:

  • Purchase interest of 13.24%
  • No annual fee
  • An introductory rate is applicable for the initial three months
  • The transfer interest is 1.99% for the initial six months
  • The grace period for payment is 20 days

Costco True Earnings Credit Card: Rewards and Benefits

The Costco Card offers several rewards and benefits, such as:

  • When a member makes his/her first purchase using the Costco card, s/he becomes eligible for a $25 statement credit.
  • Members can earn cash backs almost everywhere. For example, 3% cash back is awarded for gasoline (for up to $3,000 in annual gasoline purchases and 1% thereafter) and restaurants, 2% for travel and 1% for purchases made at Costco or any other store.
  • Members can use their Costco True Earnings credit card as their Costco Membership Card as well as American Express Credit Card.
  • One can earn unlimited cash back. Higher cash backs can be earned by getting an additional card for your family member by signing up for him/her.
  • Excellent customer care available 24/7.
  • Members are offered various services, such as extended warranty, the Global Assist® Hotline and purchase protection.
  • Every year, the cardholder receives one cash rebate coupon that can be redeemed for merchandise or cash at a US Costco store.

Costco True Earnings Credit Card: Restrictions

There are restrictions applicable on the Costco card, including:

The APR is variable. The process of determining the APR for purchases as well as future balance transfers includes the prime rate plus 9.99%. In case of cash advances, an APR of 17.99% is added to the prime rate. For default accounts, the APR is calculated by adding 23.99% to the prime rate every month.

  • A late fee is applicable depending upon the balance. For balances equal to or greater than $400, the late fee is $35 and for balances less than $400, the late fee is $15.
  • Dishonored checks attract a fee of $38.

‘Costco Card’ and ‘Costco True Earnings Credit Card’ are the trademarks of the Costco Wholesale Corporation, who can be found at www.costco.com


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