Costco Citi Visa annual reward; Executive Member annual reward redemptions

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heartwood
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Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by heartwood »

We haven't been in a Costco store since March 2020 because of covid concerns. We have no intention of entering one anytime soon.

Today I got an email notifying me that my Costco Citi Visa Annual Reward certificate would be sent with my February statement. I checked the FAQs and find no way to cash it without going into a store. I tried calling and got a long wait time.

The FAQs state " Requests to redeem the certificate for
cash may be fulfilled in an alternative form (e.g., a check or electronic transfer), at
Costco’s discretion. Please note that the certificates cannot be redeemed at
Costco.com, Costco Travel, or on the Costco Mobile® App and cannot be used as
payment on your Costco Anywhere Visa® Card account."

I assume that my Executive Membership Reward will continue to have the same restriction as in the past, i.e., cash in a warehouse. So the same problem.

Anyone have any experience and success in past years in requesting a check(s) be mailed to you? If so please share how to get it done.

Thanks
benderbr
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by benderbr »

I don't think it expires. Simplest option is to hang onto it and use it in store when you're comfortable doing so.
SpaethCo
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by SpaethCo »

Terms for the Executive Member benefits have changed in 2021. While the Citi certificate can still be redeemed for cash at customer service, the Costco issued certificate can not.

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ray.james
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by ray.james »

Here is what we usually did. Following the reward certificate, the next time we bought in Costco we pay with reward certificate and the balance is returned in cash. I do not think there is a direct online redemption.
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sport
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by sport »

SpaethCo wrote: Thu Jan 28, 2021 1:48 pm Terms for the Executive Member benefits have changed in 2021. While the Citi certificate can still be redeemed for cash at customer service, the Costco issued certificate can not.

Image
If I cannot redeem my Executive certificate for cash, I will make a small purchase with it and ask for change. I want to make my purchases on the credit card for that rebate.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Da5id »

sport wrote: Thu Jan 28, 2021 2:01 pm If I cannot redeem my Executive certificate for cash, I will make a small purchase with it and ask for change. I want to make my purchases on the credit card for that rebate.
I'll do the same. If I use it directly for a purchase, I don't get my 7.5% back (currently using Chase Freedom for 5% -> CSR 1.5 cents per point). So on the ~$200 rebate I lose $15 if I can't get cash. Not the biggest deal in the world, mind you, but I'd rather have the $15.
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heartwood
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by heartwood »

did a chat with Costco. you can get a Shop Card after you mail in your Exec Reward.

Shop Card can be used online.

see details here:
https://customerservice.costco.com/app/ ... ertificate

update: they said I have to ask CITI re that reward. Like I'm the only one who doesn't want to go into a warehouse. Or Costco and Citi haven't thought of this.

Insulting.

I had to ask the Costco chat rep twice to pass on my concerns to management before it was acknowledged.
30west
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by 30west »

My last check was about $800. I got groceries at our Costco, but the till didn't have enough cash (it was early in the day) so they cut me a check for the ballance BUT i had to wait an hour for them to do it. It was a bit of a pita.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by heartwood »

I know how it was done in the past, no problems.

I'm saying I will not go into a warehouse to cash a voucher. i have not been to a warehouse since March because of covid. I asked whether anyone was successful at cashing vouchers w/o going into a warehouse. Looks like, so far, no one has.

As I noted above Costco will now, because of covid, let you send in the certificate and get a Shop Card back in the mail. It can be used at costco.com

Costco referred me to citi re the Costco Citi Visa. I went there and chatted. I was told twice to ask Costco. I told them 2x that costco referred me to them. Then I was told to come back to them after I actually got the reward. I asked 3x to mention the request to management. I don't think I ever got a "yes, I will"; even costco said they would refer it upwards.

With no response coming, I asked for the CITI ceo's name and contact information. I found it on google while waiting for the rep to find it. It probably wasn't her fault; it's lack of foresight to give her the right answers. It's poor that they have no response other than come into the warehouse at this point.

I did send an email to the CEO of Citi.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by djmbob »

I don't recommend using the rebate award toward your purchases. Ask them to cut you a check in the store, then deposit the check. If you use the rebate towards your purchase, you won't earn a rebate for that amount of your purchase! :oops:
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Random Musings
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Random Musings »

Ours cuts checks all the time. With all the annual rewards, and number of members at our store, they don't want to carry that much cash on hand. We are talking about millions of $ of annual rewards at our store.

RM
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by teacher »

I'm so glad I came across this thread. I had no idea Costco was ending their cash reward. My reward will be quite large ($715) as we are big fans of Costco, so I'm hoping they won't balk at giving cash back after a purchase or cut a check.

I wonder why they changed their reward format. It's definitely a detriment to the member as using the reward certificate for purchase does not earn points toward the reward certificate next year.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by TTGO808 »

I just take my rewards certificate to the membership services desk and they it all out in cash. Mine is usually between $200-300.
Da5id
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Da5id »

TTGO808 wrote: Thu Jan 28, 2021 9:30 pm I just take my rewards certificate to the membership services desk and they it all out in cash. Mine is usually between $200-300.
The whole point of this post is that the policy allowing this for the Costco Executive check has changed in 2021. See the quoted policy upthread. I'll probably try it anyway, but that isn't the policy now. Some suggested buying something small and getting the rest in change at a register as a work around.
slidecreek
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by slidecreek »

Based on the long lines and zero available parking at my local Costco's, even with extended hours, I think the number of people avoiding shopping there is extremely small.

That said, I am sure if you keep escalating this, Citi and Costco will make it right.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by TheDDC »

Da5id wrote: Thu Jan 28, 2021 9:36 pm
TTGO808 wrote: Thu Jan 28, 2021 9:30 pm I just take my rewards certificate to the membership services desk and they it all out in cash. Mine is usually between $200-300.
The whole point of this post is that the policy allowing this for the Costco Executive check has changed in 2021. See the quoted policy upthread. I'll probably try it anyway, but that isn't the policy now. Some suggested buying something small and getting the rest in change at a register as a work around.
I really never ask for cash when I bring my Citi reward certificate back in. The only time I ever get cash is when I forget to tell them I want a check and they end up giving me cash and I don't bother. Take a check, mobile deposit that check, then stop at an ATM (usually there is one at Costco by the door). Problem solved.

Just have them give you a check. Cash != check.

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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Point »

Double mask, wear gloves, go in when they first open because there are no lines at the cashier and get it done.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Da5id »

TheDDC wrote: Thu Jan 28, 2021 10:00 pm
Da5id wrote: Thu Jan 28, 2021 9:36 pm
TTGO808 wrote: Thu Jan 28, 2021 9:30 pm I just take my rewards certificate to the membership services desk and they it all out in cash. Mine is usually between $200-300.
The whole point of this post is that the policy allowing this for the Costco Executive check has changed in 2021. See the quoted policy upthread. I'll probably try it anyway, but that isn't the policy now. Some suggested buying something small and getting the rest in change at a register as a work around.
I really never ask for cash when I bring my Citi reward certificate back in. The only time I ever get cash is when I forget to tell them I want a check and they end up giving me cash and I don't bother. Take a check, mobile deposit that check, then stop at an ATM (usually there is one at Costco by the door). Problem solved.

Just have them give you a check. Cash != check.

-TheDDC
This is the executive member annual reward, a separate deal than Citi reward check. Seems like policy on exec annual reward has changed.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by SpaethCo »

djmbob wrote: Thu Jan 28, 2021 6:43 pm If you use the rebate towards your purchase, you won't earn a rebate for that amount of your purchase! :oops:
Your purchases will still count towards your 2% Executive Reward next year. You're correct, however, that you'll miss out on any potential credit card rewards on that same spending.

For now it appears you can get cash for the unused amount of the Executive Member certificate at the front lanes, but the rumor is that could change to the balance only being placed on a Costco Cash Card starting next year. They really want to steer those dollars directly back into merchandise sales.

I posted the policy so people don't waste their time standing in line only to be told "no" at customer service. I love optimizing cash back as much as the next person, but I'm not sure it's worth getting to bent out of shape over this change. A couple percent of your Executive Member certificate is too small to even be a rounding error in relation to your annual cashflow.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by TheDDC »

Da5id wrote: Thu Jan 28, 2021 10:11 pm
TheDDC wrote: Thu Jan 28, 2021 10:00 pm
Da5id wrote: Thu Jan 28, 2021 9:36 pm
TTGO808 wrote: Thu Jan 28, 2021 9:30 pm I just take my rewards certificate to the membership services desk and they it all out in cash. Mine is usually between $200-300.
The whole point of this post is that the policy allowing this for the Costco Executive check has changed in 2021. See the quoted policy upthread. I'll probably try it anyway, but that isn't the policy now. Some suggested buying something small and getting the rest in change at a register as a work around.
I really never ask for cash when I bring my Citi reward certificate back in. The only time I ever get cash is when I forget to tell them I want a check and they end up giving me cash and I don't bother. Take a check, mobile deposit that check, then stop at an ATM (usually there is one at Costco by the door). Problem solved.

Just have them give you a check. Cash != check.

-TheDDC
This is the executive member annual reward, a separate deal than Citi reward check. Seems like policy on exec annual reward has changed.
Costco exec member here as well. No, the wording you point out was the same at the time I brought in my Exec Rewards check in December and guess what? I forgot to ask for a check as I normally would when I brought it to the counter and they gave me cash then as well. In my previous post I also took note of language which clearly refers to "CASH", which they also offered.

Again, just to state the obvious, however: cash != check.

-TheDDC
Last edited by TheDDC on Thu Jan 28, 2021 11:20 pm, edited 1 time in total.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by TheDDC »

Point wrote: Thu Jan 28, 2021 10:02 pm Double mask, wear gloves, go in when they first open because there are no lines at the cashier and get it done.
Triple mask, wear a hazmat suit just to be safe.

Seriously people... Go out and SPEND MONEY. We needs more stimulatin'! Don't wait for your orders from headquarters. My Costco is back to normal in terms of cars in the parking lot.

-TheDDC
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Normchad »

Anybody remember when these things expire? I thought mine expire in August or September.

I certainly understand not wanting to go to Costco right now. We might all feel differently about it nearer to the expiration dates.

And if I don't, then I guess I'll just lose out.

FWIW, mine is usually 700-1100 bucks, and I *always* cash it out at the store; usually the day I get it......
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by frequentT »

Yes, if eligible, go for senior hour, 9-10. You will find the warehouse clean, lightly populated and of course wide aisles. Wear whatever personal protective gear that makes you feel safe. Buy some of your favorites, cash out and your out of there in less than 15".
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by heartwood »

An update:

I emailed the Citi CEO late yesterday afternoon and received an email and a phone call early this morning from their executive center. They opened a case and promised a response in 15 days.

Late this afternoon I got an email saying the Costco Anywhere Visa Card Rewards Certificate with the Citi branding logo on it is owned by Costco and Citi does not have the ability to redeem it since it is owned by Costco.

It's strange to me that Costco has modified it's Executive Reward redemption to allow for mail redemption during covid, but there's no similar modification for the "Citi" reward program despite it's owning both.

As it stands now there is no rationale for me to use my Citi card since I'm unable to redeem rewards, albeit at my choice by refusing to go to a warehouse during covid.

I did ask Citi whom I might followup with at Costco.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by sport »

heartwood wrote: Fri Jan 29, 2021 4:38 pm As it stands now there is no rationale for me to use my Citi card since I'm unable to redeem rewards, albeit at my choice by refusing to go to a warehouse during covid.
Perhaps the availability of vaccines will enable you to go to Costco once again and thus solve your problem.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by SpaethCo »

Just to follow up - got the executive reward check in the mail today and this is one of the inserts.

Image
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by IMO »

In my opinion, coscto's handling of this has been downright poor. My high risk (Covid) elderly parent wanted to use her reward check. To avoid the risk, I took her card to the local costco and asked can I use her card to pay for purchases with her check due to the risks for her to come to the store. I even say Ill re-sign up/pay for my own expired membership to Costco (same last name). They check and say nope.

Since I had to still shop I get her supplies I get my card renewed even though I dont really shop at Coscto that much normally.

Couple months later, I find a reward check for $30 I never used and thought ok Ill use it at the costco self check out. Nope it doesnt work there. I go to customer service on way out, stand in line to see if they will cash it out for me. Nope, I MUST use the check ONLY at the long cashier serviced line.

Im over the overcrowded and overhyped Covid superspreader place. If overcrowded costco's were allowed to stay open makes no sense why 95% of small businesses / restaurants shouldnt have been allowed to stay open.

Do they fully refund my membership or just pro-rate it?
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Carl53 »

We had the Costco Executive Membership a couple years ago. The store was about an hour away and we only visited a few times. Originally bought it as we got a discount on a vehicle rental that saved much the cost of membership. We were upsold to the executive class with the promise that we would get rebates on our purchases and that they would refund the difference if rebates did not equal the extra cost. Never got a statement from them, nor rebate, nor refund of difference. Only got a bill that they were renewing membership, which we fortunately were able to cancel. DS and DDIL love Costco, (their fridge is always over filled with large packages of stuff that they pitch after using some), but it is not for us. Maybe the fine print said there was more hoops to jump through to get reimbursed, but I kind of felt it was a rip off.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by bwalling »

Carl53 wrote: Sun Feb 14, 2021 6:31 am We had the Costco Executive Membership a couple years ago. The store was about an hour away and we only visited a few times. Originally bought it as we got a discount on a vehicle rental that saved much the cost of membership. We were upsold to the executive class with the promise that we would get rebates on our purchases and that they would refund the difference if rebates did not equal the extra cost. Never got a statement from them, nor rebate, nor refund of difference. Only got a bill that they were renewing membership, which we fortunately were able to cancel. DS and DDIL love Costco, (their fridge is always over filled with large packages of stuff that they pitch after using some), but it is not for us. Maybe the fine print said there was more hoops to jump through to get reimbursed, but I kind of felt it was a rip off.
The difference goes towards the renewal membership. If you're a continual member, it's fine to opt for exec, and you get it back if it doesn't pan out. I believe you just have to go to the customer service desk if you want the refund and you're not renewing.
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heartwood
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by heartwood »

Update:

I made my first visit to a warehouse in over a year today. Wow, great to be back.

No problem getting cash for my Costco Citi Visa annual reward, except, at least in my warehouse, you must go to the checkout cashier. They would not cash it at Customer Service as in past years. I tried to get cash for my Executive Member Bonus at the same cashier after I'd already charged by purchases. No. The terms changed January 1 and you may only redeem the Exec Bonus for purchases, no cash. I went to Customer Service and they pointed out the certificate itself now says "no cash back". So a 2% loss on those purchases when I go back and buy something.

I've stopped using the Costco Visa. I no longer see waiting until March of next year as worth the hassle of 4% on gas (who drives anymore?) and 3% on restaurants. I'll take the 2% I get from Fidelity the next month directly credited to me. I'll probably drop my Exec Membership too. Most years we made back the $120 fee and a little more, often thanks to wine and liquor being before the registers in the stores we frequent. This year wasn't close. I'll request a refund when we go back again and just pay the regular $60 fee.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by beernutz »

heartwood wrote: Thu Mar 18, 2021 12:56 pm Update:

I made my first visit to a warehouse in over a year today. Wow, great to be back.

No problem getting cash for my Costco Citi Visa annual reward, except, at least in my warehouse, you must go to the checkout cashier. They would not cash it at Customer Service as in past years. I tried to get cash for my Executive Member Bonus at the same cashier after I'd already charged by purchases. No. The terms changed January 1 and you may only redeem the Exec Bonus for purchases, no cash. I went to Customer Service and they pointed out the certificate itself now says "no cash back". So a 2% loss on those purchases when I go back and buy something.

I've stopped using the Costco Visa. I no longer see waiting until March of next year as worth the hassle of 4% on gas (who drives anymore?) and 3% on restaurants. I'll take the 2% I get from Fidelity the next month directly credited to me. I'll probably drop my Exec Membership too. Most years we made back the $120 fee and a little more, often thanks to wine and liquor being before the registers in the stores we frequent. This year wasn't close. I'll request a refund when we go back again and just pay the regular $60 fee.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by BolderBoy »

SpaethCo wrote: Sat Feb 13, 2021 7:09 pm Just to follow up - got the executive reward check in the mail today and this is one of the inserts.

Image
Okay, you take your $300 reward check to Costco and buy $150 worth of stuff. At the checkout you present the reward check. Do you get $150 back in cash?
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by retire2022 »

IMO wrote: Sun Feb 14, 2021 1:46 am
Couple months later, I find a reward check for $30 I never used and thought ok Ill use it at the costco self check out. Nope it doesnt work there. I go to customer service on way out, stand in line to see if they will cash it out for me. Nope, I MUST use the check ONLY at the long cashier serviced line.
I went to the Brooklyn location, first time they had the self service check out. I checked out all my items, and the associate cashier told me to see the lady on the regular line to get rebate refund.

I brought my merchandise, and charged it with CitiBank Costco Visa, and took my rebate $107.72 to the cashier and got a cash refund.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by SpaethCo »

BolderBoy wrote: Thu Mar 18, 2021 9:43 pm Okay, you take your $300 reward check to Costco and buy $150 worth of stuff. At the checkout you present the reward check. Do you get $150 back in cash?
Today, yes.

Apparently there have been discussions about any remaining balance being placed on a Costco Cash card in the future, but for right now you can get any unspent certificate balance in cash.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by anon_investor »

SpaethCo wrote: Thu Mar 18, 2021 10:02 pm
BolderBoy wrote: Thu Mar 18, 2021 9:43 pm Okay, you take your $300 reward check to Costco and buy $150 worth of stuff. At the checkout you present the reward check. Do you get $150 back in cash?
Today, yes.

Apparently there have been discussions about any remaining balance being placed on a Costco Cash card in the future, but for right now you can get any unspent certificate balance in cash.
Can a Costco Cash Card be refunded for cash?
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by BogleFan510 »

At the store one can take the rewards cert to customer service and cash it, at least in California we can. In fact a checker suggested it when I was going to use it to pay, since I would gef extra rewards using card instead. I did this last week.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Derby »

My 91 yo bedridden father had a $200 reward from his Citi Costco Visa. I got bounced back and forth between Citi and Costco until someone finally said

"Yes, you are correct: sorry about your father, but unless he can appear in person, you can't get the $200."
Carpe Diem.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Normchad »

BolderBoy wrote: Thu Mar 18, 2021 9:43 pm
SpaethCo wrote: Sat Feb 13, 2021 7:09 pm Just to follow up - got the executive reward check in the mail today and this is one of the inserts.

Image
Okay, you take your $300 reward check to Costco and buy $150 worth of stuff. At the checkout you present the reward check. Do you get $150 back in cash?
I took both my checks to the checkout. Bought about $10 of stuff, and walked out with $700 in cash.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Da5id »

Derby wrote: Fri Mar 19, 2021 7:17 pm My 91 yo bedridden father had a $200 reward from his Citi Costco Visa. I got bounced back and forth between Citi and Costco until someone finally said

"Yes, you are correct: sorry about your father, but unless he can appear in person, you can't get the $200."
My parents both died last year and Costco let me (with death certs) cash their check and refunded rest of membership. I later got probate letters letting me act for the estates but Costco didn't ask for them when I cashed the check. Wonder if you had a POA if you could do it?
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by koryg75 »

Not to minimize the seriousness of anything, but has there been even one story of”superspreading” at Costco? Wear a mask and gloves and go cash your rebate. Not need to overthink this.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Da5id »

koryg75 wrote: Sat Mar 20, 2021 8:25 am Not to minimize the seriousness of anything, but has there been even one story of”superspreading” at Costco? Wear a mask and gloves and go cash your rebate. Not need to overthink this.
While I agree with you for my risk tolerance, I find as a general rule not arguing with others about what they are ok with for their personal safety is the way to go.
JackoC
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by JackoC »

heartwood wrote: Thu Jan 28, 2021 1:34 pm We haven't been in a Costco store since March 2020 because of covid concerns. We have no intention of entering one anytime soon.

Today I got an email notifying me that my Costco Citi Visa Annual Reward certificate would be sent with my February statement.
On the second sentence I'm a little puzzled. Do you mean your 2% reward certificate as Executive member and how does it relate to Citi Visa? I ask because up to now we've been Executive members for some years with no Costco Citi Visa, and get the reward certificate in the mail annually. We just signed up for the Costco Citi Visa card in view of the up to 4 yr warranty it can give you on major appliance/electronic items, though the cash back is inferior to the way we spend at Costco generally*. Are you saying your Costco Visa cash back (from Citi) somehow gets combined with your Executive member 2% from Costco?

On the first I agree with recent post, don't argue with people about their risk tolerance (also people can be member of groups with widely varying statistical likelihood of very bad outcome from COVID infection). We've gone to Costco all along during COVID. One time it was worrisome, near the beginning when people were panic buying but our Costco hadn't imposed any special policies: cart gridlock with masses of people in close proximity. But they soon started limiting customer numbers and requiring masks and we've been comfortable going since. Although some people report Costco is stricter about COVID precautions in their area than other stores and that's not true here (NJ), all stores basically same per state mandates (I'm not saying anything socio-political about how much difference stricter/looser mandates make in a state's overall COVID rate, you can look that up and argue the results elsewhere).

As was said, getting down to the penny, cashing in the certificate allows you to spend that cash with a cash back CC on goods/services where you wouldn't get that CC cash back by spending the certificate itself on goods/services, but you do get the 2% Executive from Costco by showing your membership card, on qualifying items, regardless of payment method. I confess we don't jump through the hoop of cashing the certificate.

*we normally get 5.25% cash back buying Costco Shop Cards online with BOA Cash Rewards card, Platinum Honors level, plus 2% from Costco Executive membership when we *spend* the Shop Card, 7.25% total at the margin (though sunk cost of $60/yr more for Executive), though not 2% from Costco from *buying* the Shop Card. Some people get mixed up about this and claim it's not really 7.25% because of the latter statement. It *is* 7.25%, the latter statement means it's not 9.25%. The Costco Visa gives only 2% cash back from Citi plus 2% from Executive membership.
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heartwood
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by heartwood »

JackoC wrote: Sat Mar 20, 2021 11:54 am
heartwood wrote: Thu Jan 28, 2021 1:34 pm We haven't been in a Costco store since March 2020 because of covid concerns. We have no intention of entering one anytime soon.

Today I got an email notifying me that my Costco Citi Visa Annual Reward certificate would be sent with my February statement.
On the second sentence I'm a little puzzled. Do you mean your 2% reward certificate as Executive member and how does it relate to Citi Visa? I ask because up to now we've been Executive members for some years with no Costco Citi Visa, and get the reward certificate in the mail annually. We just signed up for the Costco Citi Visa card in view of the up to 4 yr warranty it can give you on major appliance/electronic items, though the cash back is inferior to the way we spend at Costco generally*. Are you saying your Costco Visa cash back (from Citi) somehow gets combined with your Executive member 2% from Costco?

...
No, they were not combined at all. We got one certificate from Citi Visa and a 2nd from Costco Executive membership.

Reading other responses it seems cashing them may vary from location (state?) to location. We went first to Customer Service to get cash for each and were told no, must go to a checkout cashier. We shopped, paid on a Fidelity Visa, then presented the 2 vouchers after our transactions were complete expecting to get the full value of the vouchers. No problem getting cash for the Citi Visa voucher, but was turned down to cash the Executive voucher and told we could only use it for in warehouse purchases. Stopped (2nd time) at Customer Service on the way out and they confirmed the policy had changed 1/1/21 and the voucher was valid for purchases only. They pointed out the "no cash back" note printed on the voucher.

Others above note they were able to get cash at CS in California; others note getting cash back at the register if their purchases did not use all the voucher amounts.

I'd planned to request a refund on the Exec membership since we didn't recoup our cost since we hardly went in 2020. I just read the back on the Exec Reward certificate that says "no guarantee" you'll make your additional membership back (or something to that effect.)

I'm thinking it's become too much effort for us to get back either the Citi Visa or the Executive member rewards. You have to wait up to a year, redeemable only at Costco. Our Fidelity Visa pays us 2% directly into our checking every month. So i'll lose the net difference on the Executive membership and lose 2% extra on gas and 1% extra on dining v. Fidelity, but no hoops or a long wait.

Your mileage may vary.

Still a big fan of Costco and what they sell.
ncwitz
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by ncwitz »

SpaethCo wrote: Thu Mar 18, 2021 10:02 pm
BolderBoy wrote: Thu Mar 18, 2021 9:43 pm Okay, you take your $300 reward check to Costco and buy $150 worth of stuff. At the checkout you present the reward check. Do you get $150 back in cash?
Today, yes.

Apparently there have been discussions about any remaining balance being placed on a Costco Cash card in the future, but for right now you can get any unspent certificate balance in cash.
Apparently in Apex, NC this policy is already in effect. Today we tried to purchase a small item to get the remainder of our Executive rebate back in cash. The cashier stated we could only get the balance back on a Costco Shop Card. Really irritating when we had no issue getting the Citi rebate back in cash. Yea... I know different rebates and terms. The most frustrating part is they accomplish nothing in forcing the me to use the rebate for more purchases. It doesn't change what I would purchase it only makes me mad that I can't get the Costco Citi rebate for additional purchases.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by JackoC »

heartwood wrote: Sat Mar 20, 2021 12:41 pm
JackoC wrote: Sat Mar 20, 2021 11:54 am
heartwood wrote: Thu Jan 28, 2021 1:34 pm We haven't been in a Costco store since March 2020 because of covid concerns. We have no intention of entering one anytime soon.

Today I got an email notifying me that my Costco Citi Visa Annual Reward certificate would be sent with my February statement.
On the second sentence I'm a little puzzled. Do you mean your 2% reward certificate as Executive member and how does it relate to Citi Visa?
No, they were not combined at all. We got one certificate from Citi Visa and a 2nd from Costco Executive membership.

Reading other responses it seems cashing them may vary from location (state?) to location. We went first to Customer Service to get cash for each and were told no, must go to a checkout cashier. We shopped, paid on a Fidelity Visa, then presented the 2 vouchers after our transactions were complete expecting to get the full value of the vouchers. No problem getting cash for the Citi Visa voucher, but was turned down to cash the Executive voucher and told we could only use it for in warehouse purchases. Stopped (2nd time) at Customer Service on the way out and they confirmed the policy had changed 1/1/21 and the voucher was valid for purchases only. They pointed out the "no cash back" note printed on the voucher.

I'm thinking it's become too much effort for us to get back either the Citi Visa or the Executive member rewards. You have to wait up to a year, redeemable only at Costco. Our Fidelity Visa pays us 2% directly into our checking every month. So i'll lose the net difference on the Executive membership and lose 2% extra on gas and 1% extra on dining v. Fidelity, but no hoops or a long wait.
OK but that does clarify that the Costco Citi Visa reward only comes as certificate once a year which is unusual for a credit card. But again we use BOA CR to get 5.25% cash back on Costco Shop Cards online which we then use as our almost exclusive payment method at Costco. We won't use the 2% Costco Citi Visa for general Costco spending, only to get the 2 yr warranty extension (on top of Costco's 2 yrs) on major appliance/electronic purchases at Costco, and maybe the occasional small purchase anywhere to keep it alive. IOW our annual cash back on the Costco Citi Visa is likely to be small most years. But the Exec 2% back is not that small, always bigger than the $60 increment in membership cost, averages maybe $120. And again we go to Costco regularly, have, will, and it's a fairly minor tightening of their policy from our POV if we have to spend the certificate.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by SpaethCo »

ncwitz wrote: Sat Mar 20, 2021 8:41 pm The most frustrating part is they accomplish nothing in forcing the me to use the rebate for more purchases. It doesn't change what I would purchase it only makes me mad that I can't get the Costco Citi rebate for additional purchases.
That may be the case for you specifically, but I bet this works enough across their customer base that it makes complete sense for Costco to do this. The whole program was designed from the beginning to nudge you to spend the certificate at the warehouse since that was the only place it had value. This policy change is just an even harder nudge to force this kind of thinking:

"I've been on the fence about spending $1500 on that new TV, and I have this $400 certificate I have to spend here anyway so it'd only be $1100 out of pocket.."

I don't love this change, but I get it.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Gundy »

A few weeks ago, I redeemed my certificate for cash just like I always have done. It was only $600-something.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Luckywon »

JackoC wrote: Sun Mar 21, 2021 11:59 am But again we use BOA CR to get 5.25% cash back on Costco Shop Cards online which we then use as our almost exclusive payment method at Costco..
Could you share more details on which card does this? Has this been ongoing for a while? Annual fee?
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by Trism »

Luckywon wrote: Sun Mar 21, 2021 4:58 pm
JackoC wrote: Sun Mar 21, 2021 11:59 am But again we use BOA CR to get 5.25% cash back on Costco Shop Cards online which we then use as our almost exclusive payment method at Costco..
Could you share more details on which card does this? Has this been ongoing for a while? Annual fee?
https://www.bankofamerica.com/credit-ca ... edit-card/ (no annual fee)

paired with this at the top level

https://www.bankofamerica.com/preferred-rewards/

We have three of these cards in our household.

You can change your 5.25% ("3%") category as frequently as monthly. 5.25% ("3%") categories are capped at $2,500 per quarter, which is why we have multiple.

Our current selections are online shopping (on two of them) and dining (choices include gas, online shopping, drug stores, home improvement & furnishings, dining, travel).

Eventually someone will come along to post how stupid it is to keep $100k in a Bank of America savings account at 0.0000000000000001% APY, but that person didn't read the various ways you can meet the $100k requirement.
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Re: Costco Citi Visa annual reward; Executive Member annual reward redemptions

Post by LadyGeek »

I removed a post and reply expressing frustration about visiting stores due to the pandemic. As a reminder, see: Please read before posting on coronavirus/COVID-19

Please stay on-topic.
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