The big Costco credit card switch is today! Here’s what you need to know!

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The moment that tens of millions of Costco members have been waiting for is here. Your new Costco Visa credit card has finally gone live!

This much is certain: The wait has been worth it. The cash back offerings make this card far superior to the old American Express offering.

Read more: 10 money-saving secrets you don’t know about Costco

Even better cash back rewards

Costco Wholesale will begin taking the Costco Anywhere Visa Card starting today (June 20.) American Express will no longer be accepted.

In addition, Costco will also be accepting any and all Visa credit cards as of today.

Read more: Costco vs. Sam’s Club: Which one really is the best deal?

Fortunately, you probably won’t miss the old American Express card. That’s because the reward tiers on the new Costco Costco Anywhere Visa Card are far better.

  • 4% back on gas for the first $7,000 spent per year. You’ll get 4% back when filling up your car at Costco or any other gas station. (American Express only offered 3% and capped your cash back at $4,000.)
  • 3% back on restaurants and travel. (American Express only offered 2% back.)
  • 2% back at Costco! (American Express only offered 1%.)
  • 1% back on all other purchases. This is the only category that remains the same as what American Express had offered.

To check out the full details of the new Costco Anywhere Visa Card you can head over to Citi’s website. The card does not have an annual fee but you will need a Costco membership to use it — which starts at $55 a year. If you go to the bottom of the web page you will see scrolling bars where you can calculate how much cash back you’ll receive thanks this new generous offering.

This card is a winner especially if you spend a fair amount on gas, travel and restaurants. Keep in mind though, the rewards come in the form of a Costco coupon that can be redeemed for merchandise or cash at Costco stores.

Read more: 9 items that will pay for your Costco membership

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