Costco Anywhere Visa® Card by CitiWhile this information was accurate at the time this post was published, these cards’ offers and perks may have expired or changed over time. Visit our reviews of the best credit cards to find the right card for your needs.

If you shop at Costco and are looking for a credit card that offers generous cash back rewards, two new cards from Citi make an excellent choice. The Costco Anywhere Visa Card by Citi (a NextAdvisor advertiser) and the Costco Anywhere Visa Business Card by Citi (a NextAdvisor advertiser) both earn generous cash back rewards and charge no annual fee. You must have a Costco membership in order to be approved for either of these cards, but the benefits are worthwhile enough that it would make sense for people without to purchase one for the sole purpose of getting the card.

Rewards for both of these cards are plentiful — users earn 4% on eligible gas (up to $7,000/year, then 1%), 3% on restaurants and eligible travel purchases, 2% on all Costco and Costco.com purchases and 1% on everything else. If your family or your business spends a lot every year at Costco, the ability to earn 2% back on all purchases year-round is a great one. Additionally, you get a 7-month 0% intro APR, which may come in handy if you need to make a large purchase or two and want to save on interest fees. There is no annual fee for either card, so long as you have a paid Costco membership. Planning to travel? While there is a 3% foreign transaction fee, it doesn’t apply when you shop at any Costco location worldwide.

What are the potential downsides?

It’s important to note that rewards for both the Costco Anywhere Visa Card by Citi and the Costco Anywhere Visa Business Card by Citi can only be redeemed once per year as an annual reward coupon on your February billing statement, which you can then redeem for cash or use for purchases at Costco. If you’re someone who likes to redeem their rewards more frequently than that, you might want to consider a different rewards card. This blog post details other credit cards you may want to consider. Additionally, there are some restrictions as to what gas stations will earn you the 4% cash back — gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco doesn’t qualify. However, you’ll still get 1% cash back on non-qualifying gas purchases.

Keep in mind, also, that this card requires excellent credit. If you’re looking to save at Costco but have less-than-excellent credit, you might want to consider the Chase Freedom — $150 Bonus credit card, which is offering 5% cash back on up to $1,500 in combined purchases in bonus categories — including Costco from now through Dec. 31, 2016 — each quarter you activate as well as 1% on all other purchases. Chase Freedom accepts applicants with good credit and offers a plethora of other perks. Business owners can look to the Capital One Spark Cash for Business card, which doesn’t offer rewards specific to Costco, but does offer a flat 2% cash back on all purchases, including those made at Costco and other wholesale clubs, as well as other benefits.

Visit our credit card reviews to see how these new cards compare to other top names and learn more about rewards credit cards.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.