Article will continue after advertisement

The moment that tens of millions of Costco members have been waiting for is here. Details are finally in about the specifics of the new Costco Visa credit card. And the wait has been worth it. The cash back offerings make this card far superior to the old American Express offering.

RELATED: Costco’s move from American Express to Visa: What you need to know

Costco Wholesale will begin taking the Costco Anywhere Visa Card starting June 20th. Costco will also be accepting any and all Visa credit cards as of that date. American Express cards will no longer be accepted after the switch but will be accepted until then. Costco has also noted that the swap will be relatively painless on it’s customers. Cash back rewards on all eligible purchases will transfer seamlessly to the new card from Citibank. The reward check from both cards will be enclosed in February credit card statements.

If you are a current Costco American Express cardholder you will receive information through the mail in April. The new Visa card will arrive in your mailbox in May or June. And don’t worry, Citi will not be pulling your credit report before issuing the new card.

Costco lovers were certainly worried when the breakup with American Express was announced. No one knew if the rewards on the new Citibank backed card would be as generous. But they are actually 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. The current Amex card offered 2% back on these spending categories.
  • – 2% back at Costco! American Express only offered 1%. If you shop at Costco a lot, an extra 1% back on all of your purchases is huge.
  • – 1% back on all other purchases. This is the only category that remains the same.

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. If you are already someone that uses the Costco Amex in the store and on other purchases, your cash back status just got a little brighter.

RELATED: Avoid these costly mistakes when shopping at warehouse clubs

Joel Larsgaard, |