Costco's new credit card has some of the best rewards in the market
Paul Sakuma/AP Images
The new card, managed by Visa, will launch June 20.
Costco's current card is managed by American Express.
The company ended a 16-year deal with American Express to switch over to Visa.
The new Costco Visa card will offer 4% cash back on eligible gas purchases (on up to $7,000 per year, then 1% back); 3% back on restaurant and travel purchases; 2% back on Costco and Costco.com purchases, and 1% back everywhere else.
That's a much better deal than the American Express card, which offered 3% cash back on gas (up to $4,000), 2% back on restaurants and travel, and 1% back everywhere else, Fortune reports.
In fact, the new Visa card offers some of the best rewards of any card in the market, according to Sean McQuay, a credit card expert for Nerdwallet.
McQuay told the Chicago Tribune that the Visa card offers the best cash-back rates on gas, restaurants, and travel.
There is no annual fee on the Visa Card but shoppers must pay for a $55 annual Costco membership to use the card.
Costco customers who have the current American Express card will receive the new Visa card in the mail in May, according to Citigroup.
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