A Costco Rewards Gift Certificate That’s Nice to Have
Is Costco Executive Membership worth it? Depending on how much you spend annually at Costo, the $110 membership fee could be well worth it if you spend at least $2,200 a year at the wholesale club. One of the benefits of being a Executive Member is that you will receive 2% cash back for all your purchases. Plus Executive Members also enjoy other benefits such as more savings on car and home insurance from Costco.
Last Friday we received a membership renewal letter from Costco. Together with the notice is a $64.86 reward gift check from Costco. As a Costco Executive Member, we are able to enjoy the 2% cashback for shopping at Costco and the reward check is what we have accumulated last year, which also means that in 2008, we spent roughly $3,200 at Costco.
We became a Costco member in 2004, starting as a Goldstar Member, because we were not sure how much we could spend every year at the warehouse store. A Costco Executive Membership, which requires $50 more to upgrade from Goldstar Membership, would be a waste if we only buy milk and bread every a couple of month. However, we spent a lot more than we originally thought shortly after our first daughter was born: Formulas, diapers, wipes, etc. None of those baby stuff is cheap. The number trips to Costco increased, so did the amount spent each time. In 2006, when I was told how much we had already spent in the past six months at the store, it became quite clear that an upgrade to Executive Membership makes sense. Since Executive Members get 2% cashback on every dollar spent at the store, we only need to spend $2,500 or more in a year to let the membership pays for itself.
So, is the Costco Executive Membership worth it?
For us, yes, it worth the exta $50 a year since the third consecutive year that we get a reward check that’s more than $50. In addition to the 2% cashback, we also enjoy a few other benefits as an Executive Member:
- We use Ameriprise Auto & Home Insurance through Costco to save on auto & home insurance;
- I opened my ShareBuilder account through Costco and got some nice incentives;
- When I was actively using ShareBuilder to buy stocks every month, I got 25% rebate on quarterly commissions;
- Executive members also receive higher bonus to open an savings account at Capital One.
And last but not least, using the American Express Costco TrueEarnings Card to shop at Costco got us even more rewards on top of what we get from Costco since the rewards are from AMEX.
Of course, there are not the only benefits for Executive members. For example, Executive members also pay less monthly fee for Costco’s identity protection program and save 20% using Costco check printing service, etc., even though we don’t use any of these services right now.
Yes, that $50 a year is well spent for us
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