To shop at Costco, you must be a member. To become a member, you have three levels of membership. Gold Star, Executive, and Business. Since Business applies only to a relatively small percent of people(i.e. Business Owners), I’ll only explain the differences between the first two. As a side note, it appears that at this time, the Costco Executive Membership Benefits are only available in Canada and the United States.
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Costco Executive Membership Benefits vs. Gold Star Membership
The Gold Star membership currently costs $60. The Executive Membership costs $120, but has a 2% rebate each year. Is the extra $60 for the Executive worth it? To earn a minimum of a $60 rebate, you have to spend $3,000 a year at Costco. ($3,000 * 2% = $60). Not everything is eligible for the rebate. For example, gas, tobacco, alcohol, eye exams, postage stamps, environmental fees, food court items, gift certificates, charitable donations, dairy products, etc. Click here for a complete list. Therefore, if you spend a minimum of $3,000/year on most in-store purchases at Costco, the Executive upgrade pays for itself and perhaps even more.
Now you may think… $3,000 is a lot, but when you break it down, it actually works out to $250 a month. Including myself and partner, it’s not that hard to spend $250/month on groceries and household essentials. However, even if we didn’t spend $250 a month, it wouldn’t be hard to make up the difference over a year, as Costco sells more than groceries. For example, Costco also sells expensive items like tvs, computers, laundry machines, tires, etc. Any of those items can be $500 or more…
Another benefit of the Executive Membership are the additional coupons distributed throughout the year. To be honest, I rarely use the Executive Membership coupons as they are often for more expensive name brand products. I’m more of a generic brand(i.e. Kirkland) kind of guy. Nevertheless, Executive Membership coupons can also really add to your savings.
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Waiting to become member.