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You May Be Leaving Money on the Table if You're Not Using These Costco Perks

There are extra savings to be found if you shop regularly at Costco.

Costco Wholesale exterior sign
Shopping in bulk at Costco or another wholesale store can save you a ton of money.
Getty/View press

Unfortunately, frequent trips to the store are unavoidable for stocking up on groceries and other essentials. Whether you shop in bulk once a month or find yourself shopping multiple times per week, shouldn't you be thinking about how to make your money go as far as possible? By making Costco your one-stop shop, you can help it do just that.

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The most obvious advantage to joining Costco is the opportunity to stock up on necessities such as groceries, electronics and more in bulk at affordable prices. But did you know about the different types of Costco membership and the additional perks just waiting for you? 

Even after being a member for a year, I had no idea how much value was built into my membership. But now that I do, I'll tell you everything you need to know about Costco membership perks so you can save every visit. If you want to learn how to save at other retailers, check out our additional shopping tips to save at Best Buy Outlet and Amazon's subscribe and save.

How to become a Costco member

Before I dive into the perks of a Costco membership, you should know you have the option to sign up for one of two Costco memberships. There's the Executive Gold Star membership for $120, and the Gold Star membership for $60. 

In order to get a Costco membership, you need:

1. A membership number (you'll get an email from Costco when you register online)

2. Valid government-issued photo ID

Both of these are needed when you visit a membership counter in person to fully sign up. You can also just do what I did, and sign up in person by skipping the online membership number. Only do the prelim scheduling if you want to save some time in line; either way, you have to go in person to complete the membership process.

When you sign up and it's confirmed, you'll take a picture and have a Costco card in minutes. Plus, the Executive Gold Star and Gold Star membership comes with one free card for anyone over the age of 18 who lives at the same address. 

Executive Gold Star vs. Gold Star membership 

List of Costco perks

A few Costco perks that are available to both Gold Star and Executive Gold Star memberships.

Costco

Although you'll save every time you shop at Costco with either membership, there are differences between the two. As a Gold Star member, you have "everyday value" access. This includes:

1. 100% satisfaction guarantee.

2. Two membership cards.

3. Ability to shop online and in warehouses worldwide.

A Costco Executive Gold Star member gets all three perks from the Gold membership and two additional perks:

1. Costco services discounts (e.g. auto insurance program, home insurance).

2. A 2% annual reward up to $1,000 on eligible Costco and Costco travel purchases.

No matter which membership you choose, you'll get Costco gasoline, electronics and appliances, prescription, tires and grocery delivery at cheaper prices.

How the 2% reward works

The 2% annual reward is capped at $1,000 for one year. Only purchases made by the primary household member will apply toward the reward. If the primary cardholder is no longer on the account, their purchases will not apply to the reward. About three months before your renewal, you'll get the 2% reward.

Annual rewards

Annual 2% rewards breakdown is easy to understand for Executive members.

Costco

How to upgrade to an Executive Gold membership

Maybe you're already a Gold Star member and you want to upgrade to the Executive membership. Here's what you need to know:

1. Costco will prorate the upgrade based on the months remaining in your previous membership.

2. Any purchases made before the upgrade doesn't count toward your 2% reward.

3. The following year, you'll be charged the full $120.

4. And if you want to upgrade, you can visit the membership counter at any Costco to do so.

Which membership is best for you?

To answer this question, ask yourself how much money on average you think you'll spend at Costco. If you're not shopping at Costco regularly, then regular Gold Star membership is likely the better option. However, if you're buying in bulk, plan on making your shopping trips exclusive to Costco, and if you want to earn rewards, then the Executive Gold Star membership is your go-to for extra savings.

Since you're aware of the perks available to you, now you're ready to become a Costco member or upgrade for more rewards. To save money at other retailers, read our other shopping tips on getting Costco delivered without a membership and getting your money back with this holiday return policy cheat sheet.


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