Speaking of Costco...Executive or Regular membership??

[cristina47454]

We went to check it out.  Gas is almost 30cents less a gallon.  Milk is $1 less a gallon. Bread is $1 less a loaf. Meat wasn't that great, but between gas and milk and pantry staples, we've decided to go for it (and it goes without saying we need to stay away from impulse purchases!)

The executive membership is twice the price ($100 instead of $50) but there is a 3% cash back. And if you don't get back at least $50 (I think) they credit you the increased price of membership.  So is it really a no brainer? WWYD?

[pbjmama]

If you have the $50 do 'spare' then do it. Def worth it for us.

[annethcz]

It's a no-brainer for me.  We spend enough at Costco that the membership more than pays for itself with the yearly rebate.

[TiredX2]

They'll run your numbers for you.  So you could always do regular for a year and then have them run the numbers.

Question for all of you: How is the 3% executive rebate calculated?  And how can you pay?  Basically, can you piggy back that rebate with the Costco Amex Rebate?

[_ktg_]

Chiming in here to correct a couple of things - first it's only a 2% cash back for executive members. I had to double check the Costco website, as I didn't think 3% was right.  You could earn up to 3% back if you're combining both the Costco 2% with the AMEX 1% cash back for groceries and other items. 

We have an executive membership and our average Costco monthly bill is $300.  Our typical cash back check is $75-80 which is almost the executive membership fee easily to allow us to eat the $20 or so we're off per year.   You should know the "cash back" is a gift certificate redeemable at Costco only, but you can use it for your membership renewals (as we've done several times now)

DH & I are seriously considering to apply for the AMEX and use it (instead of cash) for our many of monthly purchases to maximize the cash back rewards. 

[dogmom327]

Executive.  If your rebate is less than the $50 premium you pay for executive membership over the regular one, they supposedly refund the difference so you're not out money either way and have the chance of getting extra money back.  For example, we can pay $50 for the regular or $100 for exec.  Last year we got $64 rebate so we were ahead $14.  Once they explained that it was no risk to upgrade we went for it.

[Ola_]

Originally Posted by _ktg_ 

You should know the "cash back" is a gift certificate redeemable at Costco only, but you can use it for your membership renewals (as we've done several times now)

I believe you can cash it in at the register though - does anyone know for sure?  I know when our purchase is less than the certificate amount they give us the remainder in cash...

[TCMoulton]

Originally Posted by Ola_ 

I believe you can cash it in at the register though - does anyone know for sure?  I know when our purchase is less than the certificate amount they give us the remainder in cash...

You can cash it at the service desk as well even if you aren't making a purchase that day.

[TiredX2]

Originally Posted by dogmom327 

Executive.  If your rebate is less than the $50 premium you pay for executive membership over the regular one, they supposedly refund the difference so you're not out money either way and have the chance of getting extra money back.  For example, we can pay $50 for the regular or $100 for exec.  Last year we got $64 rebate so we were ahead $14.  Once they explained that it was no risk to upgrade we went for it.

Wow,  I didn't know that!  If I had, I would have upgraded.
 

[snuggly]

Originally Posted by dogmom327 

Executive.  If your rebate is less than the $50 premium you pay for executive membership over the regular one, they supposedly refund the difference so you're not out money either way and have the chance of getting extra money back.  For example, we can pay $50 for the regular or $100 for exec.  Last year we got $64 rebate so we were ahead $14.  Once they explained that it was no risk to upgrade we went for it.

Isn't this refund of the difference just for your first year of membership?  We went with executive but I figured I would scale back after a year when the refund of the $50 wasn't in effect any more.

[sunnysandiegan]

Executive

There are two different rebates going on here.

1. Costco offers the difference between the two memberships if you are not satisfied. I am not sure if it is just for the first year or if it is for ANY year. Ours has always been worth it to us.

2. Costco gives a rebate based on purchases. This is only good at Costco, but can be used a number of ways: cash at service desk, pay for membership, or pay for purchases.

In addition, you can apply for the AmEx card with the Costco Executive membership. There are different percentages you earn based on the types of purchases. You earn 1-3% on each category, including all other purchases (not related to Costco at all, which is a big deal to us). This is a separate check from AmEx and it can be cashed at the Costco service desk or used to make purchases at Costco. I've done both of those. I think there are other options, too, that we have not done.

I particularly appreciate the AmEx card because it has my picture on it and serves multiple functions, saving me time and energy and space! I walk many places in our community and I can just carry my AmEx card. Even when I do drive beyond our community, I use my AmEx card over my Visa card because I dislike having to dig out my driver's license from certain wallets/purses. We don't have spending issues with credit cards, so this works well for us. We pay off the AmEx bill every month and earn a nice rebate annually.

[Arduinna]

We switched to executive from our regular business membership a few years ago. It has been worth it for us. Plus I save a bunch with their car insurance program.