When you become a Costco member, you'll need to decide if you want a Gold Star membership that costs $60 per year or if you want an Executive membership that costs $120.
The most obvious benefit of the Executive membership is that you receive a 2% annual reward on qualifying Costco purchases. But there are some lesser-known benefits for Executive members as well. In fact, here are four perks you may not know that Executive members get exclusive access to.
1. Cash back on travel purchases
Costco Travel provides the chance to get deals on vacation packages, rental cars, hotels, and other travel-related services. And Gold Star and Executive members get to take advantage of these bargains so the trips they take will cost them less on their credit cards.
But, Costco Executive members get an extra perk that standard members are not able to take advantage of. Specifically, those with an Executive membership can claim their 2% cash back rewards on travel.
This is a huge benefit, especially when purchasing an expensive trip. If you charge $1,500, for example, a 2% cash back bonus from Costco would mean you end up with $30 coming back to you. That could pay for a meal out on your vacation.
If you can get cash back from Costco and a travel rewards card, you can double dip, getting 2% back from the warehouse club as well as whatever cash back your card issuer offers. This could mean you end up getting a good amount of money coming back to you. This cash back can significantly reduce your out-of-pocket spending on your vacation.
2. Extra savings on checks
Buying checks is not a very fun purchase, and the price of them can add up -- especially if you routinely write checks and need to order them often. The good thing is, Costco offers discounts on checks through its partnership with Harland Clarke Check Printing.
While many of the checks are already a little bit cheaper than what competitors charge, Executive members score even more savings. Specifically, Executive members get an extra 20% off of their checks compared to the discount provided to Gold Star members.
3. Exclusive insurance benefits
Costco can help members save on insurance as well, with both home and auto policies offered at a discount by CONNECT powered by American Family Insurance. Costco indicates that members can save an average of $595.86 if they switch their coverage to CONNECT.
While the affordably-priced insurance is available for all Costco members, Executive members get some exclusive perks when they get covered. These benefits open to Executive members include:
- Lifetime renewability of coverage
- Roadside assistance
- Reimbursem*nt for glass repairs
- Lockout assistance if they become locked out of their home
These benefits could make a huge difference when something goes wrong, but an Executive membership is the only way to take advantage of them.
4. Other savings on Costco services
Finally, Costco has a long list of services that members can take advantage of including:
- Car-buying program
- Payment processing services for businesses
- Bottled water delivery
- Pet insurance
Costco makes clear that Executive members can get some bonus savings with many of these partner-provided services as well.
Ultimately, if you are shopping at Costco on a regular basis, or if you want to take advantage of any of these extra perks, then upgrading to an Executive membership may be well worth it for you.
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