Since 2013, Costco has expanded to 15 stores with over 150,000 paid-up memberships. In 2023, Costco introduced a new membership tier – the Gold Star Executive Membership, priced at $130 per year, twice the cost of the regular Gold Star membership at $65 per year.
What benefits come with the Executive Membership?
- 2% Reward on Eligible Purchases The primary incentive for obtaining the Executive Membership is the 2% annual reward, which can be utilized for purchases of most merchandise at the front-end registers.
- Exclusive Discounts Enjoy special discounts on chosen products.
- Additional Benefits Receive additional perks with specific Costco Services. For example, free Costco shop card upon signing up for services through the Costco link. This covers a range of services such as car, loans, insurance, electricity, gas, Foxtel, and broadband.
Is it worthwhile to make an upgrade?
Today, we’ll exclusively assess the value of upgrading to an Executive Membership if you already hold a standard Membership. We’ll employ a straightforward method to determine whether the upgrade is advisable or not.
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Analyzing the chart reveals a clear trend: If you spend $3,250 at Costco annually (equivalent to $271 per month), upgrading to the Executive Membership essentially becomes ‘free’ when compared to the standard membership. Moreover, once your annual spending surpasses $6,500 (equivalent to $542 per month), you might effectively obtain the Executive Membership for ‘free.’ If you’re already a member, a quick check of your last year’s bank statement can help. If your total expenditure exceeds $3,250, there’s a compelling reason to upgrade your membership if you haven’t already.
What additional benefits come with an Executive Membership?
- Auto Program: upto $600 in a Costco Shop Card
- Financial Solutions: upto $4000 in a Costco Shop Card
- Health Insurance: upto $450 in a Costco Shop Card,4 weeks free , skip the 2 and 6 month wait on Extras, and receive a 4% direct debit discount
- Life Insurance: upto $100 in a Costco Shop Card, 10% lifetime discount on Life Cover with NobleOak.
- Electricity & Gas: upto $120 in a Costco Shop Card
- Foxtel & Broadband: upto $90 in a Costco Shop Card
What steps should I take if I am dissatisfied with the Executive Membership?
If you are not satisfied with the Executive Membership, you have the option to either cancel or downgrade to a standard membership. A refund for the current Executive upgrade fee will be issued. However, if there are any unredeemed 2% rewards, they will be forfeited. In the case of redeemed 2% rewards, the corresponding amount will be deducted from the refund, and any excess beyond the refund amount will be forfeited.
