8 Reasons You Should Pay for a Costco Membership This Summer
Costco has three membership options — Gold Star for $60 a year, Business for $60 a year and Executive for $120 a year. For the average family, the Gold Star option is generally enough, as it includes a free household Costco card and is valid at Costco locations worldwide. But for some perks, an Executive membership may be required.
For many, it’s easy to see the value of having a membership to this warehouse club. Bulk buys, discounts and quality goods can lead to significant savings for regular shoppers. In the summer, especially, consumers can often find great deals on food, clothes, party supplies, beach accessories, outdoor furniture and accessories, and even sports equipment.
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But despite this potential value, GOBankingRates’ recent Summer of Savings survey found that 43% of people don’t shop at Costco. If you’re on the fence about getting a Costco membership this summer, here are some reasons why it’s worth it.
Exclusive Travel Deals and Savings
If you’re thinking about taking a trip this summer, Costco Travel could make it worth your while to get a membership.
“Costco offers discounts on travel, including flights, cruises, hotels and even packages that include everything,” said David Bakke, budgeting expert at DollarSanity. “If you pay for your travel with the Costco Anywhere Visa Card, you can save even more.”
With the Costco Anywhere Visa Card by Citi®, you can earn cash back on your purchases. This includes 3% cash back on travel and restaurants, 4% on eligible gas and EV charging for the first $7,000 spent per year and 1% after, 2% on Costco-specific purchases, and 1% on all other purchases. There’s no annual fee or foreign transaction fees.
To get this card and to take advantage of these exclusive deals, you’ll need to be a current Costco member.
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Deals on New and Used Cars
If you’re thinking about getting a new or used vehicle or an RV, or doing some maintenance on your current vehicle, you can find some good deals and discounts through the Costco Auto Program.
This program is only available to Costco members. Once you are a member, however, you can often find some exclusive incentives and specials on vehicles and repairs that more than make up for the price of membership.
For example, you could get 15% off parts, service and accessories — or up to $500 off per visit to any participating service center across the country. Depending on when you shop, you can also find incentives — like lower rates or down payment requirements — on cars.
Lower Everyday Prices on High-Quality Goods
Costco’s very own Kirkland Signature brand is generally lower priced than national brands, but you can still expect high quality. And, of course, the store does carry national brands, which are also high-quality — and sometimes discounted at Costco.
While not everything is cheaper at Costco, you can still save money on a per-unit basis on many items — but you’re especially likely to get your money’s worth from your membership if you buy in bulk.
Buying in bulk can bring about some significant savings, especially if you have a larger family or tend to cook larger meals. Doing this could save you money on groceries, everyday household essentials, and more at Costco.
In the summer, you can also find deals on grilling supplies, snacks, drinks, fresh produce, meats, ready-to-eat meals and more. This is especially convenient if you plan on hosting backyard barbecues or having picnics.
There Are Other Discounts, Too
There are other, lesser-known discounts at Costco, too. One of them is on gift cards.
“The discounted gift cards you can get at Costco are the closest thing to free money [that] there is,” said Bakke. “As a quick example, you can buy $100 worth of Domino’s Pizza gift cards for $80. Just make sure you’re only buying gift cards for places you’d be shopping at anyway.”
Lower Prices on Fuel
To use the fuel station at Costco, you’ll need to be a member. The only exception is if you have a Costco Shop Card. This card gives you some of the perks of being a member without actually having to purchase a membership.
With that being said, Costco’s fuel prices are generally lower than average. According to GasBuddy, the price of regular fuel at Costco hovers around $3.09 per gallon. Premium is $3.56 per gallon. The current national average price of regular fuel is $3.61 per gallon, or $4.41 for premium.
If you drive a lot, you’ll start to see those savings on fuel add up and eventually overtake the annual cost of membership.
You Can Get Refunds
Like many stores, Costco has its own return policy. On merchandise, it guarantees satisfaction or your money back. If you’re returning an electronic device, like a phone, computer, projector or camera, you’ll need to do so within 90 days of purchase. The item must also be in its original packaging.
This might not seem like a major perk, but Costco takes it one step further. It will even refund your membership fee if you’re not satisfied.
Take the executive membership as an example.
“An executive membership costs $120 per year, twice that of a regular membership. That said, it offers 2% rewards on all purchases up to $1,000 annually,” said Bakke. “The best part is that if the rewards don’t recoup the extra money you spend for the upgraded membership, Costco pays you the difference in cash.”
Summer Deals Abound
Costco carries just about everything you need for summer — outdoor furniture, grills, food and drinks, and even camping gear. While it’s a good idea to compare prices and check reviews to make sure you’re really getting the best deal, chances are very good that you’ll save money buying these items at Costco.
And long after summer’s passed, you can still use your membership to find seasonal discounts and other limited-time offers on goods storewide and online.
Lower Prices on Certain Medical Services and Prescriptions
You don’t need to be a Costco member to go to the pharmacy. But if you join the Costco Member Prescription Program, an add-on to the original membership, you and your dependents could get lower prices on prescription medications.
As a regular Costco member, you can also get free hearing screenings, discounted vaccinations, lower-cost medical devices and more. This isn’t only for the summer, meaning you can still take advantage of these discounts all year long.
Methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country between May 3 and May 7, 2024, asking twenty-two different questions: (1) What will you spend the most on this summer?; (2) Has inflation impacted your summer vacation or travel plans this year?; (3) If you’re going on a vacation, how do you plan to travel? (select all that apply); (4) If you’re going on a vacation, where do you plan to stay? (select all that apply); (5) How much do you expect to spend on vacation this summer?; (6) What’s the best way to save money on vacation costs?; (7) If you are a parent, how much will you spend on summer activities/camps for your child(ren)?; (8) If you are a parent, how much will you spend on weekly child care costs this summer?; (9) Which retailer do you shop at most for your summertime needs?; (10) Which retailer do you think has the worst deals on summertime essentials?; (11) If you shop at Dollar Tree, what’s your summertime must-buy? (select all that apply); (12) If you shop at Costco, what’s your summertime must-buy? (select all that apply); (13) If you celebrate Memorial Day, how much money do you plan to spend?; (14) If you celebrate the Fourth of July, how much money do you plan to spend?; (15) If you celebrate Labor Day, how much money do you plan to spend?; (16) If you’re shopping during Memorial Day weekend, what are you planning to buy? (select all that apply); (17) If you’re shopping during the Fourth of July, what are you planning to buy? (select all that apply); (18) If you’re shopping during Labor Day weekend, what are you planning to buy? (select all that apply); (19) Do you plan on working a side hustle this summer to cover expenses?; (20) What are some ways you plan to save extra money this summer? (select all that apply); (21) How do you plan to build your wealth this summer? (select all that apply); and (22) Which summer purchase is worth every penny, in your opinion? (select all that apply). GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: 8 Reasons You Should Pay for a Costco Membership This Summer
