Costco is not just a retail store; it's a membership warehouse club that offers a wide range of products at discounted prices. With over 98 million members worldwide, Costco has become a go-to destination for savvy shoppers looking to save money. But did you know that there are numerous money-saving hacks and benefits that go beyond the already impressive deals at Costco? In this article, we will explore 18+ Costco money hacks that will not only maximize your savings but also show you how Costco can pay you back for being a member.
The Costco Membership Advantage
Before diving into the money-saving hacks, let's first understand the advantages of having a Costco membership. Costco offers two types of memberships: Gold Star and Executive. The Gold Star membership costs $60 per year, while the Executive membership costs $120 per year.
Both memberships offer access to Costco's warehouses, gas stations, and online shopping platform. However, the Executive membership comes with additional benefits, such as an annual 2% reward on eligible Costco purchases (up to $1,000) and extra savings on Costco Services like auto and home insurance, travel, and more.
Money Hacks for Shopping at Costco
1. Take Advantage of Costco's Return Policy
One of the primary money-saving hacks at Costco is their generous return policy. Costco offers a satisfaction guarantee on all their products. This means that if you are not satisfied with a purchase, you can return it for a full refund, no questions asked. Not only does this give you peace of mind when shopping, but it also allows you to try out products without the fear of wasting your money.
2. Buy Costco Gift Cards at a Discount
If you frequently shop at Costco, it's worth considering purchasing gift cards at a discount. Websites like Raise and CardCash offer discounted Costco gift cards, allowing you to save even more on your purchases. Additionally, some credit cards offer cashback or rewards for buying gift cards, making it a win-win situation.
3. Use the Costco Anywhere Visa Card
Costco has partnered with Citi to offer the Costco Anywhere Visa Card, exclusively for Costco members. This credit card offers cashback rewards on eligible purchases, both inside and outside of Costco. Cardholders earn 4% cashback on eligible gas purchases (up to $7,000 per year), 3% cashback on dining and travel, 2% cashback on Costco purchases, and 1% cashback on all other purchases.
4. Shop the Costco Kirkland Signature Brand
Costco's Kirkland Signature brand offers high-quality products at a fraction of the cost of name-brand items. From food items to household goods, the Kirkland Signature brand consistently delivers value for money. In fact, many Kirkland Signature products are produced by the same manufacturers that produce popular name-brand products. So, don't shy away from trying the Kirkland Signature brand – you might be pleasantly surprised.
5. Utilize the Weekly Warehouse Coupon Offers
Costco sends out weekly coupon offers to their members, allowing them to save even more on select products. These coupon offers can be found in the Costco app or in-store. Make sure to take advantage of these deals to get additional savings on top of Costco's already discounted prices.
6. Stock Up on Non-Perishable Items
Costco is known for offering bulk quantities of products at low prices. Take advantage of this by stocking up on non-perishable items that you frequently use. Products like toilet paper, cleaning supplies, and canned goods can be bought in bulk at Costco, saving you money in the long run. Just make sure you have enough storage space to accommodate these bulk purchases.
7. Avoid Impulse Purchases
With Costco's vast selection of products, it's easy to get carried away and make impulse purchases. To avoid overspending, create a shopping list before heading to Costco and stick to it. By planning your purchases in advance, you can resist the temptation to buy items that you don't really need, thereby saving money.
8. Compare Prices with Other Retailers
While Costco offers great deals, it's always a good idea to compare prices with other retailers. Some items may be cheaper at other stores, especially when they are on sale. Use online price comparison tools like Google Shopping or CamelCamelCamel to ensure you are getting the best price before making a purchase.
9. Take Advantage of Costco's Cashback and Rebate Programs
Costco frequently offers cashback and rebate programs on various products. Keep an eye out for these promotions, as they can significantly reduce the cost of certain items. Whether it's a rebate on electronics or a cashback offer on appliances, taking advantage of these programs can help you save even more money.
Money Hacks for Costco Services
10. Save on Auto Insurance
Costco offers its members discounted rates on auto insurance through their partnership with Ameriprise. By insuring your vehicle through Costco, you can take advantage of exclusive benefits and potentially save hundreds of dollars on your annual premiums.
11. Book Travel Through Costco
When it comes to travel, Costco offers fantastic deals on vacation packages, cruises, rental cars, and more. By booking your travel through Costco, you can take advantage of their negotiated rates and exclusive benefits. Additionally, Costco often includes perks like resort credits or complimentary upgrades, further enhancing your travel experience.
12. Purchase Prescription Medications at Costco Pharmacy
If you have recurring prescription medications, consider using Costco Pharmacy. Costco's prescription prices are often lower compared to other pharmacies, potentially saving you a significant amount of money over time. You don't need a Costco membership to use their pharmacy services, making it accessible to everyone.
13. Buy Eyewear and Hearing Aids at Costco
Costco's Optical and Hearing Aid Centers offer quality products at competitive prices. Whether you need glasses, contact lenses, or hearing aids, Costco provides great value for money. They carry a wide selection of frames and lenses, and their highly trained staff can assist you in finding the right fit for your needs.
14. Take Advantage of Costco Mortgage Services
If you are in the market for a new home or looking to refinance your existing mortgage, Costco offers mortgage services through their partnership with First Choice Loan Services Inc. By using Costco's mortgage services, you can access competitive interest rates and potentially save thousands of dollars over the life of your loan.
15. Maximize Savings at Costco Gas Stations
One of the often-overlooked benefits of a Costco membership is access to their gas stations. Costco gas stations consistently offer some of the lowest prices in town. By fueling up at Costco, you can save money on your gas expenses, especially if you have a long commute or frequently take road trips.
Money Hacks for Executive Members
16. Earn 2% Rewards on Costco Purchases
Executive members earn an annual 2% reward on eligible Costco purchases, up to a maximum of $1,000. This means that the 2% reward can offset your membership fee or even result in a net gain. By taking advantage of this benefit, Costco can effectively pay you to be a member.
17. Enjoy Additional Savings on Costco Services
In addition to the 2% reward, Executive members receive additional savings on Costco Services. From auto and home insurance to travel and identity protection, Executive members can save money on essential services. If you frequently utilize Costco Services, upgrading to an Executive membership can provide significant financial benefits.
18. Shop Early at Costco
Executive members have the privilege of shopping at Costco earlier than regular members. This allows you to beat the crowds and secure the best deals before items sell out. By availing this perk, you can maximize your chances of getting the products you want at the lowest prices.
19. Take Advantage of the Costco Concierge Services
Costco offers Concierge Services for select electronics and appliances. Executive members receive extended warranty benefits and free technical support for their eligible purchases. This value-added service can save you money on repairs and troubleshooting, giving you peace of mind when purchasing electronics from Costco.
Conclusion
Costco is more than just a membership warehouse club; it's a treasure trove of money-saving opportunities. By utilizing the 18+ Costco money hacks mentioned in this article, you can maximize your savings, earn rewards, and even have Costco pay you to be a member. From shopping wisely and taking advantage of Costco Services to being an Executive member and enjoying exclusive benefits, Costco has something to offer every savvy shopper. So, the next time you step foot inside Costco, remember these money-saving tips and let Costco help you save money on your everyday expenses.
Disclaimer: Costco policies, discounts, and offerings may vary by location and are subject to change. Always check with your local Costco warehouse or refer to Costco's official website for the most up-to-date information.
"Costco doesn't just save you money, it pays you back."