Costco Cash Back Rewards: What You Need To Know
Let’s examine, compare, and contrast both programs.
Executive Membership Costco Cash Back Rewards
The standard $60 Gold Star membership gets you in the door to shop at Costco but executive members earn 2% cash back, up to $1000, for qualifying Costco, Costco.com and Costco travel purchases. The executive membership costs an extra $60 for a total of $120.
Two months before your membership renewal date, Costco sends out a renewal notification along with a rebate check for the cash back earned the previous year. This rebate check can be used at Costco registers for the purchase of merchandise. It cannot be used for the purchase of alcohol, tobacco, or at their food court.
An interesting fact some people don’t know is while the Costco Executive Membership rebate check can’t be cashed at your bank, it CAN be cashed at the Costco customer service counter.
Costco members who have a can earn cash back throughout the year by purchasing goods and services using the card. The breakdown of the cash back rewards cardholders can earn is as follows:
- 4% cash back on gasoline purchases (for the first $7000 per year, 1% thereafter)
- 3% cash back at eligible restaurant and travel purchases
- 2% cash back on purchases made at Costco, or Costco.com
- 1% cash back on other purchases
The rewards come in the form of a voucher with the February statement. As with the executive membership Costco cash back rewards, you can use the voucher at the register to pay for a purchase or you can exchange it for cash at the customer service desk.
Get The Most Cash Back From Your Costco Membership
- Recoup Your Executive Membership Fee: To recoup the $60 fee to upgrade to the executive membership, you’ll have to spend $3000 annually at Costco. If your rewards check doesn’t exceed $60, you can go to customer service and receive the difference. This makes upgrading to the executive membership a can’t lose proposition.
- Use Your Costco Anywhere : You earn cash back using your Costco Anywhere . Use it for every purchase possible, earn cash back, and pay the bill as soon as you get home.
- Double Up Rewards By Shopping At Costco: Purchase as much of your necessities as possible at Costco using the Costco Anywhere . You’ll earn the 2% Executive Membership rewards AND the 2% cash back from the credit card cash back program. That’s a total of 4% cash back for everyday items you buy anyway!
- Know What Costco Sells: Consider Costco when you’re looking for computers, small appliances, water heaters, indoor and outdoor furniture, mattresses and even carpeting!
- Don’t Forget Costco.com: Costco warehouses are huge, but they don’t contain everything Costco sells. You may be surprised at what else you can find at Costco.com that can help boost your rewards checks.
Last year I earned an Executive Membership rebate of $64, barely exceeding the $60 membership upgrade cost. It’s just too convenient to stop at the much closer Walmart to pick up necessities. I was much more successful with the Costco Anywhere Visa By Citi cash back, earning $364.
These two programs provide an opportunity to earn cash back simply by changing where I buy my day to day necessities. I’m looking forward to earning as much cash back as possible using my Costco membership next year!
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The credit card offers 2% back on travel, and since we put every penny of our Disney World trip on there, our reward will be pretty substantial this year. A small benefit but better than nothing!
We have an Executive Membership to get the 2% back then use the Fidelity Amex card that gives another 2% cash back. BAM!!!
Our local Costco in Canada allows us to receive cash for our rebate cheques. At the cash register we pay for our purchase as normal, and just ask for the rebate in cash. It was a Costco cashier who suggested it!
@MoneyBeagle – cash back on purchase you’d make anyway is always a smart move – but a trip to Disney should rack up some dollars pretty quick!
@ESI – Stacking the rewards….we do that too – LOVE It!
@Alex – I wonder if that’s just a trick that the cashier figured out, or if it’s really meant to work like that….in any case, cash in your hand is a GOOD thing!
I never received any check of the cash back from costco. Might be caused that I moved to a new place. I remembered I updated my location. But, I’m not sure. It is a long time. I’ve received the check of cash back from Sam’s club. Just reminder me that I should received a check of cash back from costco. But the products in costco are better than most stores. Cheaper and fresh.
Well, it depends upon your membership, Yufeng Song……if you didn’t get the executive membership, you wouldn’t get cash back.
You can cash out the check at the customer service desk. They prefer you to use it in store, but it can be cashed!
Thanks for reiterating that point, F.B.!
When should I expect the check? I’m thinking mine got thrown away. Did everyone on this thread already get theirs? Early Feb?
Hey Skyler, I got my 2% executive membership rewards check a few weeks ago, and just got my check in my Feburary statement from the credit card last week. You might want to contact Costco….
Be aware: WHENEVER you close your citi Costco VISA account any remaining dollars are forfeited.
We use the Costco Citibank credit card for all purchases at Costco as well as Amazon, gas, hotels, dining, stores etc. The cash rewards add up quickly.
Has anyone checked their Citibank Costco Visa statement to be sure the rewards are correct? I just checked the last 16 month’s statements and 13 of them were incorrect. I am still auditing the rewards, but there is a huge difference between what I should have gotten and what I actually earned.
Last year 2019 in Feb. got 300+ $$ back. Surprise this year Jan. checked rewards have 32$. What a change that is with the executive card.
My daughter is on my Costco executive membership… will my check include 2% of what she spends ?