The Costco Membership
A Canadian Guide to the benefits and perks of the Costco Memberships for personal use.
Costco is a Canadian favourite. With so many popular social media accounts dedicated to the latest and hottest Costco finds, breaking down deals and listing the “must have” items, it’s no wonder Canadians have a fascination with this popular warehouse giant. If you’ve ever been curious about a Costco membership but not sure it’s worth the value this blog is for you! Today we breakdown the membership types (for personal use) in full.
Before considering a membership, and for those less familiar with Costco, its important to note that Costco is a club warehouse. This means it is best known for its bulk supplies and groceries. Costco sells not only everyday grocery items like milk, dairy, fruits and veg, it also sells clothing, books, kitchen items, lighting and has a pharmacy and optical section in store. Costco members can also access the Costco gas station, known to have lower prices than your local stops.
Membership Types
Costco has two membership levels; Executive and Gold Star. Gold Star memberships are currently set at an annual fee of $60 while the Executive membership rings in at $120.
Either membership allows you to shop online and comes with two cards (one for you and one for another household member). The main difference between these two memberships styles are few, but significant. The Executive memberships come with;
Annual 2% rewards on qualifying products*,
exclusive offers and additional discounts,
Costco magazine and mail inserts.
*Qualifying products cover most items, with the exception of prescription drugs, alcohol, gas, stamps, etc. Full List can be found here
Annual 2% Reward
This annual reward is eligible to be earned on most purchases (see exclusions here), up to a maximum reward of $1,000. It comes in the form of a mail out coupon to the primary cardholder, for use in store (not online) and can be used on most items (see exclusions here). Executive members will receive this reward coupon approximately 2 months before their membership expires, they must renew membership for the following year in order to use the Reward Coupon during that timeframe.
To earn a Reward Coupon that covers the $60 difference between the Executive and Gold Star membership you need to spend a minimum of $3,000 in a 12-month period on qualifying purchases (or $250 / month). To earn the $1,000 maximum reward level you would need to spend $50,000 in a 12-month period (or $4,167 / month). The following table provides more details on purchasing requirements and approximate reward levels.
Exclusive Offers and Additional Discounts
Executive Members receive additional benefits and greater discounts on select Costco Services. These usually cover things like home and auto insurance, identity protection, mortgages, along with cheque printing and a few other business services.
Costco magazine and mail inserts
This is exactly what it sounds like, with the Executive membership the Costco magazine and inserts get mailed to you. That may sound a bit silly but its totally personal preference. With the mailouts it is so much easier to stay on top of the newest and hottest deals, in-store and online.
Coupons
Regardless of membership type, and a very common question, you can use coupons at Costco. Note, you cannot use the traditional mail out or tearpad coupons we often think of but not to worry, Costco has their own coupons! Costco distributes coupons through their coupon books. These coupon books occasionally include freebie coupons on new products. You must be a Costco member to use the coupons. You can check out the latest Canadian coupons for Costco online here
Conclusion
So is the Executive level membership worth it? For my family of 4 the savings are well worth it, we earn back more in points than the membership costs. Our most popular purchases include milk, cream, baby wipes, and so many infamous Kirkland signature items. As a saavy shopper we stick to a list (as much as possible), it’s so easy to go overboard and spend way more than you need to at Costco. But shop smart, plan your trip and look at the coupon book to see what deals cannot be beat. If you still aren’t sure, browse the online groceries to see what items you would buy and whether the costs are worth it, you can also check out Costco’s take on the subject here. No matter what membership level you get the food court is always accessible and a must stop shop with so many great items for incredible prices.
As always, for those looking to save money on everyday grocery items you can check out the Savin Groceries App for incredible deals in your area each and every week.
Happy shopping!
