3 Little-Known Benefits of Being a Costco Executive Member

Costco offers two types of personal memberships: Gold Star and Executive. The cost difference between them is $65 ($65 for Gold Star and $130 for Executive). But an Executive Membership lets you earn 2% back on all eligible Costco purchases, up to a maximum of $1,250 per year. Members who choose Executive membership are usually those who can spend enough in a 12-month period ($6,500) to cover the cost of the entire membership fee.

If this information makes you yawn, then you’re probably (a) already an executive member, or (b) you’re not, but you’ve done a little research. Regardless of which category you fall into, there are definitely some little-known executive perks that deserve more attention—like these three.

1. Additional insurance benefits

Members can already save big on insurance through Costco’s partnership with CONNECT, an arm of American Family Insurance. According to Costco, members save about $600 on their auto insurance the first year they switch to CONNECT.

Executive members, however, enjoy additional perks. Executive members who purchase car insurance will also receive Roadside Assistance, which covers up to $75 for minor issues such as flat tires and batteries.

It also benefits from lifetime renewal. This means CONNECT won’t leave you behind after you’ve had an accident or made a claim. There are some exclusions to this policy (for example, CONNECT may drop you if you don’t pay your premiums), so check the benefits page for more information.

CONNECT home insurance also offers additional benefits to Executive members. Reimbursement for home glass repair, for example, will cover up to $1,000 per occurrence, with a maximum of two occurrences per year. Meanwhile, home lockout assistance will cover up to $100 per occurrence, with a maximum of two occurrences per year.

2. Reimbursement of travel plans

As mentioned above, Executive Members can earn 2% back on eligible Costco purchases. And, yes, that includes Costco Travel bookings.

This 2% back on travel can make an Executive membership worth buying for just one trip. Say, for example, you book a five-day trip to Mexico for you and your partner for $5,000. If you can then spend $1,500 at Costco on your regular shopping, you would have earned enough cash back to cover your membership fees.

Better yet, you can double your rewards. That is, you can earn 2% back on your Costco membership and rewards on a travel credit card. This could mean getting a fair share of your change back in the form of a refund, reward points or miles.

3. Costco Connection magazine

Okay, this one is definitely not as cool as the former two. But if you’re a magazine kind of person, an Executive membership will entitle you to a monthly copy of Costco Connection. Each issue includes health tips, business tips, recipes, member stories and some book reviews.

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Even if you are not an executive member, you can view the magazine for free online. But only executive members can get a hard copy of it at the door.

An Executive membership entitles you to the benefits mentioned above. Of course, for many people, its main draw is 2% back on eligible Costco purchases. Combine this with a good credit card to use at Costco and you can lower your out-of-pocket expenses at your favorite wholesale club.

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3 Little-Known Perks of Being a Costco Executive was originally published by The Motley Fool