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On Sept. 1, Costco raised the cost of its membership fees for the first time in years. Now, a Gold Star Costco membership costs $65 per year, while an Executive membership costs $130.
No matter how much money you're paying for Costco, it's important to get great value out of your shopping experience. Here are a few tricks that could help you do just that.
1. Upgrade to the Executive membership if you've been shopping at Costco more often
If you only go to Costco once every few months, then the basic Gold Star membership may be perfect for you. But if you've started shopping at Costco more often, then it may be time to upgrade to the Executive membership.
Though you'll pay double for the Executive membership, you get the benefit of 2% cash back on your purchases. And if you spend enough money at Costco during the year, you can make back the cost of the upgrade while also pocketing extra cash on top of that.
It takes $3,250 in annual Costco spending to earn $65 in cash back. So if you spend even one dollar more than that, the Executive membership makes financial sense.
Plus, you never know when you might make a large purchase that puts you over that $3,250 threshold. Booking a $3,500 vacation package for your family through Costco, for example, means automatically making back your $65 Executive membership upgrade cost -- plus scoring an extra $5.
2. Visit the store when your car's tank is getting low
If you don't live all that close to Costco, it may not make sense to drive a longer distance to fill up your tank. But if you're able to time your shopping runs to when your tank is getting low, you can benefit from Costco's low-cost gasoline.
Not only is Costco fuel commonly less expensive than other stations in town, but it's TOP TIER certified. This means it's designed to lead to better performance.
3. Look at the prices carefully
In the course of walking around Costco and marveling at how low the prices are, pay close attention to the actual numbers. If you see a price that ends in .97, it means the item is either on clearance or is about to be discontinued. This could be an opportunity to load up on an item you use at a lower cost or before it disappears from Costco's shelves altogether.
But to be clear, you don't want to buy discounted items at Costco for the sole purpose of getting a deal. It's not going to do you much good to snag granola clusters at a lower price if no one in your household actually eats them.
4. Buy the Kirkland version of whatever you're looking for
Kirkland is Costco's signature brand, and you'll find that label on a host of products throughout the store. It pays to fill your cart with as many Kirkland products as you can find because doing so is likely to lead to even bigger savings.
Costco intentionally prices its Kirkland line so those products are at least 20% cheaper than their brand-name counterparts. Put another way, a $10 bulk purchase at Costco might cost $8 or less if you're buying the Kirkland version.
And remember, Costco stands behind all of its merchandise. If you buy the Kirkland version of a given item and you end up dissatisfied, you can return it to Costco and get your money back.
If you're going to keep paying for Costco, then it's important to get your money's worth. These tricks could all lead to added savings, so it's definitely worth giving them a try.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and JPMorgan Chase. The Motley Fool has a disclosure policy.
