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Earn 2% Cashback (Exclusions Apply, up to $1000/yr) & Access Exclusive Discounts with Costco Executive Membership ($130/yr)

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Earn 2% Cashback (Exclusions Apply, up to $1000/yr) & Access Exclusive Discounts with Costco Executive Membership ($130/yr)
Go to Deal
Demux on 01/06/2023 - 19:32 costco.com.au (766 clicks)
Last edited 01/06/2023 - 19:37 by 1 other user

Just got back from Costco today and they were promoting the new Executive memebership where you get back 2% of your spending into your costco account and can be used to pay for items sold in Costco. The cost for the membership is $130 a year.

If you already have a membership and want to signup they prorata the cost depending on how long you have left before renewal.

They also have exclusive offers for executive membership like:

NIB - health insurance and get up to $450 in Costco shop card

Compare and connect - get $70 Costco shop card when you switch electricity retailers and $50 Costco shop card when switching gas retailers

Compare and connect - Foxtel and broadband $40 Costco shop card when signing Foxtel and $50 Costco shop card when you switch broadband retailers

There were more but just got this pamphlets on me.

  1. Costco Executive Members receive a 2% reward on qualified purchases (excluding GST) see calculation of 2% reward below.
  2. Reward is capped at and will not exceed $1,000 for any 12-month period.
  3. Only purchases made by the primary and active primary household cardholder on the account will apply toward the reward.
  4. Any items that have earned rewards and are then refunded, will lose the rewards earned. Refunds will be calculated on the most recent purchase of the item.
  5. The reward is not guaranteed to be equal to or greater than the Executive upgrade fee paid.
    Limit one Executive Membership per household or business.
  6. Purchases made prior to upgrade do not qualify for the 2% reward.
  7. If, at any time, the primary household cardholder is removed from the account, their purchases will not apply toward the reward.
Other Cashback Membership

Related Stores

Costco Wholesale
Costco Wholesale

Comments

  • RichardL on 01/06/2023 - 19:35
    +12

    Doing some quick maths, you have to spend $6600/Year ($550/Month) just to cover the cost of membership from cashbacks.

    Cashback also excludes:

    • Fuel
    • Gold Bullion
    • Membership Fees
    • Food Court
    • Costco Shop Card
    • Pharmacy

    EDIT: it's 2% Cashback excluding GST, so the amount spend would be even higher.

    • eecan on 01/06/2023 - 19:41
      +11

      If you were going to shop at Costco anyway a standard membership would cost $65 so you would break even at ~$3300 instead.

      • RichardL on 01/06/2023 - 19:45
        +12

        Whoops forgot to factor in the cost of base membership.

        IMO, you don't even save that much shopping at Costco, when compared with Colesworths catalogue specials (especially if you don't live close to a Costco).

        • Nom on 01/06/2023 - 20:08
          +11

          IMO, you don't even save that much shopping at Costco, when compared with Colesworths catalogue specials

          Not sure what you mean by this - ColesWorths don't even sell half the stuff available from Costco 🤷🏼‍♂️

        • SierraBMel on 01/06/2023 - 20:57
          +5

          The major Costco savings for me are on more expensive stuff. I’ve paid for my base membership a bunch of times with tools, furniture, clothes, Lego and electronics.

          I shop in the grocery section at Costco for
          Import foods like American cheese and candy, and for stuff I go through in bulk like the vanilla paste stuff I put on porridge every morning but I can only get in tiny containers from Woolies. General groceries certainly aren’t cheap enough to justify the travel and membership fees and etc.

          Catering for parties or the kid’s sports club events and the like, Costco also works out pretty great.

          • Jazza2400 on 01/06/2023 - 21:44

            @SierraBMel: I go through vanilla frequently, big vanilla sounds amazing.

      • FredAstair on 03/06/2023 - 08:40

        So, $225/month.
        <$52/week.

        If so, that's sounding better value already.

    • Demux on 01/06/2023 - 19:41
      +4

      Well if you spend more than $3575 a year you are ahead,which is not much when you are shopping in Costco. That will cover the cost of your normal membership. I have seen people who stack their trollys to the brim and would spend more than $1k+ and especially business that buy from there will really benefit.

      $3575 is calculated with you getting cashback without gst.

    • Nom on 01/06/2023 - 20:01
      +2

      you have to spend $6600/Year ($550/Month) just to cover the cost of membership from cashbacks.

      Any normal family household is easily spending more than $550 a month on groceries anyway, so this seems like a very easy target to hit for anyone with kids. Nice deal OP 👍

      • lgacb08 on 01/06/2023 - 21:21
        -4

        If you're spending $that much each week at Costco unless you run a business then you might as well give up your ozbargain membership. $500 would go a long way at colesworth or even longer at aldi. Costco only sell niche products that you don't need to live comfortably, unless your taste bud can only tolerate wayu beef and you're allergic to anything but A2 milk.

        • Nom on 01/06/2023 - 23:02
          +2

          As already posted, people like Costco because they sell products that the rest do not.
          You can't do your Costco shopping at Aldi for a lower cost - because Aldi doesn't even sell most of the things they have at Costco !

          niche products that you don't need to live comfortably

          Welcome to OzBargain, this applies to 90% of the deals posted 👌

          Something doesn't have to have the cheapest possible price in order to provide the best value.

        • itstuan on 02/06/2023 - 00:10

          Yeah costco sell electronic, food, beverage, clothes, etc…but sure, you dont need those to live comfortably…what ozbargain membership are you having again?

        • try2bhelpful on 13/06/2023 - 19:09

          Do you, actually, shop at Costco because you don’t seem to understand Costco stock?

  • Stivo on 01/06/2023 - 19:35
    +2

    Free if you spend over $6500 per year. Wouldnt be hard to hit that with current grocery prices.

    • Calvin27 on 01/06/2023 - 19:37

      Easily achievable if you have one or two parties catered per year.

    • AustriaBargain on 01/06/2023 - 19:41
      +16

      That's a mere 930 roast chickens.

      • RichardL on 01/06/2023 - 19:43

        I've seen individuals purchase a whole trolleys full of roasted chicken on multiple occasions.

        • AustriaBargain on 01/06/2023 - 19:46

          You can preorder them to pick up, minimum order is 20 chickens. If I had the freezer space I'd do it. Stripping them is a pain but might be nice to get it all out the way at once.

      • JCRALLYART on 01/06/2023 - 20:37

        you just have to eat 3 a day and you are ahead of the game!

      • FredAstair on 03/06/2023 - 08:38
        +1

        Using random items as a measurement, instead of metric.
        That sounds very american of you.

        Can you at least do us a favour and measure this in bananas instead.

  • HD9990 on 01/06/2023 - 19:44
    +6

    Costco prices are getting disgustingly wrose….

    • AustriaBargain on 01/06/2023 - 19:48

      Costco have some cheap things, like eggs, milk, muffins, chickens, and then a lot of expensive items. But the expensive items are at least usually things you can't buy elsewhere, or in quantities you can't buy at Colesworth at least. Sometimes a box of 60 ice creams is nicer than 10 boxes of six.

      • HD9990 on 01/06/2023 - 19:54
        +4

        I used to believe this but things have changed a lot these days.

        Sometimes a box of 60 ice creams is nicer than 10 boxes of six.

        most of the times half price from colesworth is around 25% cheaper than Costco, good thing is in costco you don't need to wait for discounts.

        eggs have gone up too much, almost same price now as colesworth brands… and costco limit one box per card,…..

        chicken is nice… can't argue with that

        fuel is good, but only available in rare locations..

      • Axelstrife on 01/06/2023 - 20:06
        +1

        There mince is also great value at $9.99/kg and there maggi gravy is cheaper than amazon also.

        • AustriaBargain on 01/06/2023 - 20:15

          The L'Or coffee pods are usually pretty cheap too. There's a lot of staples that are cheap, newbies just need to keep in mind that there's also a lot more high margin things too. If you see something you like it pays to search for it on Google Products and compare the per unit price.

          • TheCandyMan2020 on 02/06/2023 - 00:46
            +1

            @AustriaBargain: Lamb loin chops which are totally trimmed of excess fat are great value. Also love the pippis in XO sauce.

            • z00m on 23/06/2023 - 00:09

              @TheCandyMan2020: My local costco had the xo pippis for a few weeks and havent stocked them again. Im devastated because they were so so good.

              • try2bhelpful on 23/06/2023 - 12:19

                @z00m: Yeah, they don’t have our pancake mix anymore either.

          • Axelstrife on 02/06/2023 - 12:29

            @AustriaBargain: If theres an electronic product like an iphone or something ive found them to be cheaper on there with free delivery, ive made back the entire membership fee one year purely on the savings on a single oil heater a few years ago.

    • reacher on 01/06/2023 - 20:32

      agree, only bought things that are obviously cheaper in costco, like roasted chicken, flour, cooking oil

  • Devil on 01/06/2023 - 19:51
    +2

    They've got an executive membership page now, in case you wanted some more info.

    https://www.costco.com.au/executive-membership?costco://web?…

  • Mokr on 01/06/2023 - 19:54
    +5

    Get a HSBC card. And split payment to 99.

    • Trying2SaveABuck on 01/06/2023 - 20:27

      this is what i do

    • Kassdabass on 01/06/2023 - 20:50
      +3

      Would really appreciate if you explained this as I've never heard of it. Cheers

    • Sidor on 01/06/2023 - 21:03

      Was declined few times to split more twice at at Costco. Anyone have different experience using HSBC card at Costco?

      • abc on 02/06/2023 - 07:38

        I thought you could only split payment on a business membership?

        • Sidor on 02/06/2023 - 07:46

          I do have business membership, but Costco did not let me to split payments in more than 2 payment transactions

  • brent3000 on 01/06/2023 - 20:19
    +7

    See how you did or would have done here
    https://www.costco.com.au/my-account/rewards

    Mine would have covered the costs based on last years spend,

    • Kawaii on 01/06/2023 - 20:50

      How can I see my expenditure last year

    • d2567 on 01/06/2023 - 21:12
      +3

      Thank you. Says I would have earnt $45 in rewards for last year.
      Not worth it for me then.
      If it included 2% for fuel , then it may be worth the extra $60/ year.
      Saved 54 cents a litre for fuel today and only waited under 5 minutes. Most of my Costco savings are from fuel ,save about $900/ year .

      • SickDmith on 01/06/2023 - 23:49

        Says I would have earnt $45 in rewards for last year.
        Not worth it for me then.

        This is not a full year value - this is a reward value from June 1st 2022 till your last membership renewal.

        • d2567 on 02/06/2023 - 09:48

          Only just renewed.

      • Nom on 02/06/2023 - 11:01
        +1

        Saved 54 cents a litre for fuel today and only waited under 5 minutes. Most of my Costco savings are from fuel ,save about $900/ year .

        Not sure how well it works in other areas, but in Melbourne https://www.motormouth.com.au shows the fuel price across the city - there are plenty of other stations close to the Costco price at any given moment in time. You aren't really saving $900 a year - by watching the fuel price cycle at motormouth and only filling up at the lowest price servos (don't forget your 8c a litre discount from Coles with your CarSales and Shopping receipt) then you can get pretty close to the Costco price.

        • legolad on 03/06/2023 - 08:43
          +4

          This is true - that other places can get close to Costco fuel pricing… but Costco is consistently low.

          I appreciate not allowing fuel price offers/fluctuation to live in my mind - I just buy fuel at Costco every time, when I need it and know that I got a pretty good price without doing any research.

          • FredAstair on 03/06/2023 - 09:06

            @legolad: Also means you dont sell your soul to Colesworth I guess.

    • MeesusEff on 02/06/2023 - 03:19

      Does that show just the amount spent on that card? I share the membership with my sister so not sure if what I'm seeing is from our combined purchases or just mine

      • techno on 02/06/2023 - 08:43

        Just check mine and my wife's. Looks like they're separate and not combined.

  • aladdin on 01/06/2023 - 20:32

    I don't see any benefits for me.
    I were there this morning and politely declined to the lady who was about to approach me by pointing at the banner and shaked my head. She noded and turn around.

  • virtualds on 01/06/2023 - 20:52
    +1

    The biggest let down is GST and Fuel exclusion

  • Trying2SaveABuck on 01/06/2023 - 21:23
    +2

    maybe it is just me but Costco in Australia is 'painfully' average

  • Savealopoulos on 01/06/2023 - 22:37

    Woolworths Everyday Extra looks better value to me.

    It costs $70pa with a 10% off monthly coupon … so you can pay for membership in 3 monthly shops of $234, or in 2 monthly shops of $350… winning!

    • Demux on 02/06/2023 - 00:08
      +1

      Well seems like there are changes to the program which will be less value as in the post in the link below,

      https://www.ozbargain.com.au/node/778059

      • Savealopoulos on 02/06/2023 - 12:07

        that is a different program brah

    • FredAstair on 03/06/2023 - 09:05

      Yes, but it also means you have to sell your soul to Woolworths.

      • Savealopoulos on 03/06/2023 - 10:12

        Better than Costo.

        • FredAstair on 03/06/2023 - 19:39

          how exactly

          • Savealopoulos on 04/06/2023 - 11:46
            -1

            @FredAstair: How is it not?

            • Nom on 04/06/2023 - 13:17

              @Savealopoulos: Because you can't buy most of the Costco goods at Woolworths 🤷🏼‍♂️

              The whole point of Costco is that they sell things that the others don't.

              This is why people pay for membership.

              • Savealopoulos on 04/06/2023 - 17:57

                @Nom: …um, what does that have to do with selling your soul to woolworths?

                • Nom on 04/06/2023 - 18:21

                  @Savealopoulos: You suggested that selling your soul to Woolworths is "Better than Costco."

                  I'm pointing out that they're not really comparable. Pick one - but you can't really substitute one for the other, because there isn't a lot of overlap in the specific goods sold.

                  • Savealopoulos on 05/06/2023 - 22:52

                    @Nom: Um, its about which company is a better corporate citizen and who you would prefer to hold your data…

  • Sidor on 03/06/2023 - 07:39

    Upgraded yesterday for $32.50, see how it goes, renewal is in December. As per Rewards, it says I would get $210. Rep at Costco showed me the amount I spent so far, but could not tell me it is including or excluding GST.

  • lostgoat on 03/06/2023 - 08:40

    Yeah . I'm going to save 14c on my fat ass chicken. .
    Happy days !

  • FredAstair on 03/06/2023 - 09:01
    +1

    Like thee Candian and America version, do they refund you the upgrade fee if you dont reach a quota¿ Like in this Reddit Thread:

    https://www.reddit.com/r/Frugal/comments/4e1mrv/whats_the_ca…

  • FredAstair on 03/06/2023 - 09:25
    +1

    am I reading this term correctly¿
    Like it is a win win situation.

    If, before the end of your membership time frame, you decide youre not benefiting for this upgrade, then you can downgrade and get refunded the extra $65 you paid for this upgrrade¿

    Refund or Downgrade from Executive Membership
    To receive a refund for the current Executive upgrade fee, the membership must be cancelled or downgraded to a Gold Star or Business Membership. Any 2% reward accrued and issued and not yet redeemed, will be forfeited. Any 2% reward redeemed will be subtracted from the refund and forfeited to the extent it exceeds the amount of any refund. >Any additional savings and services exclusively for Executive Members will be discontinued.

  • DontNeedThis on 04/06/2023 - 09:56

    I'm more interested to see what the "exclusive discounts" will be.

  • chloden on 26/07/2023 - 09:16

    Has anyone had any of these “exclusive discounts” yet? We joined on the day of launch and have had nothing so far.

    • iacka on 16/08/2023 - 07:51

      Same here, had it for a few months and nothing. Honestly will just go back to regular membership

  • chloden on 06/01/2024 - 20:01

    My husband joined in June 2023 and has not had any exclusive offers. Has anyone else had anything?

    • try2bhelpful on 06/01/2024 - 20:23

      We got some Bulgogi on a $10 off special.

  • eman resu on 31/08/2024 - 09:38
    +1

    I upgraded 7 months into the regular plan. I rarely go to costco but when I do I spend $500 - 800. They also give you a cooler bag that is good quality, they say it valued at $60, but for me it was worth $15. So I siged up and now my membership is up for renewal and I got $38.50.

    Here is the rub, if I dont renew this higher membership, I loose the credit if I dont spend it before the renewal.

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