Costco Executive Membership in 2024: Perks, Benefits and Details

ByCharles Scott Last Update on

As a leading wholesale retailer, Costco offers customers different membership levels to meet various needs and budgets. Before diving specifically into the Executive tier, let‘s first look at the options:

Costco Membership Tiers

  1. Gold Star – $60 per year
  2. Business – $60 per year
  3. Executive – $120 per year

The Executive Membership is positioned as their premium tier with extra perks compared to the Gold Star and Business tiers. Let‘s take an in-depth look at what this upgraded membership offers in 2024.

A Brief History: Early Access Discontinued in 2015

Up until around 2015, one of the most significant benefits of executive membership was access to Costco warehouses 1 hour before opening for regular members.

According to Costco expert and former employee James Miller, "Executive members could enter at 9 am while regular members had to wait until 10 am. It allowed them to shop without crowds." This perk provided a major incentive to upgrade for customers who valued the calm early morning shopping experience.

However, Costco quietly phased out this early access advantage in 2015. Now all tiers of members enter stores at the same posted opening times.

Current Perks and Benefits of Executive Membership

With no more exclusive early shopping hours, what are the current key reasons to upgrade to Executive in 2024?

Increased 2% Cash Back on Purchases

The most compelling incentive is earning 2% cash back annually on Costco purchases (excluding select items like alcohol, tobacco, and gasoline). This doubles the 1% earned by Gold Star and Business members.

  • For example, with a monthly Costco spend of $500 on groceries and household items, an Executive Member would earn $120 cash back per year.
  • A family spending $5000 per year would receive $600 cash back.

This reward is provided once a year as a certificate that can be redeemed for purchases at Costco. To make back the $60 upgrade fee solely from the cash back, you‘d need to spend $3000 annually.

Special Pricing on Member Services

Executive Members unlock discounted pricing on many Costco member services such as:

  • Auto Tire Purchases – Average savings of $110 per set of tires based on retailer data
  • Auto Service – 10% off parts and labor for maintenance and repairs
  • Home, Auto, and Business Insurance – Up to 20% lower premiums for certain policies
  • Mortgage Lending – Receive 0.125% off current rates through Costco‘s approved lender

These special rates represent substantial savings for high-spenders in categories like tires and insurance.

Exclusive Offers and VIP Treatment

Certain bonus offers such as discounted movie tickets or travel deals are exclusively marketed to Executive tier members. Additionally, they may receive priority access to limited stock items when available.

Costco staff reported that Executive Members often get VIP treatment such as free product samples and attentive customer service.

Spouse Membership Card Included

The Executive upgrade comes with 2 membership cards – one for the primary member and one for a partner or spouse at no extra charge. For regular members, adding a spouse costs $60 annually.

Costco Membership Level Statistics

According to Costco‘s 2021 annual report, out of 61.7 million total cardholders, 38% had Executive Memberships. This indicates the premium tier‘s popularity for frequent shoppers.

Pros and Cons of Executive Membership

Pros

  • Increased cash back rewards
  • Discounted pricing on services
  • Exclusive deals and offers
  • Spouse card included
  • VIP treatment from staff

Cons

  • Higher upfront annual fee
  • No longer early access to stores
  • Must spend over $3000 per year to benefit

The Bottom Line: Who Should Upgrade to Executive?

While early entry is unfortunately no longer offered, Costco‘s Executive Membership still provides significant perks and added value for certain customers. It rewards frequent shoppers who spend heavily on categories like groceries, tires, insurance, and gas.

Savvy Costco members should analyze their annual expenditures and do the math to determine if the 2% cash back and exclusive discounts justify the pricier $120 tier. But those who regularly shop at Costco can maximize benefits and savings with an Executive upgrade.

Charles Scott is a dynamic professional whose academic and career achievements demonstrate a strong commitment to excellence in the retail and consumer service industry. Graduating with an MBA from New York University in 2013, Charles has built a diverse and impressive career portfolio. He has held significant roles as a manager, advisor, and marketer, showcasing his multifaceted skills and deep understanding of the industry.

Beyond his direct professional engagements, Charles has made a notable mark as the head writer and founder of ExpertBeacon.com. This platform stands as a testament to his dedication to consumer empowerment and education. ExpertBeacon.com is a resource designed to assist consumers in addressing their persistent questions about products, services, and companies. Under Charles's leadership, the site provides in-depth, well-researched, and accurate information, all structured in easy-to-follow guides and articles. His work here not only highlights his expertise in the field but also his commitment to providing valuable, actionable information to the public.

Charles's approach is centered on a keen understanding of consumer needs and market dynamics, making him a respected voice in the industry. His contributions through ExpertBeacon.com and his professional roles reflect a blend of strategic thinking, practical knowledge, and a genuine desire to enhance consumer experiences in the retail and consumer service sectors.

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