Costco’s biggest spenders will soon be getting more bang for their buck.
Three months after the retailer extended hours at its North American gas stations, Costco has announced that shoppers who pay for its $130 Executive Membership will be able to enjoy early access to its warehouses.
Stores will now be open to Executive Members beginning at 9 a.m., giving them an extra hour in the store before Gold Star members are let in.
The new change was announced a little over a week after CEO Ron Vachris said on the company’s May 29 earnings call that customer response to the gas station changes has been exceedingly positive.
“The combination of expanded gas station hours, new gas station openings and lower prices at the pump have led us to having two of our all-time highest gallon weeks in the U.S. during the last month,” Vachris said.
Executive Members make up 73% of Costco’s sales despite representing only 37.6 million of the company’s 79.6 million memberships, according to Costco data. The cheaper Gold Star membership costs $65 per year.
Costco raised the price of its Executive and Gold Star memberships last year.
What are the other perks of the Costco Executive Membership?
The main selling point of the Executive Membership is the 2% cash back reward given on every dollar spent at Costco. If you’re a Gold Star member thinking about upgrading, you’d need to spend at least $3,250 per year for the membership to start to be worthwhile. Anything below that, and you’ll end up spending more money overall with the higher annual fee.
The Executive membership also offers additional savings on Costco services like their bottled water delivery and pet insurance. If you buy your home or auto insurance through Costco, the Executive membership will get you some exclusive benefits such as roadside and lockout assistance.
If you’re on the cusp of a $3,250 annual spend but also use those services, it might make the membership worthwhile. Costco promises to refund the difference in cost between a Gold Star membership and an Executive membership in your first year if you aren’t satisfied.
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