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.
- Costco Executive Members receive a 2% reward on qualified purchases (excluding GST) see calculation of 2% reward below.
- Reward is capped at and will not exceed $1,000 for any 12-month period.
- Only purchases made by the primary and active primary household cardholder on the account will apply toward the reward.
- 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.
- 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. - Purchases made prior to upgrade do not qualify for the 2% reward.
- If, at any time, the primary household cardholder is removed from the account, their purchases will not apply toward the reward.
Doing some quick maths, you have to spend $6600/Year ($550/Month) just to cover the cost of membership from cashbacks.
Cashback also excludes:
EDIT: it's 2% Cashback excluding GST, so the amount spend would be even higher.