Quick Overview
- Membership Levels: Choose between Costco's Gold Star Membership for $65/year or the upgraded Executive Membership for $130/year.
- Executive Membership Benefits: Earn 2% back in rewards on most purchases, a perk not available with the standard Gold Star membership.
- Maximize Rewards with Costco Mastercard: Combine Executive Membership with a Costco Mastercard to earn up to 4% back in rewards on eligible purchases.
- Is It Worth It?: Executive Membership pays off if you spend more than $3,250 annually (or $271/month) at Costco, in-store or online.
- Rewards Cap: The 2% reward is capped at $1,250 for any 12-month rolling period, equivalent to $62,500 in purchases annually or about $5,209 per month.
- Redeeming Rewards: Rewards are issued as a certificate approximately three months before your renewal date and can be redeemed at front-end registers at Canada Costco warehouses.
Costco Memberships
Costco offers four memberships that allow you to shop in-store and online with Costco.
| Membership | Annual Cost |
|---|---|
| Gold Star Membership | $65 |
| Executive Membership | $130 |
| Business Membership | $65 |
| Business Executive Membership | $130 |
Gold Star Membership
Gold Star Membership will cost you $65 per year and it is Costco's lowest membership. With this membership you and one other in your household will be able to shop online and in-store with Costco.
With Gold Star Membership, you will not earn any rewards on your purchases in-store or online with Costco.
Executive Membership
Executive Membership will cost you $130 per year. With this membership, you and one other in your household will receive the benefits of Gold Star membership along with:
- 2% Annual Reward
- Costco Services Discounts
Business Membership
Business Membership costs $65 per year and grants the ability to shop online and in-store at Costco as well as purchase items for resale. Adding employees to the account will cost $65 per person.
Business Executive Membership
Business Executive Membership costs $130 per year and offers the benefits of Business Membership along with:
- 2% Annual Reward
- Costco Services Discounts
Earning Costco cash back
If you have Costco Executive Membership or Business Executive Membership, you'll earn 2% in rewards on qualifying pre-tax purchases at Costco minus any refunds in-store and online with the ability to earn up to $1,250 during any 12-month period.
This means you can earn rewards on up to $62,500 in rolling 12-month spend. Anything over $62,500 in spend during a 12-month period will earn you 0%.
Redeeming Costco cash back
Costco will mail you your cash back rewards in the form of a reward certificate approximately 3 months prior to your renewal date along with your annual renewal notice. You will receive your rewards as long as you've earned at least $1 as an Executive member.
These rewards can be used most merchandise through the front-end registers at Costco warehouses in Canada. Costco rewards certificates can not be used for:
- Alcohol
- Cigarettes or Tobacco-related Products
- Gas Stations
- Food Courts
- Costco.com
- Payment on Credit Card Accounts
- Services (such as Travel & Auto)
The big thing to note here is that you cannot use these on Costco.ca which is a bummer.
Summary: Is it worth it?
Regardless of whether you're picking up a personal or business Costco membership, basic Costco membership will cost you $65 per year and Costco Executive membership will cost you $130 per year which is a difference of $65.
When you run the math, Costco Executive Membership is worth it if you spend more than $3,250 per year (or $271 per month) in-store or online with Costco. Other benefits offered with Executive membership can also be taken into consideration such as the additional discounts and offers you'll receive for being a member.
Costco credit card rewards
Costco offers a personal and business Mastercard credit card through CIBC that can earn you 2% cash back on your Costco.ca purchases. If you have Costco Executive Membership, this will be in addition to the 2% you would already earn meaning that you can earn up to 4% cash back shopping online with Costco.
If you normally shop in-store, this card will not benefit you much as you'll be earning 1% back on your purchases which can be outdone by many rewards cards.
Below are the cards Costco.ca offers. You can click on a card to learn more and calculate estimated rewards based on your monthly and yearly spending.
Earn an unlimited 3% cash back at restaurants
Earn 3% cash back Costco gas and 2% cash back at other gas stations and electric vehicle charging stations
Earn 2% cash back shopping online at Costco.ca
Earn 1% cash back on all other purchases including in-store at Costco
Special interest rates with no installment fees
Purchase coverage, including Mobile Device Insurance
Earn an unlimited 3% cash back at restaurants
Earn 3% cash back Costco gas and 2% cash back at other gas stations and electric vehicle charging stations
Earn 2% cash back at Costcobusinesscentre.ca, at Costco.ca, on shipping, and on insurance services.
Earn 1% cash back on all other purchases including in-store at Costco
Installment Plans on Costco purchases
Purchase coverage, including Mobile Device Insurance
Frequently asked questions
What are Costco cash rewards?
This is the cash back you'll earn with Costco using either a CIBC Costco credit card or with Costco Executive membership.
How many family members can be on a Costco card?
A total of two people can be on a Costco Membership. One primary member and one free household member who is over 18 and lives at the same address.
How do you obtain your rewards earned with the Citi Costco credit cards?
Cash back rewards earned with a CIBC Costco card will be mailed out to you in the form of an annual reward certificate once your statement closes in February.
How do you obtain your rewards earned with Costco Executive membership?
Cash back rewards earned with Costco Executive membership is mailed to you in the form of an annual reward certificate around three months prior to your membership renewal date.
What are the benefits of Costco Executive membership?
Costco Executive membership allows you to earn 2% cash back on eligible purchases made in-store and online with Costco. It also grants extra benefits on certain Costco services.
Is Costco Executive membership worth it?
If you spend more than $3,000 per year at Costco (or $271 per month), Costco Executive membership will be worth it. Don't forget it also comes with other small perks that should be taken into consideration as well.
