Costco is one of the most popular warehouse clubs with more than 130 million members worldwide. However, Costco specializes in selling bulk goods, so . If you’re feeling dissatisfied with your shopping experience, you may be wondering how to cancel a Costco membership. Whether your shopping habits have changed over time or you just don’t feel like you’re getting enough value, it may be time to cancel. Fortunately, Costco makes it pretty easy to navigate this process. We’ll explain the steps below and offer some money-saving alternatives to cutting the card completely.
How to Cancel a Costco Membership
Unlike some memberships that force customers to jump through hoops to cancel, Costco has made the process quite easy and accessible. To cancel Costco memberships, customers can visit the in-store service desk or call the customer support line at 800-774-2678. Alternatively, you can fill out the online cancellation form found under the account details tab. Regardless of how you cancel, you can expect to receive a full refund of your yearly fee.
Cancel Costco Membership: Potential Alternatives
While the steps to cancel Costco memberships are quite straightforward, it’s important to note that there are alternatives to leaving that can save you money. From lowering the cost of your membership or increasing the savings, we have a few suggestions that may tip the scales in favor of staying.
Change Your Membership Level
Many people aren’t aware that Costco offers different membership levels. If you feel you’re paying too much, make sure you’re not in the wrong tier before you cancel Costco membership entirely.
Most customers have Costco’s Gold Star membership, which costs $65 per year. Costco also has an Executive membership that costs $130 per year, but offers extra perks. The main benefit is the annual 2% cash back reward that can help offset the cost of the membership.
If you spend enough, the Executive membership may actually be cheaper than the lower tier after factoring in your rebate. For example, a family that spends roughly $6,500 per year at Costco could expect to receive a $130 reward, which essentially makes the membership free!
On the other hand, some members may benefit from downgrading their membership from Executive to Gold Star. You have to spend at least $3,250 to break even on the cost of your Executive membership. Otherwise, it’s probably cheaper to downgrade. Costco has a calculator on its website that can help you estimate your Executive rebate and choose the correct membership tier for your needs.
Save More Money with Your Membership
Before you cancel Costco membership completely, make sure there aren’t other ways you could be saving. For example, Costco sells discounted gift cards from a variety of retailers, restaurants, movie theaters, and theme parks. According to RealSimple, you can often score deals like two $50 gift cards for just $79.99. Another benefit you may not be aware of is the Costco Direct scheme, which nets you additional savings when you purchase multiple big-ticket items at once, such as furniture and appliances. If you bundle five eligible items, for instance, you’ll receive a $400 discount.
You can also take advantage of Costco’s prescription discounts and affordable optical services and eyewear. Costco even provides deals on insurance, gas, and new vehicles through its auto program. The savings you’ll get from making full use of Costco’s benefits will offset the yearly membership fee and then some.
Buy a Membership on Vacation
Did you know a Costco membership can cost less in other countries? Due to currency conversion savings and regional price differences, it can be cheaper to buy a membership in some countries like Mexico and Canada. Costco memberships work worldwide, so if you snowbird or vacation in another country regularly, it may make sense to sign up while you’re there.
Share Your Membership
Costco allows you to add an additional member to your account as long as they live in your household. Sharing your membership with your roommate or spouse allows you to split the cost of the annual fee, making it more affordable.
The warehouse club also allows you to bring up to two guests and their children with you. However, they can’t make any purchases, so they’ll have to repay you for items later. Still, taking a friend can help you divide up the cost and quantity of bulk items between the two of you. This can make it more feasible for you to have a Costco membership if you’re a single person who doesn’t use items up quickly enough.
Cancel Costco Membership and Switch Warehouse Clubs
If you like the warehouse club shopping experience, but think Costco’s membership is too expensive, consider BJ’s and Sam’s Club. They often run promotions for year-long memberships for only $25. Now that you know how to cancel a Costco membership, switching will be easy!
Do you think Costco offers good value for money? Share your thoughts in the comments.
Latrice is a dedicated professional with a rich background in social work, complemented by an Associate Degree in the field. Her journey has been uniquely shaped by the rewarding experience of being a stay-at-home mom to her two children, aged 13 and 5. This role has not only been a testament to her commitment to family but has also provided her with invaluable life lessons and insights.
As a mother, Latrice has embraced the opportunity to educate her children on essential life skills, with a special focus on financial literacy, the nuances of life, and the importance of inner peace.