In a move that will impact loyal shoppers across the United Kingdom, bulk retail giant Costco Wholesale is set to introduce a pivotal change to its premium Executive Membership scheme.
The new rule, which comes into force on September 1, 2024, alters the way members accrue their coveted annual 2% cashback rewards.
What's Changing for Costco Members?
Previously, Executive Members began earning their 2% reward on virtually all purchases from the moment they upgraded. The new policy introduces a clear demarcation: the 2% reward will now only apply to purchases made after the upgrade to an Executive Membership is processed.
This means any spending that occurred in the warehouse or online before the upgrade date will no longer count towards the annual cashback total. The change is designed to streamline the rewards programme and clarify the terms for new members joining the premium tier.
Why Has Costco Made This Decision?
While the adjustment may seem subtle, it represents a significant shift in policy for the members-only warehouse club. The update provides greater transparency and sets clearer expectations for customers considering the upgrade from a Gold Star Membership.
The Executive Membership, which costs £33.50 per year compared to the standard £15, offers an annual 2% reward on qualified purchases, effectively paying for itself for members who spend over £1,675 per year at Costco.
What Should Current UK Members Do?
For existing Executive Members, this change primarily affects those considering renewing or who may have let their membership lapse. The key takeaway is timing: members will maximise their rewards by ensuring their membership status is active before making any significant purchases.
The new rule standardises the rewards process across all Costco locations, including those in the UK, bringing consistency to the programme worldwide.
Costco continues to offer its renowned value proposition through bulk buying discounts, competitive petrol prices, and its extensive range of products, with this membership update being the latest evolution in its customer offering.
