Costco checks

[Beachclubmum]

New policy this year....you can’t cash the checks in the store, they can only be used for in store purchases. This is the Executive Member 2% check. I pointed out that’s $127. (for me) that I can’t put on the Costco credit card and get credit for next year (we have a business membership, so looking at around $3. lost). I also liked cashing them for a little bit of mad money. Not the end of the world, but an unwelcome change.

 

[Sugarcubesea]

So want happens if you buy something for $10 do they give you any change back?

 

[TheTimeTraveler]

So want happens if you buy something for $10 do they give you any change back?

I had a check for $77 or so. Purchased about $60 in merchandise and they gave me $17 cash back.

 

[controller1]

I had a check for $77 or so. Purchased about $60 in merchandise and they gave me $17 cash back.

But was that this year or a previous year under the old policy?

 

[PigsDad]

Honestly, I don't understand why Costco, a company that seemingly does everything it can to streamline and reduce costs, bothers with printing and sending out checks. Why not just credit the member's account with the rebate amount so the next time you shop, the credit will be automatically applied at the cash register? Seems so simple and so much more efficient.

Kurt

 

[DaveNV]

Where is this written down?

Honestly, I don't understand why Costco, a company that seemingly does everything it can to streamline and reduce costs, bothers with printing and sending out checks. Why not just credit the member's account with the rebate amount so the next time you shop, the credit will be automatically applied at the cash register? Seems so simple and so much more efficient.

Kurt

Because memberships expire, people downgrade, and names on accounts change. It'd be a housekeeping nightmare.

Dave

 

[TheTimeTraveler]

But was that this year or a previous year under the old policy?

Good question; I assumed it was based upon my spending during 2020.......


.

 

[jd2601]

This is from Costco Visa FAQ. Not a credit but a paperless option.

If you are enrolled in Paperless, your annual credit card reward certificate will be issued via email on or shortly after your February statement closing date. No need to print — simply present the certificate on your mobile device when you are ready to redeem.
Emailed credit card reward certificates are sent separately and are not attached to digital statements.
• Anyone who earned a certificate can access it via the Citi Mobile® App. Shortly after your February statement closes, just log in and click “Access Certificate” to view your certificate on your mobile device. To download the Citi Mobile App, text “App50” to 692484, or visit the App Store® or
Google PlayTM.

 

[DaveNV]

This is from Costco Visa FAQ. Not a credit but a paperless option.

If you are enrolled in Paperless, your annual credit card reward certificate will be issued via email on or shortly after your February statement closing date. No need to print — simply present the certificate on your mobile device when you are ready to redeem.
Emailed credit card reward certificates are sent separately and are not attached to digital statements.
• Anyone who earned a certificate can access it via the Citi Mobile® App. Shortly after your February statement closes, just log in and click “Access Certificate” to view your certificate on your mobile device. To download the Citi Mobile App, text “App50” to 692484, or visit the App Store® or
Google PlayTM.

This is in reference to the Costco Citi Visa credit card. The OP is talking about the Costco Executive Membership 2% rebate check. Different card, different reward.

Dave

 

[PrairieGirl]

And Executive Membership rewards are earned regardless of whether you use their credit card to pay or another form of payment. So there will not be a uniform place to "credit" the rebate amount back to.

 

[PigsDad]

And Executive Membership rewards are earned regardless of whether you use their credit card to pay or another form of payment. So there will not be a uniform place to "credit" the rebate amount back to.

Sure there is -- when you present your membership card to be scanned at the cash register, if the rebate is associated w/ the membership account, the credit amount could be applied to the purchase. Completely independent of what form of payment you choose to use, be it cash, check or credit card.

Kurt

 

[jd2601]

Yes, it is for the credit card. I was thinking it is combined but maybe my wife is getting the executive rebate?

 

[mentalbreak]

So, are you saying neither rebate is eligible to be cashed out?
I know that the travel rebates are explicitly redeemed as a Costco gift card, but was not aware that the credit card rewards or executive membership rebates were required to be used for Costco purchases.

 

[davidvel]

The T&C for executive rebate says it cannot be redeemed for cash.

 

[MrockStar]

I just pay my memberships dues at the costco member counter, with the rebate check.

 

[TheTimeTraveler]

I think Costco wants the "Float" for a year prior to giving it back. Granted, they won't earn a lot of money on float today, but who knows where interest rates will be 10 years from now.......



.

 

[DaveNV]

Yes, it is for the credit card. I was thinking it is combined but maybe my wife is getting the executive rebate?

They’re separate, and paid separately. The Citi Visa reward is paid just after the anniversary month statement closes. The Executive Membership reward comes two months before the membership renewal.

 

[controller1]

Honestly, I don't understand why Costco, a company that seemingly does everything it can to streamline and reduce costs, bothers with printing and sending out checks. Why not just credit the member's account with the rebate amount so the next time you shop, the credit will be automatically applied at the cash register? Seems so simple and so much more efficient.

Kurt

Because some people lose the checks or otherwise forget to ever use them. It has to save Costco millions each year.

 

[Beachclubmum]

So, are you saying neither rebate is eligible to be cashed out?
I know that the travel rebates are explicitly redeemed as a Costco gift card, but was not aware that the credit card rewards or executive membership rebates were required to be used for Costco purchases.

We haven’t received that one yet but expect it to be $900. I was told last night that it should still be cashable since it’s issued from Citibank.

 

[PigsDad]

We haven’t received that one yet but expect it to be $900. I was told last night that it should still be cashable since it’s issued from Citibank.

Dang! What did you do last year? Put new tires on a fleet of vehicles?

Kurt

 

[DaveNV]

Dang! What did you do last year? Put new tires on a fleet of vehicles?

Kurt

My Citi rebate will be just under $1200. We spent a fortune last year on the Citi card for exactly this reason. Paying the balance each month right before the billing closes, so we pay zero interest. Win-win.

Dave

 

[DaveNV]

So, are you saying neither rebate is eligible to be cashed out?
I know that the travel rebates are explicitly redeemed as a Costco gift card, but was not aware that the credit card rewards or executive membership rebates were required to be used for Costco purchases.

Your Citi rebate is a cashable check. The Executive Membership 2% rebate is redeemable for Costco merchandise. I understand if you use part of the 2% rebate at the check out register, they give you the difference in cash. Don’t know if there is a threshold amount.

Dave

 

[Eric B]

Where is this written down?


Because memberships expire, people downgrade, and names on accounts change. It'd be a housekeeping nightmare.

Dave

Sam's Club does it for both the Plus Membership (equivalent to Costco Executive) rebates and the associated credit card annual bonuses. It can't be that much of nightmare. They also let you just cash it out at customer service. I do use both Sam's (mostly for the diesel fuel pumps) and Costco; they have their own advantages that make it worth having both to me.

 

[DaveNV]

Sam's Club does it for both the Plus Membership (equivalent to Costco Executive) rebates and the associated credit card annual bonuses. It can't be that much of nightmare. They also let you just cash it out at customer service. I do use both Sam's (mostly for the diesel fuel pumps) and Costco; they have their own advantages that make it worth having both to me.

Costco used to do that, too. Sam's has usually followed Costco's lead, so watch for them to start doing the same thing Costco is now doing.

I stopped at the Membership Desk at the St. George Costco today, to ask about this whole topic. The Clerk there confirmed that the Citi rebate is a check that can be cashed in the warehouse for cash, no problem. The Costco Executive Membership reward is a voucher that must be used for merchandise, or to renew the membership, or to buy a Costco Cash Card. Then she said, "However, if you use the voucher for merchandise, they'll give you your change in cash. So for example, if the voucher is for $100, and you spend $5.00 to buy bananas or whatever, they'll give you the other $95.00 in cash." So it's not a done deal, it seems.

Dave

 

[Eric B]

It’s actually a recent change for Sam’s for the credit card side of things. We’ll see if it changes.