You have options for your membership plan as a Costco member. An executive membership costs $120 annually, but you can also choose to pay the mere $60 for a basic membership.
The main advantage of having an executive membership is that you can earn 2% cash back on all of your Costco purchases, including those made online. Thus, if you spend $3,000 at Costco annually, your executive membership is essentially paid for. This is due to the fact that the 2% return on that sum is $60, which represents the cost difference between the lower tier membership and the higher tier. Additionally, having an executive membership makes financial sense if you spend more than $3,000.
It could be that you’re not shopping at Costco as much as you had planned to, but what if you’ve already paid for an executive membership and you regret that choice? If thats the case, worry not. You can downgrade your membership with Costco at any time. Heres how that works.
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For families wishing to purchase in bulk, a Costco membership can be a great value. But you might need to go through a few hoops to cancel your membership if you ever decide it’s not worth it to pay to shop at the warehouse.
I can attest to the fact that I was unintentionally charged $60 for an additional year of Costco’s Gold Star membership. I never got an email telling me that Costco had already billed me or that I was eligible for auto-renewal. Rather, it was through routine credit card account monitoring that I became aware of the charge.
Most subscription memberships can easily result in charges for services you no longer want, especially annual ones like Costco. Having said that, with a little effort, I was able to successfully cancel my Costco membership. Continue reading to find out how to cancel yours as well, should you decide you no longer require it.
How to cancel your Costco membership
You have two choices if you wish to terminate your Costco membership:
- Get in touch with a team member at the membership counter when you visit a Costco warehouse.
- Call Costco member services at 1-800-774-2678.
If you live close to a Costco warehouse, you can quickly cancel your membership by chatting with a team member in-store. However, you might have to wait a long time if you moved and are no longer close to a Costco or if you would just prefer to call.
When I called to cancel my membership, I was told by an automated phone system that in order for the membership fee to appear as posted on your account, members must call after the third of the month. Fortunately, mine had already posted, allowing me to get my refund. Wait a day or two for your fee to post if it is still outstanding, then give us a call.
I had to confirm the amount I was billed and give the account number of the credit card I used to pay my bill in order to receive my refund. The representative had to hang up to talk with a manager because Costco’s system contained an error that resulted in the incorrect bill total. Within an hour, I got a call back and got my refund. Shortly after, I also got an email with the exact amount and date of the refund.
While my experience wasn’t seamless, the overall process wasn’t too bad. But if you know that you want to cancel your Costco membership, I recommend doing it the month before you’re up for renewal, since you may be auto-renewed without notification. You may be able to check if youre signed up for auto-renewal on your online account, though that option wasnt available to me (potentially because I signed up with a Groupon code).
Dont worry if you think its too late to cancel your membership. Costco has no restrictions on when you can cancel and states on its site: “We are committed to providing quality and value on the products we sell with a risk-free 100% satisfaction guarantee on both your membership and merchandise.”
Remember that your credit card will also be canceled if you cancel your membership and have the Citi Costco Anywhere Visa® Card (see rates and fees). This could have some impact on your credit score. It will recover in a few months, so it’s not a huge concern. The only significant issue is if you wish to maintain a high credit score while applying for a mortgage. If so, it might make sense to keep your Costco membership and credit card active until after you close.
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FAQ
What happens to my Costco Mastercard if I cancel my membership?
To apply for and use your CIBC Costco Mastercard, you must have an active Costco membership as defined by the Costco Membership Conditions and Regulations. If your Costco membership is no longer active, we reserve the right to cancel or suspend your access to your Account or your CIBC Costco Mastercard without providing you with prior notice.
Can I keep Costco Citi card without membership?
There is no annual fee for the Citi Costco Anywhere Visa® Card, but to apply, you must have a Costco membership.
What happens if I cancel my Costco membership?
Regarding Membership: If you’re not happy, you can cancel at any moment and get your money back.
Is Costco credit card linked to membership?
No, a Costco membership is not included with the Citi Costco Credit Card. But having the membership is an approval requirement. You must first pay for a Costco membership, which ranges from $60 to $120 a year, in order to apply for the Costco Credit Card.
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