Yes, Executive Members can earn a 2% reward on gold bar purchases at Costco, as they are generally considered qualified purchases for the annual 2% reward, allowing for significant cash back on these items. However, the policy can be subject to change, with some reports indicating potential, though often unverified, exclusions.
Gold bullion purchases qualify for the Costco Executive Membership annual 2% Reward and the Costco Anywhere Visa® Card by Citi 2% cash back rewards. Through Costco, members can buy gold bullion with a credit card with no additional fee, unlike most other retailers.
Both Gold Star and Executive members have benefits through Costco Travel, but only Executive members earn 2% rewards with purchases, according to the brand.
Calculation of 2% Reward – Reward is approximately 2% of pre-tax purchases of most merchandise purchased through: front-end registers and most ancillary business registers at Costco warehouses and Costco websites in both the U.S. and Canada by U.S. and Canadian residents.
In short, most gold types, regardless of the source they're sold from, are worth purchasing now after the price dropped. And that includes big retailers like Costco, as many shoppers have already realized significant gains after buying the metal from the store after it started selling bars in 2023.
Sign in to Costco.com and select Account at the top, then select Account Details from the list to view your earnings shown on the right side of the screen. Download the Costco app, sign in using your Costco.com email and password, go to My Wallet, and select the option 2% Reward to view your earnings.
The 2% Reward is issued via the Renewal Statement, and reflects the Reward earned up until the issue date. It comes as a paper certificate and is redeemed at the register with a cashier.
To get 5% back at Costco, you typically need the Costco Anywhere Visa Card by Citi, which offers 5% on gas at Costco (up to $7k/yr), 3% on restaurants/travel, 2% at Costco/Costco.com, and 1% elsewhere, though sometimes other cards like the PayPal Debit Card can get 5% on groceries if you qualify for their category bonus, and Executive members get an extra 2% on Costco purchases.
Gold dealers need to cover their costs and make a profit. Not to mention you have to pay sales tax on the purchase from Costco if your state has a sales tax. Capital gains tax still applies to gold bullion, so you can't escape that.
How much do you have to spend at Costco to get $1000 back?
Before you get too bummed, though, realize that to accumulate $1,000 in cash back, you'll need to spend $50,000 per year at Costco. Even if you shop at the store regularly, and even if you end up making a few larger purchases during the year, chances are, you're not going to end up with a $50,000 tab.
The warehouse retailer began selling 24-karat gold bars to its members in 2023, with a limit of two bars per person. Now, that limit has changed to one per transaction and a maximum of two bars per 24 hours, when you look on the retailer website, as previously reported by Business Insider.
The 2% Reward is issued by Costco to Executive members only, whereas the CIBC reward is issued by CIBC to any member who has an active CIBC Costco Mastercard.
Precious metals are non-refundable. Shop Cards are non-refundable. Gift Card and Ticket items are non-refundable. Recreational Carts ordered online: Costco will accept returns within 90 days from the date the member received the product; see product page for return instructions.
Executive Members earn an annual 2% Reward on qualifying purchases at Costco, Costco.com, and Costco Travel. Plus, additional benefits are available on our suite of Costco Services.
So you're paying an extra $65 for the privilege of earning 2% back on qualifying Costco and Costco Travel purchases, with a maximum of $1,250 back per year. This is your pre-tax breakeven point. Everything beyond that is extra cash in your pocket. For many households, hitting $3,250 is less daunting than it sounds.
The 2% Reward is issued approximately three months prior to the member's renewal date, in the Renewal Statement, and reflects the Reward earned up until the issue date. A member must be a current, paid Executive Member at the end of the membership year to be entitled to the Reward.
But the most significant differentiating factor for Costco Wholesale is its memberships. Members pay $65 (Gold Star and Business) or $130 (Executive) annually for the right to shop in its stores. It's only natural for these individuals to want to get the most out of their membership fee.
An Executive membership is an additional $60 upgrade fee a year and includes an annual 2% Reward (up to $1,000) on qualified Costco, Costco.com, and Costco Travel purchases. Each membership includes one free Household card. May be subject to sales tax. Terms, conditions and exclusions apply to the 2% Reward.
If you are a Costco Executive Member, you will also receive an Executive Membership 2% Reward certificate. These rewards are distributed annually by Costco via mail two months prior to your annual renewal month.
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