It’s that time of year again – February is when everyone who has a Costco American Express Card gets a Reward Coupon in the Mail. I received mine this week!
Below is a post I did last year about this fabulous, must have card. I try to use my card everywhere it is accepted to earn more cash rewards. A lot of people don’t realize that you don’t have to spend your reward check at Costco, you can take it in and cash it! That’s what I did and I put all $440.94 in my savings account!
I opened my mailbox yesterday and was pleased to find a check for $411! That’s 411 reasons why I am happy to have the Costco True Earnings Card by American Express! Being frugal means being smart with your money, everyone spends money, you might as well get rewarded for the money you are going to spend.
If you have ever shopped at Costco, you most likely have been asked, “Would you like to upgrade to an Executive Membership?” My husband and I said no for years, until my mom explained to us the great cash rewards you receive from both Costco and American Express when you upgrade your account. I know many people have a difficult time managing credit cards and can get into trouble. If you are responsible with your spending and pay off your balance every month. This is the ideal card for you!
What You Need to Know
- If you spend more than $2500 a year at Costco you need to do this! The rewards will pay for the upgrade in membership and then some depending on how much you spend. Costco will give you a separate rewards check for 2% of what you spend each year at Costco, this includes gasoline.
- The regular membership, Gold Star, costs $55 a year, but you don’t get any cash back rewards.
- When you sign-up for the American Express Card through Costco, you are also automatically signing up for an annual Executive Costco Membership which is $110 a year.
- Your American Express card has your photo id on the back and doubles as your Costco Membership Card.
- American Express is the only credit card accepted at Costco.
- You can use this credit card any where American Express is accepted.
- You will receive two rewards checks, one from American Express and one from Costco.
- Use your card to purchase gasoline. This is the best cash back reward offered, once you spend $4000 on gas, you only get 1% cash back, but still that’s 1%!
- You can earn a 2% cash back reward on all restaurant and travel expenses. Depending on your lifestyle, this can really add up.
- All charges that are not gasoline, travel, and restaurants earn a 1% cash back reward.
- You must pay the minimum monthly balance to qualify for the cash back rewards from American Express.
- You can spend your rewards coupons (checks) at Costco, but you can also cash out the rewards. I cashed out my rewards coupon yesterday.
Being frugal means being smart with your money, everyone spends money, you might as well get rewarded for the money you are going to spend.
*I am not a financial expert nor do I represent Costco or American Express. This is strictly my opinion.