Costco Member Benefits You Didn’t Know About

The following post is by MPFJ staff writer Travis.  Travis is a customer blogger for Care One Debt Relief Services, and also appears weekly at Enemy of Debt.  Travis candidly shares his personal journey to pay off $109,000 of credit card debt and the tips he’s learned along the way. As a father and husband he provides a unique perspective on balancing debt, finances, and family.

Almost every time I sign up for a new service, I get an arm-ful of documentation.

Whether it be a new cable package,  an appliance protection plan, or even an upgraded auto insurance policy I seem to go home with a folder full of information I’ll never read.  The same applies even to renewing our Costco membership and upgrading it to the executive membership.  I knew that I would get 2% cash back on all my Costco purchases, I wasn’t aware of the additional benefits that are offered to members until a reader mentioned some of them in a comment to a different post.

The next time I was in the store, I stopped by the customer service desk and asked if they had any documentation that listed all the benefits offered to members.  They happily handed me a small magazine mentioning that I should have received one when we signed up for our membership.  I spent some time looking through the list and picked a few of the benefits that I could potentially take advantage of, comparing to my current service when applicable.

Personal Checks:

I don’t write a lot of checks these days, but I do find myself in a situation a couple of times a month where a check is the most convenient form of payment.  Costco offers a deep discount on check printing to their members:

My Bank:

• Checks: 120
• Cost (including tax, shipping, and handling) : $18

Cost: $0.15 per check

Costco:

• Checks: 500
• Cost (including tax, shipping, and handling) : $20.55

Cost: $0.04 per check!!

Automobile Insurance:

Costco and Ameriprise have teamed up to provide discounted car insurance to Costco members.  I went through the process to get an online quote through the link on the Costco website. Then, I went and got an online quote for the exact same insurance through the public Ameriprise website.  Those two quotes, along with my current insurance through State Farm are listed below:

• Current State Farm:  $120 per month
• Ameriprise through Costco:  $108 per month
• Ameriprise through public website: $123 per month

The quote through Costco was discounted $15 a month from the public Ameriprise offering, and comes in at $12 a month less than my current insurance!

Homeowner’s Insurance:

Homeowner’s insurance is also provided through Ameriprise, and a quote can be obtained online.  I filled in the information, and got a ridiculously high yearly quote:

• Ameriprise through Costco:  $2815
• Current State Farm Policy:   $1485

Investigating further, I could see that even though I was asked to input my estimated home’s value, the tool had filled in an amount that was over double what I specified.  Even though it appeared the tool would let me alter the field, it gave me an error when I tried to do so.  At this point, I lost interest in getting a quote, as would many potential customers.  Hey, Ameriprise, fix your tool or you’ll continue to lose potential customers.

But, for those of you that have more dedication to comparing prices, you can call and talk to a representative and  get a more accurate quote to compare with your current insurance policy.

Prescription Drug Discount:

You don’t have to be a member to purchase prescription drugs from the Costco Pharmacy, but members do receive a discounted price on prescription drugs through the Costco Member Prescription Program. The interesting thing here is that this program is a great option for those that do not have prescription drug coverage  AND people that currently do have insurance.  You can join the program and get discounts on prescription drugs that are not covered by your insurance as well as if you would receive no insurance benefit while you fulfill your deductible.

Auto Repair Discount Program:

A list of participating service centers near you can be found by plugging your zip code into this website. After selecting one, you are displayed (as well as emailed the link to) a coupon for 15% off new or factory remanufactured parts, services and accessories up to a maximum value of $500.   I didn’t see any limitation on the number of coupons you could obtain or use.  I need to keep this in mind the next time I need my radiator flushed, or any repairs done to one my vehicles as 15% could be a substantial savings!

Identity Protection:

Security breaches compromising personal customer data seems to be occurring more often these days.  Target had one last holiday season, then we had the Heartbleed bug, and just recently I read that AT&T had customer information stolen as well.  If you’re concerned about identity theft, you may be in the market for a credit monitoring service.  One such service, Identity Guard, will cost you $19.99 a month if you go to their website.  However, Costco members get it for $9.99 a month, a cool 50% off.  Users get the following as part of their service:

• Monitoring of all 3 major credit reporting bureaus.
• Three Credit Scores
• Quarterly Credit Updates
• $1 Million Identity Theft Insurance
• Internet Surveillance

These were the top benefits that I found in the magazine I obtained from the service counter, but there are many more as well including:

• Personal Health Insurance (limited to certain states)
• Dental Plans (limited to certain states)
• Travel Insurance
• Home Mortgage and Refinancing

If you’re a Costco member, or are thinking about becoming one, make sure you take a good look through the member services magazine.  You just might find other ways to save money with your membership.

How about you readers, are you a Costco member?  Have you looked at, and taken advantage of the additional discounts offered to members?

Share your experiences by commenting below!