Worldwide, 71 million households have a Costco membership, and each of those members once had a decision to make: Should I or shouldn’t I? Each potential member had to decide if a Costco membership would help them end each month with a little more money in the bank.
If that’s the crossroads at which you find yourself, that’s a good sign. It means you take your time making financial decisions. As much as members appear to love Costco, the warehouse giant is not for everybody. Here are five signs you may want to take the leap.
1. Buying in bulk makes sense
There are many reasons you might buy in bulk, including:
- Your growing family could easily eat you out of house and home, and you need to save money.
- You’re not prone to food waste. What you buy is what you consume.
- You regularly donate to local food banks and plan to keep some of the food for your pantry but donate the rest.
- You regularly entertain and need access to low prices on food in bulk.
If you’re single, rarely entertain, and are concerned that food will expire before you have time to consume it, you may want to pass on a Costco membership. However, if you routinely find a way to use what you buy, it might be the right choice for you.
2. You’re into unique items
It’s possible to buy just about anything online these days, but it may also be more expensive than popping into Costco. Let’s say you decide to buy a 7-foot teddy bear for your nephew. That’s precisely the kind of item you’re likely to find at Costco. Or maybe you love nothing more on a Saturday morning than to curl up with a good book, a cup of coffee, and an authentic French pastry. Costco carries those pastries.
Simply put, Costco carries products you can’t find at your local grocery store (or toy store, for that matter).
3. You like tying several loose ends up at once
If you do not particularly enjoy running errands, Costco allows you to check off several tasks during a single trip. Let’s say you need to:
- Pick up ingredients for a special dish to impress your friends
- Have that eye exam you’ve been putting off
- Save on the sky-high cost of medication by refilling a prescription
- Reduce the cost of filling your car by taking advantage of low Costco gas prices
It can all be accomplished during a single visit. And if you’re particularly organized, it will feel great to get so much done in a matter of hours.
4. You enjoy the hunt
Costco continually moves products around the store. Something once located on the aisle closest to the pharmacy is now several aisles away. That’s Costco’s way of getting you to look the shelves over and find new favorites to buy. After all, anything that inspires you to pull out your Costco Anywhere Visa® Card by Citi is good for business.
Not everyone enjoys the hunt, but if it sounds like fun for you, a Costco membership will likely be a good fit.
Apply now for the Costco Anywhere Visa® Card by Citi.
5. There’s not much competition
In some areas, Costco has little in the way of competition. There may be other grocery stores, but none that carry your favorites. There may be other tire stores, but none offer the same discounts. There may be other stores that sell electronics nearby, but none provide free tech assistance.
There’s a good reason that Costco had a renewal rate of 92.5% in the first quarter of fiscal 2023. Costco members appear to be happy with their experience and satisfied with the bargains they find. While that doesn’t necessarily mean that a Costco membership is suitable for you, it’s a good sign.
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