Shopping Discussion

If you cancel your Costco membership, do they cancel your Capital One MasterCard?

  • Last Updated:
  • Dec 6th, 2020 3:25 pm
[OP]
Deal Addict
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Apr 20, 2012
1715 posts
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Waterloo, ON

If you cancel your Costco membership, do they cancel your Capital One MasterCard?

I live about 45 minutes from Costco and haven’t been going since this pandemic started so I am thinking of canceling my Costco membership for now.

Does this mean they will also cancel my MasterCard? Ideally I would like to just pause my membership for now, but I don’t think that is an option. Can’t find any info online, only American stuff and can’t call cause they are closed.
31 replies
Newbie
Jan 3, 2016
29 posts
45 upvotes
Vancouver, BC
You may want to check the fine print on the credit card. You currently are paying 1 annual fee that covers your Costco membership, somehow the card is covered in there as well. You might end up paying the same fee as an annual charge for the card. In which case there’s no real point in dropping the Costco membership.
Sr. Member
Jun 5, 2016
593 posts
783 upvotes
I think you'd be switched to a different Cap1 card.

From the website:
You must be a Costco member to apply for and use this card.
Deal Guru
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Jan 9, 2011
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Vancouver
The Capital Once Costco card is a pretty useless card anyway. It's only good for restaurants (3%) and gas (2%), and as your Costco membership card. It isn't even good for shopping at Costco. There are other free credit cards you can get for restaurant spend (4% Simplii Visa) and gas (many options) if you lose the Cap1 card.
Deal Fanatic
Dec 5, 2006
9495 posts
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Markham
Kiraly wrote: The Capital Once Costco card is a pretty useless card anyway. It's only good for restaurants (3%) and gas (2%), and as your Costco membership card. It isn't even good for shopping at Costco. There are other free credit cards you can get for restaurant spend (4% Simplii Visa) and gas (many options) if you lose the Cap1 card.
Exactly.
I still don't know why you need this card without any extra benefit from Costco. Not like they only accept cap 1 MasterCard
Deal Fanatic
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Oct 22, 2007
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London
Webhead wrote: No. You get to keep the MC active and use it like a regular MC.
Costco membership is separate from CAP1 MC. It's convenient to show 1 card when paying at Costco Cashier.
A friend of mine had a Costco MC and when their membership lapsed they got a form letter saying their MC was cancelled as well, a couple of months later. Perhaps they could have called and got it rolled into another MC product, but they didn't bother.
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Sep 7, 2004
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Ottomaddox wrote: A friend of mine had a Costco MC and when their membership lapsed they got a form letter saying their MC was cancelled as well, a couple of months later. Perhaps they could have called and got it rolled into another MC product, but they didn't bother.
The rules may have changed since I had this Costco MC.
I cancelled my Costco MC after a couple years as the rewards (except 3% CB for restaurants & 2% CB gas)) wasn't as good as other CC's
😎
Deal Addict
Aug 10, 2003
1157 posts
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Winnipeg
Some benefits to the Capital 1 Costco and Aspire Master card for some purchases are:

* No annual fee ... so you may as well have the card - then just use it where it makes sense to do so....

* Price Protection - This is where you get back the price difference - up to $100 - if you find the identical item you bought on the card for less somewhere else in Canada within 60 days of purchase.

* Extended warranty doubling the manufacturer warranty for up to 2 years. Most cards extend the manufacturer warranty up to 1 year - but if you happen to buy an item that comes with a manufacturer's warranty that is over a year then this card comes in handy. A recent example is a Honda generator that comes with a 3 year manufacturer's warranty - so buying it with the Capital 1 card makes it 3+2 = 5 years warranty.

* Plus the usual benefits found with some other credit cards like Collision Damage Waiver (for rental cars), Travel related benefits like lost or delayed luggage and so on.

Link to pdf of Capital One Benefits
Sr. Member
Mar 19, 2012
790 posts
153 upvotes
Hi all. Our executive membership has expired end April and I’m not thinking of renewing it first because they increased their prices on almost everything I need/buy and I find this to be wrong in this pandemic. Some of the items are doubled in price!

Anyway, my question is we have a Costco CapitalOne Master card. I was wondering if I cancel my executive membership will the credit card also get cancelled? Can we still collect cash back using the capital one?

We may get the $60 membership just for gas and maybe a bit of shopping here and there( we are a small family and we don’t spend enough to get the executive membership card fee. But we did spent enough on Capitalone to justify for the membership fee(I think it was around $150-170).

I just don’t want to pay extra for something I don’t need If I can still use the capitalone MasterCard.

Thanks
Deal Expert
Feb 7, 2017
15863 posts
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Eastern Ontario
Cocoon wrote: Hi all. Our executive membership has expired end April and I’m not thinking of renewing it first because they increased their prices on almost everything I need/buy and I find this to be wrong in this pandemic. Some of the items are doubled in price!

Anyway, my question is we have a Costco CapitalOne Master card. I was wondering if I cancel my executive membership will the credit card also get cancelled? Can we still collect cash back using the capital one?

We may get the $60 membership just for gas and maybe a bit of shopping here and there( we are a small family and we don’t spend enough to get the executive membership card fee. But we did spent enough on Capitalone to justify for the membership fee(I think it was around $150-170).

I just don’t want to pay extra for something I don’t need If I can still use the capitalone MasterCard.

Thanks
This question comes up often enough ...
Here’s one thread from April

if-you-cancel-your-costco-membership-do ... rd-2371222

Basically YES you cancel your Membership your Costco CC gets cancelled too
Sr. Member
Mar 19, 2012
790 posts
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Thank you. When I looked at the forums I could only find one post. Thanks for the links.
Deal Guru
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Jan 9, 2011
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Why do so many people get this mixed up?

The Costco Executive level membership and the Capital One Costco Mastercard ARE NOT related. You don’t need to have one to get the other. They are two separate, completely independent things. So many RFDers get the two mixed up or even think they are the same thing.

Yes you need to have some sort of Costco membership to keep the Capital One Costco card, but it doesn’t have to be the Executive level. The regular membership is fine.
Deal Fanatic
Dec 5, 2006
9495 posts
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Markham
Kiraly wrote: Why do so many people get this mixed up?

The Costco Executive level membership and the Capital One Costco Mastercard ARE NOT related. You don’t need to have one to get the other. They are two separate, completely independent things.

Yes you need to have some sort of Costco membership to keep the Capital One Costco card, but it doesn’t have to be the Executive level. The regular membership is fine.
OP just happened have executive membership card, no one said you need executive membership to get CAP 1
Deal Expert
Feb 7, 2017
15863 posts
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Eastern Ontario
Kiraly wrote: Why do so many people get this mixed up?

The Costco Executive level membership and the Capital One Costco Mastercard ARE NOT related. You don’t need to have one to get the other. They are two separate, completely independent things.

Yes you need to have some sort of Costco membership to keep the Capital One Costco card, but it doesn’t have to be the Executive level. The regular membership is fine.
Good point.

Basically there are 2 Costco Cash Refund Revenue streams
1- Executive Membership
2- Costco branded CC

One is not dependent on the either

BUT ... as a minimum, you have to at least be a Costco Member
To partake in the benefits
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Jun 13, 2010
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GTA
jacnel wrote: What prices went up?
My guess is things that went up in price at Costco went up everywhere else as well.
Deal Expert
Feb 7, 2017
15863 posts
13086 upvotes
Eastern Ontario
Cocoon wrote: Hi all. Our executive membership has expired end April and I’m not thinking of renewing it first because they increased their prices on almost everything I need/buy and I find this to be wrong in this pandemic. Some of the items are doubled in price!
jacnel wrote: What prices went up?
tew wrote: My guess is things that went up in price at Costco went up everywhere else as well.
This has been also discussed before on RFD ...

Only things which have noticeably increased in price since Covid ... are Covid Essentials & items that have experience an artificial need for ... like TP. Prices have gone up because Retailers & Suppliers cannot keep the stuff in stock ... so it’s a supply & demand issue ... on things like TP, PT, Lysol, Bleach, Disposable Masks, Disposable Gloves, etc

But in many case ... it’s a false price increase
Just pushed by unrealistic demands
Not a shortage etc

Other stuff ... Retailers have just cut back or cut out their Sales / Promo
Same reason Flyers have disappeared from many Retailers

So now instead of every item having a Low ... Sales Price
And a Medium to High ... Regular Price Range
The Low has been eliminated ... and we are just seeing the same old Medium to High Prices
Of course ... few WISE RFDers would ever buy in this range ... cuz we shop the Sales Cycles

So it appears to us ... that everything has increased in cost

In fact in many cases ... the opposite is true
Things have gone down in price
As some Retailers are making the conscious decision to carry & maintain less stock
So stuff goes on clearance

Or places like Restaurants, now are operating as quasi grocery stores
Selling at bargain prices the items they are still getting fresh Deliveries on every week
Some are for example selling big bags or boxes of fresh veggies for $ 15 to $ 30
And all in, its MUCH CHEAPER than buying at a real grocery store
Sr. Member
Mar 19, 2012
790 posts
153 upvotes
The one thing comes to my mind right now is Nature Valley nut bars. They were $9.99 last week(they are $7.99 when on sale). But this week they are $14.99.
Sr. Member
Mar 19, 2012
790 posts
153 upvotes
The one thing comes to my mind right now is Nature Valley nut bars. They were $9.99 last week(they are $7.99 when on sale). But this week they are $14.99.
Deal Expert
Feb 7, 2017
15863 posts
13086 upvotes
Eastern Ontario
Cocoon wrote: The one thing comes to my mind right now is Nature Valley nut bars. They were $9.99 last week(they are $7.99 when on sale). But this week they are $14.99.
It’s a case of again, someone not understanding how the Sales Cycle on merchandise works

I dug up info off of Costco.ca and recent flyers

Right now ... on line ... 36 Nature Valley Bars is listed @ $ 13.89
https://www.costco.ca/nature-valley-bar ... 17065.html

This is about $ 2 more expensive than the In Store Price (which is how Costco structures their pricing)

In Store, the Regular Price is approximately $ 11.99

This represents the medium price set point ($ 13.89 online being the high set point )

Based on past flyers ...

The last time these were on Sale was March 2nd to 8th
@ $ 3.00 Off ... so $ 8.99 in the warehouse (or $ 10.89 on Costco.ca )

So ... the range @ Costco is
LOW = $ 8.99
MEDIUM = $ 11.99
HIGH = $ 13.89

The secret therefore is to stock up when it’s around $ 8.99
This will typically occur every few months

Price hasn’t gone up cuz of Covid
It’s just gone back to its usual spot

BTW ... not everything at Costco is always a good deal
The important thing is to understand / know per unit cost
$ 11.99 or $ 13.89 ain’t Costco’s best price
But it puts these bars at $ 0.333 to $ 0.385 each
Not bad
But certainly not $ 0.249 that $ 8.99 represents

Still though ... often much cheaper than prices one can find at other Retailers
Example ... Walmart & Amazon both sell 32 Nature Valley Sweet & Salty Bars for $ 11.27 ($ 0.352 each )
And that’s a smaller size box than Costco
Most Grocers carry even smaller boxes
And the smaller the box, the typically the more per unit cost

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