Costco is raising the cost of its annual memberships, Amazon appears to be experimenting with removing gift cards from retail stores in New York, and Copenhagen is offering free lunches and kayak tours. All that and more in this week’s Saturday Pick, our weekly roundup of cool stuff from around the web (links to original articles are embedded in titles).
Costco will raise membership costs for the first time since 2017
Years ago, I had a Costco GM tell me there were three constants in life: death, taxes, and the price of a Costco hot dog. In fact, in 2018, Costco’s then-CEO asked co-founder James Sinegal about possibly raising the famous $1.50 price tag (which has been consistent since 1984). Sinegal’s response? “If you raise the hot dog, I’ll kill you.”
Apparently, membership fees aren’t as sacred as the 200 million hot dogs and glazed sausages that fly out of the warehouse giant every year. In fairness, Costco hasn’t raised membership prices since 2017. Since then, we’ve seen inflation between 25-30%, so a ~8-9% increase in the cost of an annual membership doesn’t seem out of place. For many, the best (and much less publicized) change is that Costco will increase the maximum annual cash back for Executive Memberships by 25%, to $1,250. For the big spenders, businesses and people who benefit from gold’s flip, that more than makes up for the $10 increase in the cost of doing business.
Wells Fargo makes Bilt cardholders apply…for a card they already have
Wells Fargo and Bilt seem to agree with the “there is no such thing as negative publicity” theory. In the midst of wowing some people with 100%+ transfer bonuses and free points when paying rent, the dynamic duo has shot down rumors of marital discord and lashed out at people who would deign to “abuse” their points-earning privilege ( “get down with PPP, you know me”). Now, they’re coming after the early adopters.
For about a year, Bilt issued cards that were issued by Evolve Bank, before the card was acquired by Wells Fargo. I had no idea, but it turns out those cardholders never transferred to Wells Fargo and continued to use the card issued by Evolve Bank (which is currently involved in a cybercrime investigation). Turns out Wells Fargo shouldn’t have much interest in buying the “back book,” since Bilt e-mailed those long-term customers to let them know their current card was closing and they had six months to decide if they were to reapply through Wells (approval not guaranteed) or go gently into that good night. Naturally, there was a range of emotions – from mild irritation to anger – over people having to burn a precious 5/24 slot for a card they already had. Bilt tried to soften things up a bit by offering all affected cardholders who reapply a 10,000 point bonus, whether they’re approved or not. This led some particularly upset people to freeze all of their credit reports to get the 10,000 points, guarantee a denial, and save any impact on their 5/24 status. A guy I know called it, “the 10,000 point middle finger.”
Free Copenhagen Kayak Tour to go on a bike tour
Copenhagen is probably my favorite of the Scandinavian capitals, despite having some of the worst weather in Continental Europe. It’s a dynamic place full of great restaurants, inviting waterways, and plenty of opportunities for biking, hiking, and kayaking. Now, it has launched a new pilot program called CopenPay, which allows people to earn rewards ranging from a free lunch, ice cream, kayak tour or free entry to a museum. All you have to do is take public transportation, bike instead of driving, or help out at one of the city’s many urban gardens (there’s a whole list of qualifying activities). This is a fun idea; I especially like that visitors can be rewarded by helping to beautify and care for the city alongside the locals. It is a refreshingly constructive alternative response to some of the tourism problems facing so many European cities. TPG talks in depth about the new program in the post linked above.
Amazon is experimenting with accepting gift cards from New York retailers
It doesn’t take more than one look at the ubiquitous gift card racks at many retailers to realize that they’re a popular item, both for actual gifts and for earning rewards in store bonus categories that you might otherwise not to have them. I would imagine that one of the most popular gift cards in the United States is Amazon; these days who doesn’t have a use for some cheddar at online retail King Kong. I’ve been hearing chatter online lately that the company is growing a little frustrated with selling its gift cards through third-party sellers. After all, why share any of that bounty with a middle man when people can just come straight to the source of…uh…uh…Amazon? It looks like it may be putting that theory to the test as Amazon appears to have removed all of its gift cards from every single Major and Office Depot (and possibly other retailers) in all of New York State (I can already hear Nick Reyes’ screams of agony all the way from Upstate NY). We hope that this disaster will not spread beyond the borders of the Empire State. Meanwhile, your mileage may vary shares the gory details.
Want to learn more about miles and points? Subscribe to email updates or watch our podcast on your favorite podcast platform.
