Costco Just Got Rid of This Perk -- but Here Are 4 Others You’ll Still Enjoy

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  • Costco's mortgage program officially came to an end at the start of May.
  • Despite the loss of that perk, there are other benefits to be gained, like cheaper gas and affordable eyeglasses.

Don't worry -- there are still plenty of good reasons to keep your membership.

Costco is known as a great source of low-cost household essentials. It's also a good place to buy things like toys, electronics, and even clothing at a discounted price. And up until recently, it was a good place to get a mortgage. 

To be clear, Costco was never a mortgage lender, but rather it had a mortgage program where it was affiliated with a number of lenders its members could get access to. But sadly, Costco's mortgage program has come to an end. And so going forward, you won't be able to turn to Costco for your borrowing needs.

But that doesn't mean you should rush to dump your Costco membership. Quite the contrary -- there are plenty of perks you can still enjoy as a member, including the following.

1. Cheap(er) gas

These days, the cost of gas is soaring. But if you fill up your car at a Costco gas station, you might pay a lot less. Not every Costco location has a gas station, but if yours does, then it's definitely worth timing your trips so you're able to stock up on household essentials and gas.

2. Lower-cost prescriptions

Costco is a great place to load up on over-the-counter medications, from pain relievers to allergy treatments. But it's also a great place to fill prescriptions. You might snag a nice discount on certain medications at Costco's pharmacies.

3. Affordable eyeglasses

Eyeglasses can be expensive even if you don't choose a designer pair. And if you lead an active lifestyle or have kids, let's face it -- you should probably have a spare pair on hand, just in case. Another perk of shopping at Costco is getting access to low-cost eyeglasses. And for added convenience, many Costco locations also have a vision center where you can get your eyes checked.

4. Low-cost tires

Vehicle tires can wear out over time, and once that happens, driving becomes less safe. Replacing your tires can be expensive, but if your local Costco has an auto center, you might snag replacement tires at a low cost. 

Is a Costco membership right for you?

A basic Costco membership costs $60 a year, which gives you access to its network of warehouse club stores. If you have a Costco nearby and think you'll shop there often, then you might easily recoup your $60 investment in the course of a year. But if you don't have a conveniently located Costco, then you may want to pass on a membership. 

Similarly, if you have a Costco membership you haven't been using much lately, it may be time to reassess it. Costco offers a lot of great deals -- but if you don't shop there on a somewhat consistent basis, you may not get a lot of bang for your buck.

Incidentally, if you're bemoaning the loss of Costco's mortgage program, you may want to head to your nearest Walmart instead. Walmart recently launched its own mortgage service, so if you're looking to buy a home, you might consider stopping in. 

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