Costco is raising the cost of annual memberships, Amazon is reportedly experimenting with removing gift cards from its New York retail stores, and Copenhagen is offering free lunches and kayaking tours. All of this and more in this week’s Saturday Selection, our weekly roundup of the most interesting things on the internet. (Link to the original article is embedded in the title).
Costco to raise membership fees for first time since 2017
Years ago, a Costco general manager told me that there are 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 if they could gradually raise the company’s famous $1.50 price tag (which hadn’t changed since 1984). Sinegal’s answer? “If you raise a damn hot dog, I’ll kill you.”
Apparently, the membership price isn’t as sacred as the roughly 200 million hot dogs and Polish sausages shipped by the warehouse giant each year. In fairness, Costco hasn’t raised membership prices since 2017. Since then, we’ve seen 25-30% inflation, so a roughly 8-9% increase in annual membership fees doesn’t seem unnatural. For many, the better (and less publicized) change is for Costco to raise the annual maximum cash back on its Executive Membership by 25% to $1,250. This is a big win for big spenders, corporations, and businesses. People taking advantage of gold resaleThis more than makes up for the $10 increase in business costs.
Wells Fargo asks Built cardholders to apply for cards they already have
Wells Fargo and Bilt seem to subscribe to the theory that “there is no such thing as bad publicity.” 100%+ Transfer Bonus and Pay your rent and get free pointsthe dynamic duo quell rumors of marital discord And they will whip those who “abuse” the privilege of earning points (“Let’s pump up the PPP, yeah, you know me“Right now they’re going after the early adopters.
Built Bank issued cards issued by Evolve Bank for about a year before it was acquired by Wells Fargo Bank. Unbeknownst to me, the cardholders were never transferred to Wells Fargo Bank and continued to use their Evolve issued cards.Currently under cybercrime investigation) Wells Fargo doesn’t seem too interested in getting the “back book.” Built notified long-time customers in an email that their current cards would be closed and that they had six months to decide whether to reapply through Wells (approval not guaranteed) or go to sleep. Of course, there were a range of emotions, from mild annoyance to anger that people had to waste money. Valuable 5/24 slot Built tried to soften the situation a bit by offering all affected cardholders a 10,000-point bonus to anyone who reapplies, regardless of whether they’re approved or not. This led some people, who were especially upset, to freeze all of their credit reports in order to earn the 10,000 points, guarantee a rejection, and ensure their 5/24 status wouldn’t be affected. One person I know called this the “10,000-point middle finger.”
Free bike and kayak tours in Copenhagen
Copenhagen is probably my favorite of the Scandinavian capitals, despite having one of the worst weather conditions in continental Europe. It’s a vibrant place with great restaurants, fascinating waterways and plenty of opportunities for cycling, walking and kayaking. Today, Copenhagen is CopenhagenYou can earn a variety of rewards, including free lunches, ice cream, kayak tours, and free admission to museums, all by taking public transportation, biking instead of driving, or helping out in one of the city’s many urban gardens (there’s a list of eligible activities). It’s a fun idea, and I especially like that visitors can earn rewards by helping beautify and care for their city alongside locals. It’s a refreshing, constructive alternative answer to the overtourism problem facing many European cities. TPG explains the new program in more detail in the post linked above.
Amazon tests gift card acceptance from New York retailers
One look at the gift card racks found throughout many retail stores will tell you that gift cards are a popular item. Gift cards are popular not only as an actual gift, but also as a way to earn bonus category rewards at stores that don’t normally sell gift cards. I think one of the most popular gift card sellers in the U.S. is Amazon. Who doesn’t buy cheese cheese at online retailer King Kong these days? I’ve heard rumors online recently that the company is becoming a little disillusioned with selling gift cards at third-party retailers. After all, why share all that fancy stuff with a middleman when people can just come directly to Amazon? Now that Amazon appears to have removed all gift cards from all Staples and Office Depots (and presumably other retailers) in the U.S., it looks like this theory is being put to the test. New York Statewide (I can hear it now Nick Reyes There are cries of distress coming from upstate New York. Let’s hope this plague doesn’t spread beyond New York state lines. In the meantime, Your Mileage May Vary shares gossip in gory detail.
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