Originally Posted by LIH Prem

That 2% is the annual rebate for your total costco spend, just for the Costco Exec membership. It has nothing to do with the Costco/True Earnings Amex card or spend on that card. You get that rebate from costco, if you are an exec member.

"Is exec membership worth it" is not that difficult to calculate. Your break even point is the difference between normal membership and exec membership pricing. I think the current difference is $55, isn't it? So that's your break even point. You take the annual rebate check from costco and if that's $55 or more, you have already broken even. They can do this calculation for you at any Costco membership desk.

You can add the value you get from your no-fee Costco/Amex card rebate to your costco exec rebate check and include that in the "is exec membership worth it" calculation. The rebate from the Amex/Costco card is a separate rebate, calculated separately on eligible spend on the Amex card: 4% for gas with an annual cap, if you have exec version; 2% for dining/travel; 1% elsewhere. You can also get some OPEN savings from the exec version of the card, but I don't think I would include them in this calculation since you can get them on any of the Amex/OPEN cards. (ie, SPG Biz Amex, and so on.)

As mentioned above, gas stations (any charge at a gas station works, costco gas stations excluded of course) are the winning category for this card*, plus it's a no-fee Amex/OPEN card, so it doesn't cost anything to get it/keep it.

-David