In this Selection, we bring you updates on Costco’s membership fee increase, Amazon’s removal of gift cards from New York retail stores, and Copenhagen’s innovative program offering free lunches and kayak tours.
Costco is raising its annual membership fees, a move that hasn’t occurred since 2017. This decision comes amid a backdrop of inflation rates ranging from 25-30% since the last price hike. Despite the increase, Costco is also boosting the maximum annual cashback for Executive Memberships by 25%, up to $1,250. This change will likely benefit big spenders, businesses, and those who take advantage of the rewards program.
Years ago, a Costco general manager humorously noted that the price of a Costco hot dog was one of life’s constants. Indeed, the $1.50 price tag has remained unchanged since 1984. However, membership prices don’t seem to hold the same sacred status. The modest ~8-9% increase in membership fees is seen as a reasonable adjustment in light of current economic conditions.
Meanwhile, Amazon appears to be testing the removal of its gift cards from retail stores in New York. Reports suggest that Amazon gift cards have disappeared from Staples and Office Depot locations across the state. This move may be an experiment by Amazon to cut out the middleman and drive customers directly to its platform for gift card purchases.
In the world of credit cards, Wells Fargo and Bilt have been in the spotlight. Bilt’s early cardholders, who were initially issued cards by Evolve Bank, have been informed that their cards will be closed. These customers now have six months to reapply through Wells Fargo. To ease the transition, Bilt is offering a 10,000-point bonus to affected cardholders, regardless of whether they are approved for a new card. This has led to some creative responses from customers trying to protect their credit statuses while capitalizing on the bonus points.
In more positive news, Copenhagen is introducing a pilot program called CopenPay. This initiative rewards residents and visitors for engaging in eco-friendly activities. By taking public transit, biking, or participating in urban gardening, individuals can earn rewards such as free lunches, ice cream, kayak tours, or museum entrances. This program aims to promote sustainable living and address over-tourism challenges in European cities.
These stories reflect a mix of corporate strategies, customer reactions, and innovative urban programs, offering a snapshot of the dynamic changes happening around us.
