COSTCO has partnered with a third-party company to give away free gift cards to shoppers in a new train-in deal.
Luckily, customers don’t even need to sign up for a membership to the wholesale giant to use the gift card.
On Monday, it was revealed that Costco has a new trade-in program that gives shoppers the opportunity to get gift cards from the store.
The program is facilitated by Phobio, a third-party company that allows customers to trade in their electronics.
Savvy savers can access the program via Costco’s website, which would take them to Phobio’s website.
At this time, the trade-in program accepts mainly Apple devices that need to be swapped out.
Shoppers will receive an instant quote on their device, to which they’ll have three to five business days to pack and ship out their product.
Reaching the inspection facility should take around the same amount of time.
Once the company approves the inspection, customers can expect a digital Costco gift card within two business days or a physical gift card within 10 business days.
However, it can take Phobio up to three weeks to evaluate the sent-in device.
Speaking on the trade-in program, founder of That Video Game Blog Dane NK called the program “a fantastic opportunity for consumers looking to extract value from their used electronics,” as per Yahoo! Finance.
“You essentially assess your item’s value online through Costco’s partner site, ship it for free, and, if it meets the criteria, you’ll receive a Costco Shop Card,” they continued in sharing how the process works.
“The payout can vary significantly, hinging on your item’s condition and its market relevance”
Apple products could include phones, laptops, smartwatches, tablets, media players, desktops, and tablets.
Phobio also accepts phones from Samsung, LG, Motorola, Google, Huawei, and OnePlus, as well as laptops from Lenovo.
Found of UrbanTufting.com Samuel Davity said shopped should still consider trading in their products regardless of the condition.
“What many consumers might not realize is that even older or slightly damaged items can still hold value in this program,” he said.
“For example, a cracked screen or an outdated model might still bring in a decent return.”
BIG VALUE
According to the Phobio website, shoppers can get up to $1,080 for their used device.
Desktops are valued at up to $1,025, whereas an old iPhone can amount to almost $750 in a Costco gift card.
COSTCO MEMBERSHIP TYPES
Here are the types of memberships at Costo:
EXECUTIVE MEMBERSHIP
- $120.00 annual membership fee ($60 base fee + $60 upgrade fee plus sales tax)
- Includes a complimentary Household Card
- Valid at all Costco locations worldwide
- Earn an annual 2% reward on eligible Costco purchases (terms and conditions apply)
- Enjoy additional benefits and greater savings on Costco Services
- Access extra perks on select Costco Travel products
BUSINESS MEMBERSHIP
- Annual membership fee of $60.00 (plus sales tax)
- Includes a complimentary Household Card
- Additional Affiliate Cardholders can be added for $60 each (plus sales tax)
- Valid at all Costco locations worldwide
- Eligible for purchases intended for resale
- Business Members are required to provide Costco with the necessary resale information
GOLD STAR MEMBERSHIP
- Annual membership fee: $60.00 (plus sales tax)
- Includes a complimentary Household Card
- Valid at all Costco locations worldwide
You can sign up for any of these memberships at Costco.com/Join-Costco.
Additionally, tablets can get customers a gift card for up to $450 and smartwatches for up to $200.
Luckily, those trading in their devices don’t need a Costco membership to use the gift card.
However, Dane recommended monitoring the trade-in values for their devices as they could change depending on whether a new device is released.
“A handy tip not everyone might know is to monitor the trade-in values regularly,” he said.
“They tend to change, especially around the time new models are about to be released — this could mean getting a better deal.
“From my own experience, retaining the original packaging and maintaining your electronics in prime condition could boost your trade-in value notably.”
